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ASIC Class Order [CO 04/1430]

Authoritative Version
CO 04/1430 Orders/ASIC Class Orders as made
This Class Order grants relief from the obligation to disclose information as an amount in dollars in a Statement of Advice or a Product Disclosure Satement where the amount depends on unknown facts or circumstances. Where this Class Order applies, the information must be disclosed as either a percentage of a specified matter or as a description of the method of calculating the amount, with worked dollar examples unless that is inappropriate.
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 21/12/2004.
Registered 06 Mar 2007
Gazetted 21 Dec 2004
Date of repeal 19 Aug 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/768

Australian Securities and Investments Commission

Corporations Regulations 2001 — Regulations 7.7.11, 7.7.12, 7.7.13A and 7.9.15B — Determination

 

Statements of Advice

 

1.         Under subregulations 7.7.11(2), 7.7.12(2) and 7.7.13A(1) of the Corporations Regulations 2001 (the Regulations) the Australian Securities and Investments Commission (ASIC) determines, for the avoidance of doubt, that it is not possible to state in a Statement of Advice (the SOA) information (the numeric SOA information) to be disclosed in accordance with paragraph 947B(2)(d), subparagraph 947B(2)(e)(i), paragraph 947C(2)(e), subparagraph 947C(2)(f)(i) or paragraph 947D(2)(a) of the Corporations Act 2001 (the Act) as an amount in dollars where the amount depends, in whole or in part, on a fact or circumstance that, by the time the preparation of the SOA is completed:

 

(a)        is not known to the providing entity; and

 

(b)        could not have been found out by the providing entity.

 

2.         Under subregulations 7.7.11(3), 7.7.12(3) and 7.7.13A(2) of the Regulations ASIC determines, for the avoidance of doubt, that it is not possible to state in a SOA numeric SOA information as an amount in dollars or to describe the amount as a percentage of one or more specified matters where:

 

(a)        the amount depends, in whole or in part, on a fact or circumstance that, by the time the preparation of the SOA is completed:

 

(i)         is not known to the providing entity; and

 

(ii)        could not have been found out by the providing entity; and

 

(b)        the numeric SOA information is not calculated by reference to a percentage of one or more matters.

 

Note:      The application of the determinations in paragraphs 1 and 2 may be limited.  They may apply in an unusual case where information about an amount would be reasonably required by a person for the purposes of deciding whether to act on the advice despite the fact that facts and circumstances necessary to work out the amount are not known to the providing entity.  In other circumstances, subsections 947B(3) and 947C(3) of the Act will usually have the effect that the information is not required to be included in the SOA.

 

Product Disclosure Statements

 

3.         Under subregulation 7.9.15B(1) of the Regulations ASIC determines, for the avoidance of doubt, that it is not possible to state in a Product Disclosure Statement (the PDS) information (the numeric PDS information) to be disclosed in accordance with paragraphs 1013D(1)(b), (d) or (e) of the Act as an amount in dollars where the amount depends, in whole or in part, on a fact or circumstance that, by the time the preparation of the PDS is completed:

 

(a)        is not known to the responsible person; and

 

(b)        could not have been found out by the responsible person.

 

4.         Under subregulation 7.9.15B(2) of the Regulations, ASIC determines that it is not possible to state in a PDS numeric PDS information as an amount in dollars or as a percentage of one or more specified matters where:

 

(a)        the amount depends, in whole or in part, on a fact or circumstance that by the time the preparation of the PDS is completed:

 

(i)         is not known to the responsible person; and

 

(ii)        could not have been found out by the responsible person; and

 

(b)        the numeric PDS information is not calculated by reference to a percentage of one or more matters.

 

Note:      The application of the determinations in paragraphs 3 and 4 may be limited.  They may apply in an unusual case where information about an amount would be reasonably required by a person for the purposes of deciding whether to acquire a financial product despite the fact that facts and circumstances necessary to work out the amount are not known to the responsible person.  In other circumstances, subsection 1013C(2) and section 1013F of the Act will usually have the effect that the amount need not be disclosed in the PDS.

 

Limitation of determinations

 

5.         The determinations in paragraphs 1- 4 do not apply in relation to:

 

(a)        information required to be included in a PDS under paragraph 1013D(1)(d) of the Act in relation to a derivative, foreign exchange contract or a general insurance product or life risk insurance product;

 

(b)        information required to be included in a PDS under paragraph 1013D(1)(b) of the Act about interest payable in relation to a deposit product; or

 

(c)        information concerning non-monetary benefits and interests required to be included in SOAs and PDSs under paragraph 947B(2)(d), subparagraph 947B(2)(e)(i), paragraph 947C(2)(e), subparagraph 947C(2)(f)(i) and paragraphs 947D(2)(a) and 1013D(1)(b) of the Act.

 

Note:      Relief covering these matters is set out in Class Orders [CO 04/1431], [CO 04/1432] and [CO 04/1433].

 

Interpretation

 

6.         In this instrument:

 

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

 

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;

 

providing entity has the meaning given in section 944A of the Act; and

 

responsible person has the meaning given in section 1013A of the Act.

 

 

Dated this 8th day of December 2004

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission