ASIC CONSULTATION PAPER 362 EXTENSION OF THE BINARY OPTIONS PRODUCT INTERVENTION ORDER (CP 362)
The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) welcomes the opportunity to provide this submission to the Australian Securities and Investments Commission (ASIC) in response to CP 362, which was issued on 26 May 2022.
ASIC Corporations (Product Intervention Order – Binary Options) Instrument 2021/240 (the Binary Options Order) was made on 1 April 2021 and prohibits the issue and distribution of binary options to retail clients. The Binary Options Order is currently due to lapse on 7 October 2022.
In CP 362, ASIC proposes to make an amending legislative instrument, the effect of which would be to amend the Binary Options Order so that it would remain in force until it is revoked or sunsets on 1 October 2031. This is subject to the feedback received in response to consultation and obtaining the approval of the Minister.