Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 02/0144]

Authoritative Version
CO 02/0144 Orders/ASIC Class Orders as made
This Class Order provides relief for incidental circulation of certain advertisements or statements in Australia about a foreign issuer's financial products. Relief is given to the publisher of an advertisement or statement which is published in a foreign newspaper or periodical and which to the knowledge of the publisher complies with any applicable regulatory requirements in the jurisdiction in which the newspaper or periodical is produced. If the newspaper or periodical is advertised in Australia, the advertisement or statement must also make it clear that Australian residents cannot act upon the advertisement or statement.
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 19/02/2002.
Registered 14 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Repealed by ASIC Corporations (Repeal) Instrument 2015/363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 hereby exempts the class of persons specified in Schedule A (each a “publisher”) in the case specified in Schedule B from section 1018A of the Act.

 

SCHEDULE A

A person who:

 

(a)        advertises a financial product; or

 

(b)        publishes a statement that is reasonably likely to induce people to acquire a financial product,

 

(otherwise than by causing or authorising the publication of the advertisement or statement as author) where:

 

(c)        but for this exemption the advertisement or publication of the statement would

            be prohibited by section 1018A of the Act; and

 

(d)        the responsible person for the financial product within the meaning of

            subsection 1013A(3) of the Act is a foreign corporation or a proposed foreign

            corporation.

 

SCHEDULE B

An advertisement or statement which:

 

(a)        is published in a newspaper or periodical:

 

(i)         which is produced outside this jurisdiction; and

 

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

 

(b)        either makes it clear that the advertisement or statement is not capable of being acted upon by residents of this jurisdiction or is published in a newspaper or periodical that is not advertised in this jurisdiction; and

 

(c)        to the best knowledge of the publisher 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 the newspaper or periodical 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 6th day of February 2002

 

 

 

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