Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 07/44]

Authoritative Version
  • - F2007L00509
  • No longer in force
CO 07/44 Orders/ASIC Class Orders as made
This Class Order varies Class Order [CO 05/850] to provide relief from the requirement for certain foreign schemes of arrangement to comply with Division 5A of Part 7.9 of the Corporations Act 2001.
Administered by: Treasury
Registered 01 Mar 2007
Tabling HistoryDate
Tabled HR20-Mar-2007
Tabled Senate20-Mar-2007
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 1020F(1)(a) — Variation

 

Enabling legislation

 

1.         The Australian Securities and Investments Commission makes this instrument under paragraph 1020F(1)(a) of the Corporations Act 2001.

 

Title

 

2.         This instrument is ASIC Class Order [CO 07/44].

 

Commencement

 

3.         This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

 

Note:       An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: ­see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

 

Variation

 

4.         ASIC Class Order [CO 05/850] is varied by:

 

(a)        omitting paragraph 4 and substituting:

 

“4.        A person does not have to comply with Division 5A of Part 7.9 of the Act in relation to:

 

(a)        an unsolicited offer to acquire securities of a foreign company where the unsolicited offer is one of a number of offers made under an arrangement (the regulated foreign takeover bid) which:

 

(i)         is regulated by or under a law (the relevant regulatory requirements) or other rules (the relevant regulatory requirements) however described that:

 

(A)       applies to the acquisition of:

 

(I)        the control or potential control of a body; or

 

(II)       a substantial interest in a body; and

 

(B)       is in force or applies in or in a part of an eligible foreign country; and

 

(ii)        involves an offer being made to acquire all or some of the securities held by:

 

(A)       all holders of securities in the foreign company in the same class; or

 

(B)       all such holders other than the person making the offer, that person and their associates or any other person to whom, under the relevant regulatory requirements, the offer does not have to be made; or

 

(b)        an unsolicited offer made under a compromise (the foreign scheme) or arrangement (the foreign scheme) that:

 

(i)         is between a foreign company and its members or any class of them; and

 

(ii)        is regulated by or under a law (the relevant regulatory requirements) that is in force in or in a part of an eligible foreign country.”; and:

 

(b)               in paragraph 5, omitting “takeover bid” and substituting “takeover bid or foreign scheme”; and

 

(c)                in paragraph 6, before the definition of unsolicited offer inserting:

 

eligible foreign country means each of the following:

 

(a)        Canada;

 

(b)        France;

 

(c)        Germany;

 

(d)        Hong Kong;

 

(e)        Italy;

 

(f)         Japan;

 

(g)        Malaysia;

 

(h)        The Netherlands;

 

(i)         New Zealand;

 

(j)         Singapore;

 

(k)        South Africa;

 

(l)         Switzerland;

 

(m)       United Kingdom;

 

(n)        United States of America.”.

 

 

Dated this 21st day of February 2007

 

 

 

 

Signed by Stephen Yen, PSM

as a delegate of the Australian Securities and Investments Commission