Group Purchasing Bodies Update
EXECUTIVE SUMMARY
ASIC Class Order 08/1 Group Purchasing Bodies (GPBs) has yet again been amended to extend the transition period for the breach reporting requirements in relation to the Class Order relief.
The above is aimed to allow ASIC, Treasury and industry to seek to achieve a reasonable compromise in relation to GPBs, given industry the concerns with the relief.
The Class Order and its operation is relatively complex and in most cases GPBs and those who represent them such as insurance brokers, are likely to need to obtain professional advice in relation to how it operates.
An extension of time has essentially been provided for compliance with the breach reporting obligations imposed by Conditions 10(f)(i) and 10(f)(ii) of the Class Order.
They now read:
(f) give ASIC full particulars in writing of matters that give the body reason to believe that it has failed, other than in an immaterial respect, to comply with any requirement of subparagraphs (a) to (e) after the earlier of:
(i) the first time that the body acquires, renews, or renegotiates the terms of, the risk management product on or after 30 June 2016; and
(ii) 30 June 2017.
The amended [CO 08/1], incorporating the changes, is currently being compiled and will be available shortly. The ASIC Corporations (Amendment) Instrument 2015/624 outlining the amendments is available below:
http://www.asic.gov.au/regulatory-resources/find-a-document/class-orders/2015-legislative-instruments/
IMPORTANT NOTICE
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