Australian Securities and Investments Commission (ASIC) has opened communication to the real estate industry seeking feedback on changes it wants to make to 2 class orders.
ASIC feels that the changes to order 00/213 and 05/1243 will only be minor as the class orders are operating effectively.
Class order 00/213 gives real estate professionals some relief from the disclosure and licensing requirements of the Corporations Act when they are involved in selling shares in a real estate company.
Class order 05/1243 gives real estate professionals full relief from the licensing requirements of the Corporations Act when they provide financial product advice involving a valuation of shares in a real estate company.
The changes to these orders would make clear that the licensing relief for agents applies to general advice and dealing. Furthermore, it would simplify the draft and combine the two class orders into one.
Please click here to view the draft.