Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 05/957]

Authoritative Version
  • - F2005L02893
  • No longer in force
CO 05/957 Orders/ASIC Class Orders as made
This instrument amends ASIC Class Order [CO 03/1102] to allow Singaporean banks and merchant banks to provide financial services to wholesale clients in Australia.
Administered by: Treasury
Registered 28 Sep 2005
Tabling HistoryDate
Tabled Senate05-Oct-2005
Tabled HR10-Oct-2005
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

 

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 911A(2)(l) — Variation

 

Enabling provision

 

1.         The Australian Securities and Investments Commission makes this instrument under paragraph 911A(2)(l) of the Corporations Act 2001.

 

Title

 

2.         This instrument is ASIC Class Order [CO 05/957].

 

Commencement

 

3.         This instrument commences on the later of:

 

(a)        the date of its gazettal; and

 

(b)        the date it is registered under the Legislative Instruments Act 2003.

 

Note:      An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

 

Variation

 

4.       ASIC Class Order [CO 03/1102] is varied as follows:

 

(a)        in Schedule A omit paragraph (a), substitute:

 

“(a)      the body:

 

(i)         has a current capital market services licence; or

 

(ii)        has a current banking licence; or

 

(iii)       is a merchant bank approved as a financial institution;”;

 

(b)        in Schedule B omit paragraph 2(a), substitute:

 

“(a)      either:

 

(i)         a copy of the capital market services licence or banking licence granted to it by MAS; or

 

(ii)        evidence that ASIC has stated in writing is adequate that it is a merchant bank approved as a financial institution;”;

 

(c)        in Schedule C (subparagraph 2(a)(i)) omit “licence”, substitute “licence, banking licence or approval of the merchant bank as a financial institution”; and

 

(d)        under the heading “Interpretation” after the definition of “Agent”, insert:

 

approval of a merchant bank as a financial institution means approval granted by MAS under section 28 of the Monetary Authority of Singapore Act 1970 of Singapore;

banking licence means a licence granted by MAS under section 7 or section 79 of the Banking Act 1970 of Singapore;”.

 

Dated this 23rd day of September 2005

 

 

 

 

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission