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ASIC Class Order [CO 07/151]

Authoritative Version
  • - F2007L01527
  • No longer in force
CO 07/151 Orders/ASIC Class Orders as made
This Class Order varies a number of class orders to ensure that the relief in these class orders also applies to the Short-Form PDS.
Administered by: Treasury
Registered 25 May 2007
Tabling HistoryDate
Tabled HR29-May-2007
Tabled Senate12-Jun-2007
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Australian Securities and Investments Commission
Corporations Regulations 2001 — Subsection 1020F(1) —Variations

 

Enabling legislation

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

Title

2.       This instrument is ASIC Class Order [07/151].

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/.

 

Variations

 

ASIC Class Order [CO 02/260]

 

4.       ASIC Class Order [CO 02/260] is varied as follows:

(a)     after “application form”, insert “(an “original form”)”; and

(b)    in paragraph (a):

(i)            after “Product Disclosure Statement” insert “(the “Statement”) or Short-Form PDS (the “Statement”)”; and

(ii)          omit “(an “original form”)”; and

(c)     under paragraph (b) omit “Product Disclosure” (twice occurring); and

(d)    omit the note above the Schedule and substitute:

Note 1: A reference in section 1016A to a Product Disclosure Statement includes a reference to a Short-Form PDS: see section 1017K, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.

Note 2:    If a Statement is defective and the issuer or seller does not have reasonable grounds to believe that it was accompanied by a Supplementary Product Disclosure Statement or Supplementary Short-Form PDS which deals with the defect, the issuer or seller is required to deal with the relevant application under subsection 1016E(2) of the Act.”; and

 

(e)    in subparagraph 1(a) of the Schedule:

(i)            omit “Product Disclosure” (first occurring); and

(ii)          after “Statement” ( second occurring), insert “(“Supplementary Statement”) or Supplementary Short-Form PDS (“Supplementary Statement”)”; and

(f)     in subparagraphs 1(b), (c) and (d) and paragraph 2 of the Schedule, and in the note under paragraph 2 of the Schedule, omit “Product Disclosure” (wherever occurring); and

(g)     in paragraph 2 of the Interpretation section:

(i)      omit “In this instrument,”, substitute “In this instrument:”; and

(ii)     after the definition of  “financial services licensee” insert:

 ““Short-Form PDS” and Supplementary Short-Form PDS” have the same meanings as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.”.

 

 

ASIC Class Order [CO 02/262]

 

5.       ASIC Class Order [CO 02/262] is varied as follows:

(a)     in paragraph 1:

(i) after “Product Disclosure Statement” (first occurring) insert “(the “Statement”) or Short-Form PDS (the “Statement”)”; and

(ii)          thereafter omit “Product Disclosure” wherever occurring; and

(b)     in paragraph 3:

(i)            omit “Product Disclosure” (first occurring)”; and

(ii)           after “Supplementary Product Disclosure Statement” insert “(“Supplementary Statement”) or Supplementary Short-Form PDS (“Supplementary Statement”)”; and

(c)     in paragraph 4 omit “Product Disclosure” (twice occurring); and

(d)     after the definition of “new managed investment product” insert:

““Short-Form PDS” and “Supplementary Short-Form PDS have the same meanings as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.”.

 

 

ASIC Class Order [CO 03/237]

 

6.       ASIC Class Order [CO 03/237] is varied as follows:

(a)     in paragraph (a) after “Product Disclosure Statement” insert “(the “Statement”) or Short-Form PDS (the “Statement”)”; and

(b)        in paragraph (b) omit “sections 1012A, 1012B or 1012C”, substitute “sections 1012A, 1012B, 1012C or 1017H,”; and

(c)        omit the note above the Schedule and substitute:

Note:    The information contained in a Statement includes any information contained in a Supplementary Product Disclosure Statement or Supplementary Short-Form PDS given at the same time as the Statement or later: s1014D and s1017O.”; and

(d)     in paragraph 1 of the Schedule omit “Product Disclosure”; and

(e)     in the Interpretation section:

(i)      in paragraph 2 omit “Product Disclosure”; and

(ii)     in paragraph 4 omit “1013A(3).”, substitute “1013A(3); and”; and

(iii)     after paragraph 4 insert:

 “5.    “Short-Form PDS” and Supplementary Short-Form PDS” have the same meanings as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.”.

 

ASIC Class Order [CO 03/957]

 

7.       ASIC Class Order [CO 03/957] is varied as follows:

(a)     in subparagraph 1(a) omit:

“sections 1013I and 1015B of the Act in relation to a Product Disclosure Statement”, substitute:

 “section 1013I of the Act in relation to a Product Disclosure Statement or Short-Form PDS”; and

(b)          after subparagraph 1(a) insert:

“(aa)  section 1015B of the Act in relation to a Product Disclosure Statement that relates to an ASX traded managed investment warrant of the warrant issuer; and”; and

(c)           omit the note after paragraph 1 and substitute:

Note 1: The consequences of relying on the exemption from s1015B of the Act include ss1013G(a), 1013J and 1016B(1) of the Act not applying in relation to the relevant Product Disclosure Statement; and s1015D applying in relation to that Statement.

Note 2:    Section 1015B does not apply to a Short-Form PDS.”; and

 

(d)          in the Interpretation section:

(i)      in subparagraph (e)(ii) omit “and”; and

(ii)     after the definition of “managed investment warrant” insert:

“(ea)    “Short-Form PDS” has the same meaning as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Regulations 2001; and”.

 

 

ASIC Class Order [CO 03/1092]

 

8.       ASIC Class Order [CO 03/1092] is varied as follows:

(a)      in paragraph 1 of the Schedule omit “(PDS)”, substitute “(the “Statement”) or Short-Form PDS (the “Statement”)”; and

(b)      omit paragraph 2 of the Schedule; and

(c)       renumber paragraph 3 of the Schedule as paragraph 2 and omit “PDS” (wherever occurring), substitute “Statement”; and

(d)      omit the note after paragraph 3 of the Schedule and substitute:

Note 1:  Where the Act requires a Product Disclosure Statement to be given for a financial product, Division 3A of Part 7.9 (as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001) of the Act allows a Short-Form PDS to be given instead.

Note 2:   A Product Disclosure Statement or Short-Form PDS 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 or Short-Form PDS may be combined with a disclosure document for an offer of securities.”; and

(e)     in the Interpretation section omit:

new product disclosure provisions has the meaning by subsection 1438(2) of the Act.”, substitute:

Short-Form PDS has the same meaning as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.”.


Dated this 23rd day of  May 2007

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission