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ASIC Class Order [CO 03/1092]

Authoritative Version
CO 03/1092 Orders/ASIC Class Orders as made
This Class Order permits two or more product issuers to prepare a joint product disclosure statement (PDS). The relief is available where the PDS prominently states: that the PDS covers two or more separate financial products; the identity of the issuer of each financial product is covers; that each issuer takes full responsiblility for the whole PDS; which external dispute resolution schemes are able to deal with complaints relating to the products covered y the PDS; and how clients may exercise their cooling-off rights (if any).
Administered by: Treasury
General Comments: This instrument was published in the Australian Securities and Investments Commission Gazette on 23 December 2003.
Registered 01 May 2007
Gazetted 23 Dec 2003
Date of repeal 17 Nov 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/1053

Australian Securities and Investments Commission
Corporations Act 2001 - Paragraph 1020F(1)(c) - Declaration

 

Under paragraph 1020F(1)(c) of the Corporations Act 2001 (the "Act") the Australian Securities and Investments (commission ("ASIC") declares that Part 7.9 of the Act applies in relation to an issuer of a financial product in the case referred to in the Schedule, as if:

 

1.         section 1013A of the Act were modified or varied by:

 

(a)        in subsection (1), omitting "must be a document that has been prepared by the issuer of the financial product." and substituting:

 

"may relate to one or more financial products of more than one issuer, and must be a document that has been prepared by the issuer of each financial product to which the Statement relates."; and

 

(b)        in subsection (3), after "prepared" inserting "and who is the issuer of the product"; and

 

2.         from 11 March 2004, regulation 7.9.07J of the Corporations Regulations 2001 were omitted.

 

Schedule

 

An offer to issue or to arrange the issue, an issue, or a recommendation to acquire by way of the issue, of a financial product where:

 

1.         the Product Disclosure Statement (PDS) that is given for that financial product also relates to at least one other financial product of another issuer; and

 

2.         the new product disclosure provisions apply to each of the products; and

 

3.         the PDS prominently states:

 

(a)                that the PDS covers two or more separate financial products; and

(b)               the identity of the issuer of each financial product it covers; and

(c)                that each issuer takes full responsibility for the whole of the PDS; and

(d)               which external dispute resolution schemes are able to deal with complaints relating to each financial product covered by the PDS and how they may be contacted; and

(e)                how a client may exercise their cooling off rights (if any) in relation to each product covered by the PDS.

 

Note:      A Product Disclosure Statement cannot relate to financial products that are securities: see section 1010A of the Act. Accordingly, this instrument does not affect the extent to which a Product Disclosure Statement may be combined with a disclosure document for an offer of securities.

Revocation

 

And under paragraph 1020F(1)(c) of the Act ASIC revokes Class Order [CO 03/876] with effect from 1 January 2006.

 

Interpretation

 

In this instrument new product disclosure provisions has the meaning given by subsection 1438(2) of the Act.

 

Dated this 22nd day of December 2003

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission