Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 03/824]

Authoritative Version
CO 03/824 Orders/ASIC Class Orders as made
This Class Order exempts persons from the need to hold an Australian financial service licence where they are dealing with wholesale clients and the only reason the person is carrying on a financial services business in Australia is as a result of section 911D of the Corporations Act 2001. However, persons who are carrying on a business of providing services to wholesale clients in Australia under the more general tests used to determine whether a person carries on a business in Australia (elsewhere in the Act and under the common law) will still require an AFS licence (unless some other exemption applies).
Administered by: Treasury
General Comments: This instrument was published in the Australian Securities and Investments Commission Gazette on 1 October 2003.
Registered 28 Mar 2007
Gazetted 01 Oct 2003
Date of repeal 28 Mar 2017
Repealed by ASIC Corporations (Repeal) Instrument 2017/255

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 911A(2)(l) — Exemption

1.         Under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act), the Australian Securities and Investments Commission exempts a person from the requirement to hold an Australian financial services licence for the provision of a financial service where all of the following apply:

(a)        the service is provided to wholesale clients only; and

(b)        but for section 911D of the Act, the person would not be carrying on a financial services business in this jurisdiction; and

(c)        the person does not hold an Australian financial services licence covering the provision of the service.

Commencement

2.         This instrument takes effect on gazettal.

Interpretation

3.         In this instrument, wholesale client has the meaning given by section 761G of the Act.

Dated this 26th day of September 2003

 

 

Signed by Stephen Yen, PSM
as a delegate of the Australian Securities and Investments Commission