Australia - Securities

The Australian Securities Investment Commission (ASIC) has issued a new class order for employee stock plans. The new class order is available here.  Some of the benefits of the new class order are:  i) restricted stock units which were previously considered derivatives are covered by the new class order, ii) the requirement to provide ASIC with the offer document and the related documents within 7 days of the offer has been replaced with a requirement to file a form within one month of the offer; iii) the rules regarding the holding of contributions to acquire shares in an employee stock purchase plan have been modified to permit the holding of such funds with an Australian-authorized deposit-taking institution; and iv) offers to certain contractors and causal employees are covered by the class order.

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