The Australian Securities and Investments Commission (ASIC) has extended the deadline for group purchasing bodies to meet with breach reporting conditions.

The new deadline is June 30 instead of December 31 last year.

ASIC says the extension will allow the Federal Government to examine issues that have been raised with group purchasing bodies which might be better dealt with by amendments to the Corporations Act.

Currently certain group bodies have an exemption from the financial services licensing regime and Chapter 5c of the Corporations Act if they hold insurance for the benefit of third parties on a non-commercial basis.