Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 02/0150]

Authoritative Version
CO 02/0150 Orders/ASIC Class Orders as made
This Class Order provides relief for incidental circulation of certain advertisements or statements in Australia about the financial products provided by a foreign issuer. Relief is given to the author of an advertisement or statement that would otherwise by prohibited under section 1018A of the Corporations Act 2001 where the advertisement or statement is published in a foreign newspaper or periodical and is not distributed in Australia by the author. The advertisement or statement must comply with any applicable regulatory requirements in the jurisdiction in which it is produced. If any Australian resident responds to the advertisement or statement the author must not issue the financial product to that person unless the person has been provided with a product disclosure statement that complies with the Corporations Act 2001.
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 19/02/2002.
Registered 13 Feb 2007
Gazetted 19 Feb 2002
Date of repeal 02 Sep 2015
Repealed by ASIC Corporations (Repeal) Instrument 2015/363
Table of contents.

 

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

 

Under paragraph 1020F(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission (“ASIC”) hereby exempts each person in the class of persons specified in Schedule A (each an “author”) in the case specified in Schedule B from section 1018A of the Act for so long as and on condition that if a person whose address is, to the knowledge of the author, in this jurisdiction responds to the advertisement or statement by applying for the financial product referred to in that advertisement or statement, the author does not provide or procure the provision to that person of the financial product applied for, unless that person is first given a Product Disclosure Statement which complies with the requirements of the Act.

 

 

SCHEDULE A

 

A person who, as the author of an advertisement or statement in relation to a financial product of a foreign corporation or proposed foreign corporation, causes or authorises a publication of the advertisement or statement which, but for this exemption, would be prohibited by section 1018A of the Act.

 

 

SCHEDULE B

 

An advertisement or statement which:

 

(a)        is published in a newspaper or periodical:

 

(i)         which is produced outside this jurisdiction;

 

(ii)        substantially all of the circulation of which is outside this jurisdiction; and

 

(iii)       is not distributed in this jurisdiction by or on behalf of the author or whether directly or indirectly at the instigation of or by arrangement with the author; and

 

(b)        complies with any legislative requirements or other rules or codes of conduct (however described) applicable to such advertisements or statements in the place in which it is produced.

 

Note:      In this instrument, “this jurisdiction” means Australia and in relation to superannuation and RSA products and financial services relating to those products, includes each of the external Territories: Act, ss 5 and 9 (definition of “this jurisdiction”) and regulation 1.0.22 of the Corporations Regulations 2001.

 

 

Commencement

This exemption takes effect on the commencement of Schedule 1 to the Financial Services Reform Act 2001.

 

 

Dated the 7th day of February 2002

 

 

 

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