• AST GVT registered ASIC corporations (relevant interests: ASIC and ASIC chairperson) instrument 2023/194 to preserve the effect of the relief AST ASIC previously provided.
• Namely, under ASIC class order [CO 12/1209], which is due to sunset 1 April 2023.
• In addition, AST GVT registered ASIC corporations (repeal) instrument 2023/195; it also published an explanatory statement with respect to each of these instruments.
• Both of these instruments are made pursuant to the Corporations act 2001 (cth).
• Follows AST ASIC November 2022 proposed remake of class orders re takeovers.

Instrument 2023/194

• This limits circumstances in which AST ASIC will have a relevant interest in securities to circumstances where securities are vested in, or held by ASIC or Commonwealth.
• To avoid doubt, this instrument specifies that the Chairperson of ASIC will not have a relevant interest in securities simply because ASIC has a relevant interest in securities.
• Said other circumstances may technically give ASIC a relevant interest in securities.
• Considering ASIC's regulatory role and that such circumstances are generally disclosed to market, making such arrangements subject to the substantial shareholding disclosure regime is likely to confuse the market, rather than provide meaningful additional disclosure.

Repeal Instrument

• Explained that instrument 2023/195 set out above repeals Class order [CO 12/1209].
• This is predecessor to instrument 2023/194, which was due to expire on 1 April 2023.

Effectiveness

• Both of the instruments commence on 21 March 2023.