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ASIC Class Order [CO 02/0225]

Authoritative Version
CO 02/225 Orders/ASIC Class Orders as made
This Class Order provides conditional relief to allow a marketable rights renunciation form in relation to a financial product other than a security to be circulated without a Product Dislcosure Statement where (a) a Product Disclosure Statement has been prepared and if applicable lodged and is available as set out in the Class Order; and (b) the offers are made pari passu to holders of the financial product and are renounceable. This Class Order revokes [CO 00/0187].
Administered by: Treasury
Registered 07 Feb 2007
Gazetted 05 Mar 2002
Date of repeal 18 Oct 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/1005

Australian Securities and Investments Commission
Corporations Act 2001 — Subsections 741(1) and 1020F(1) — Revocation and Exemption

 

1.         Under subsection 741(1) of the Corporations Act 2001 (the “Act”), the Australian Securities and Investments Commission (“ASIC”) hereby revokes Class Order [00/187].

 

2.         Under subsection 741(1) of the Act, ASIC hereby exempts the class of persons described in Schedule A in the case described in Schedule B from subsections 721(1), 723(1) and 727(2) of the Act, but only to the extent that those provisions might otherwise require a Rights Renunciation Form to be included in or accompanied by a disclosure document, and on the conditions set out in Schedule C.

 

3.         Under subsection 1020F(1) of the Act, ASIC hereby exempts the class of persons described in Schedule D in the case described in Schedule E and on the conditions set out in Schedule C from sections 1012B, 1016A and 1021C of the Act, but only to the extent that those provisions might otherwise:

 

(a)        require a Rights Renunciation Form to be included in or be accompanied by a Product Disclosure Statement for the renunciation or transfer of Division 3 rights; or

 

(b)        require an issuer to give a Product Disclosure Statement to a person (a “transferee”) to whom Division 3 rights are transferred or to a transferee who exercises such rights.

 

SCHEDULE A

Persons involved in the renunciation and transfer of Division 3 rights issued pursuant to the offers described in Schedule B.

 

SCHEDULE B

Issuing a Rights Renunciation Form in the course of settling a sale of Division 3 rights issued pursuant to offers by a listed body (the “Body”) of securities of the Body for issue, where the offers:

 

(a)        are made pari passu to members of the body (except to those members in a jurisdiction where it is not lawful or practicable to make the offer, in the reasonable opinion of the Body’s directors) as at the time of the offer; and

 

(b)        are renounceable,

 

and where the Body has lodged a disclosure document in relation to the offers which complies with the requirements of Chapter 6D of the Act.

 

SCHEDULE C

1.         A disclosure document or Product Disclosure Statement for the offers is made available for inspection at the Body’s registered office.

 

2.         The Body gives a disclosure document or Product Disclosure Statement for the offers free of charge to a person who requests it during the period while the offers remains open.

 

3.         The Body announces to each prescribed financial market in the official list of which it is included that a disclosure document or Product Disclosure Statement for the offers may be reviewed at its registered office or obtained free of charge upon request.

 

SCHEDULE D

A person (the “Body”) who makes offers to issue and issues interests in a managed investment scheme as described in Schedule E.

 

SCHEDULE E

Offering to issue and issuing interests in a listed registered scheme after the Effective Date where the offers:

 

(a)        are made pari passu to members of the scheme (except to those members in a jurisdiction where it is not lawful or practicable to make the offer, in the reasonable opinion of the Body) as at the time of the offer; and

 

(b)        are renounceable,

 

and where the Body has lodged a Product Disclosure Statement for the interests the subject of the offers which complies with the requirements of Part 7.9 of the Act.

 

 

Interpretation

In this instrument:

 

“Commencement Date” means the date of commencement of Schedule 1 to the Financial Services Reform Act 2001;

 

“Division 3 asset” has the same meaning as in subregulation 1.0.02(1) of the Corporations Regulations 2001 (the “Regulations”);

 

“Division 3 rights” has the same meaning as in subregulation 1.0.02(1) of the Regulations;

 

“Effective Date” means:

 

(a)        for interests in a managed investment scheme in a class which were first issued on or after the Commencement Date – the Commencement Date; and

 

(b)        for any other interests in such a scheme ‑ the date on which the new product disclosure provisions (as defined in section 1438 of the Act) first apply to the interests; and

 

“Rights Renunciation Form” means all or any of:

 

(a)        Forms 5, 6, 7 or 8 in Schedule 2A to the Regulations; or

(b)        a pre-printed notification form informing the holders of Division 3 assets of their individual entitlement to acquire a specified number of Division 3 assets pursuant to offers described in Schedule B or Schedule E.

 

 

Commencement

This exemption takes effect on the Commencement Date.

 

 

Dated the 22nd day of February 2002

 

 

 

 

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments