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ASIC Class Order [CO 04/1431]

Authoritative Version
CO 04/1431 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 05/682]
Administered by: Treasury
Registered 14 Sep 2006
Start Date 28 Jun 2005
End Date 19 Aug 2016
Date of repeal 19 Aug 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/768

ASIC Class Order [CO 04/1431]

Dollar disclosure: Costs of derivatives, foreign exchange contracts, general insurance products and life risk insurance products

This instrument is made under paragraph  1020F(1)(a) of the Corporations Act 2001.

This compilation was prepared on 1 November 2005 taking into account amendments up to [CO 05/682].

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 1020F(1)(a) — Exemption

1.    The Australian Securities and Investments Commission (ASIC) grants this exemption under paragraph 1020F(1)(a) of the Corporations Act 2001 (the Act).

Exemptions

2.    A responsible person for a Product Disclosure Statement for a general insurance product or life risk insurance product does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement other than information about any excess or deductible (however described) that applies in relation to a claim under such a financial product.

3.    A responsible person for a Product Disclosure Statement for a derivative, foreign exchange contract or warrant does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement.

Where exemptions apply

4.    The exemptions in paragraphs 2 and 3 only apply where the Product Disclosure Statement specifies any significant factors that will affect the cost of acquiring the financial product and includes an explanation of the impact of each of those factors on the cost of acquiring the financial product.

5.    An exemption in paragraph 2 or 3 does not apply to a person from a date if:

(a)   ASIC has given the person a notice in writing that they may not rely on  the exemption from the date; and

(b)   the notice has not been withdrawn by ASIC in writing.

Interpretation

6.    In this instrument:

foreign exchange contract has the meaning given by section 761A of the Act;

general insurance product has the meaning given by section 761A of the Act;

life risk insurance product has the meaning given by section 761A of the Act; and

warrant has the meaning given by subregulation 1.0.02(1) of the Corporations Regulations 2001.

Notes to ASIC Class Order [CO 04/1431]

Note 1

ASIC Class Order [CO 04/1431] (in force under paragraph  1020F(1)(a) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the Tables below.

Table of Instruments

Instrument number

Date of making or FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 04/1431]

8/12/2004

8/12/2004

-

[CO 05/682]

28/6/2005

28/6/2005

-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Para 3

am.  [CO 05/682]

Para 6

am.  [CO 05/682]