22 June 2021 - ASIC removes the local authorised participant requirement in ETF class order

ASIC has updated its class order on exchange traded funds (ETF) to allow ETF issuers to use overseas market makers. The Amending Instrument removes the requirement in the Class Order that an authorised participant must be an Australian resident for tax purposes. ASIC recognises that authorised participants perform an essential market making function in the market for ETFs, and that competition between market makers facilitates market efficiency and can produce benefits for retail investors.