|Final date for submissions||5pm, 11 April 2022|
|Consultation paper||Review of the Small Co-operatives and Irrigation Companies Class Exemptions|
Email for submission
[email protected] - please use the title of the consultation paper in the subject line
Final date for submissions
5pm, 11 April 2022
These two exemptions have been granted on the terms outlined further below.
FMC (Small Co-operatives) Exemption Notice 2022
This notice comes into force on 23 December 2022 and continues for five years until the close of 22 December 2027. It applies to issuers of co-operative shares (being registered co-operative companies and industrial and provident societies) that meet the small aggregate investment threshold or the low revenue investment threshold (as described below).
FMC (Irrigation Companies) Exemption Notice 2022
This notice comes into force on 1 January 2023 and continues for approximately five years until the close of 22 December 2027. This timing is to align the commencement and revocation of both notices. It applies to irrigation companies that are not co-operative companies that meet certain co-operative principles and extends the same relief as the Small Co-operatives notice. It also allows all irrigation companies to access the same tailored Product Disclosure Statement relief under the FMC Act and Regulations as registered co-operative companies.
July 2022 update
After considering submissions to support our review of the small co-operatives and irrigation companies notices, we have decided to extend relief for a further 5-year period on the following terms:
About the consultation
We are seeking feedback on two class exemption notices, being:
The notices provide small co-operative companies, industrial and provident societies, and irrigation companies with a lighter regulatory compliance pathway for:
We invite views on whether or not each of the class exemptions should be renewed and seek to establish in particular on:
All irrigation companies are also afforded generally equivalent treatment to co-operative companies when making a regulated offer of equity securities.
The small co-operatives notice expires on 31 December 2022 and the irrigation companies notice expires on 22 December 2022.
Feedback closes 11 April 2022