Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 06/68]

Authoritative Version
CO 06/68 Orders/ASIC Class Orders as made
This instrument conditionally exempts foreign licensees (except foreign ADIs) from the financial record keeping and financial reporting requirements of Division 6 of Part 7.8 of the Corporations Act 2001.
Administered by: Treasury
Registered 10 Feb 2006
Tabling HistoryDate
Tabled HR13-Feb-2006
Tabled Senate27-Feb-2006
Date of repeal 01 Apr 2016
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2016/182
Table of contents.

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 992B(1)(a) — Exemption

 

 

Enabling legislation

 

1.                  The Australian Securities and Investments Commission (ASIC) grants the exemption set out in this instrument under paragraph 992B(1)(a) of the Corporations Act 2001 (the Act).

 

Title

 

2.                  This instrument is ASIC Class Order [CO 06/68].

 

Commencement

 

3.                  This instrument commences on 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

 

4.         A foreign company (other than a foreign ADI) which holds an Australian financial services licence does not have to comply with:

 

(a)        paragraph 988A(1)(b) of the Act to the extent that it requires the company to keep financial records in accordance with any of the following:

 

(i)         section 988B of the Act;

 

(ii)        paragraph 988D(a) of the Act;

 

(iii)       any regulations made for the purposes of section 988F of the Act; and

 

(b)        Subdivisions C and D of Division 6 of Part 7.8 of the Act.

 

 

Note 1:   The foreign company does not have to comply with regulations made for the purposes of sections 989B and 989C because of the exemptions from those provisions.

 

Note 2:   ASIC Class Order [CO 03/823] provides certain exemptions from Division 6 of Part 7.8 of the Act for a foreign company which is a foreign ADI and holds an Australian financial services licence.

 

5.         A foreign company that takes advantage of this exemption must do all of the following:

 

(a)        lodge with ASIC, at least once in every calendar year and at intervals of not more than 15 months a certified copy of:

 

(i)         its balance-sheet made up to the end of its last financial year; and

 

(ii)        its cash flow statement for its last financial year; and

 

(iii)       its profit and loss statement for its last financial year;

 

in such form and containing such particulars and including certified copies of such documents as the foreign company is required to prepare by the law for the time being applicable to the foreign company in its place of origin;

 

(b)        ensure that the documents referred to in subparagraphs (a)(i) to (a)(iii) are audited in accordance with the requirements for the time being applicable to the foreign company in its place of origin;

 

(c)        lodge a copy of a document setting out the views of the foreign company’s auditor about the documents referred to in subparagraphs (a)(i) to (a)(iii).

 

A foreign company that does not comply with these conditions may not rely on this exemption.

 

Note:      Where the company is subject to subsection 601CK(1) of the Act, compliance with that subsection will also result in the condition set out in paragraph 5(a) being satisfied.

 

Interpretation

 

6.         In this instrument foreign ADI has the meaning given by section 5 of the Banking Act 1959.

 

 

Dated this 3rd day of February 2006

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission