On Wednesday, 30 March, ASIC announced that it will extend the existing relief for business introduction services until 1 October 2022.
The extension comes on the provision that anyone relying on the relief from 1 April 2022 must notify the corporate regulator.
From 1 October, the relief will be amended to extend relief for interests in managed investment schemes until 1 April 2025 and to clarify that the design and distribution obligations (DDO) “apply to persons who, but for the relief, would otherwise need to comply with the DDO”.
“ASIC considers that the relief for scheme interests continues to be useful for managed investment schemes as these entities recover from the impact of the COVID-19 pandemic,” the regulator said in a statement.
There are currently no plans to remake the relief when it expires on 1 April 2025.
