Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 04/1433]

Authoritative Version
CO 04/1433 Orders/ASIC Class Orders as made
This Class Order grants relief from the obligation to disclose non-monetary benefits and interests as amounts in dollars in Statements of Advice (SOAs) and Product Disclosure Statements (PDSs). This class order only applies if the SOA or PDS includes the disclosures required by paragraph 3 or 5 of the class order, as the case may be.
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 21 December 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Repealed by ASIC Corporations (Repeal) Instrument 2016/768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 Act 2001 — Paragraphs 951B(1)(a) and 1020F(1)(a) — Exemption

 

1.         The Australian Securities and Investments Commission (ASIC) grants this exemption under paragraphs 951B(1)(a) and 1020F(1)(a) of the Corporations Act 2001 (the Act).

 

Statements of Advice

 

2.         A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act in relation to information about non‑monetary benefits or interests to be disclosed in accordance with paragraph 947B(2)(d), subparagraph 947B(2)(e)(i), paragraph 947C(2)(e), subparagraph 947C(2)(f)(i) and paragraph 947D(2)(a) of the Act in a Statement of Advice.

 

3.         This exemption only applies where the Statement of Advice includes the following information about the non-monetary benefit or interest:

 

(a)        the nature and extent of the non-monetary benefit or non-monetary interest; and

 

(b)        for non-monetary benefits or non-monetary interests which may be provided or that may arise in the future, the circumstances in which the non-monetary benefit or non-monetary interest may be provided or may arise; and

 

(c)        the estimated value of the non-monetary benefit or non-monetary interest (expressed as an amount in dollars or a range of amounts in dollars) where a retail client would reasonably require such an estimated value for the purposes of deciding whether to act on the advice provided.

 

Product Disclosure Statements

 

4.         A responsible person for a Product Disclosure Statement does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information concerning non-monetary benefits to be disclosed in the Product Disclosure Statement in accordance with paragraph 1013D(1)(b) of the Act.

 

5.         This exemption only applies where the PDS includes the following information:

 

(a)        the nature and extent of the non-monetary benefit; and

 

(b)        for non-monetary benefits which may be provided or that may arise in the future, the circumstances in which the non-monetary benefit may be provided or may arise; and

 

(c)        the estimated value of the non-monetary benefit (expressed as an amount in dollars or a range of amounts in dollars) in cases where a retail client would reasonably require such an estimated value for the purposes of deciding whether to acquire the financial product.

 

Exclusion from relying on exemptions

 

6.         An exemption in paragraph 2 or 4 does not apply to a person from a date if:

 

(a)        ASIC has given the person a notice in writing that they may not rely on the exemption from the date; and

 

(b)        the notice has not been withdrawn by ASIC in writing.

 

Interpretation

 

7.         In this instrument:

 

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