Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 05/1195]

Authoritative Version
CO 05/1195 Orders/ASIC Class Orders as made
Relief from the obligation to provide a s 949A(2) general advice warning for oral general advice where a simplified oral warning is given instead; modification of s 949A(4) and variation of [CO 05/835].
Administered by: Treasury
General Comments: This instrument will be gazetted in the Australian Securities and Investments Commission Gazette on 6 December 2005.
Registered 02 Dec 2005
Tabling HistoryDate
Tabled HR06-Dec-2005
Tabled Senate06-Dec-2005
Date of repeal 25 Aug 2015
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2015/542

Australian Securities and Investments Commission

Corporations Act — Paragraphs 951B(1)(a) and (c) — Exemption, Declaration and Variation

 

Enabling legislation

 

1.         The Australian Securities and Investments Commission makes this instrument under paragraphs 951B(1)(a) and (c) of the Corporations Act 2001 (the Act).

 

Title

 

2.         This instrument is ASIC Class Order [CO 05/1195].

 

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/.

 

Exemption for providers of oral general advice

 

4.         A financial services licensee (the providing entity) and an authorised representative (the providing entity) of a financial services licensee do not have to comply with subsection 949A(2) of the Act where:

 

(a)        the advice is provided orally to a person (the client); and

 

(b)        at the time the advice is provided, the providing entity orally warns the client that:

 

(i)         the advice is general; and

 

(ii)        the advice may not be appropriate for the client.

 

Declaration — operation of subsection 949A(4)

 

5.         Part 7.7 of the Act applies in relation to a providing entity as if subsection 949A(4) in that Part were modified or varied by omitting “subsection (1)” (twice occurring) and substituting “subsection (2)”.

 

Variation of ASIC Class Order [CO 05/835]

 

6.         ASIC Class Order [CO 05/835] is varied by, in paragraph 5 (introductory words) after “Act”, inserting “or a warning under subsection 949A(2) of the Act”.

 

Interpretation

 

7.         In this instrument:

 

authorised representative has the meaning given by section 761A of the Act.

 

 

Dated this 29th day of November 2005

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission