Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 07/642]

Authoritative Version
  • - F2007L03886
  • No longer in force
CO 07/642 Orders/ASIC Class Orders as made
This Class Order makes minor variations to ASIC Class Order [CO 02/315] by giving concessional treatment to operators of registered time-sharing schemes who are members of the Australian Timeshare & Holiday Ownership Council in relation to cooling-off rights available to investors.
Administered by: Treasury
Registered 28 Sep 2007
Tabling HistoryDate
Tabled HR12-Feb-2008
Tabled Senate12-Feb-2008
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Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013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 601QA(1)(b) — Variation

 

Enabling legislation

 

1.       The Australian Securities and Investments Commission (ASIC) makes this instrument under paragraph 601QA(1)(b) of the Corporations Act 2001.

 

Title

 

2.         This instrument is ASIC Class Order [CO 07/642].

 

Commencement

           

3.         This instrument commences:

 

(a)        immediately after the commencement of ASIC Class Order
[CO 07/88]; or

 

(b)        the date this instrument is registered under the Legislative Instruments Act 2003,

 

whichever is later.

 

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 02/315] is varied by, in paragraph 2, omitting notional paragraph 601GA(1A)(a) and substituting:

 

“(a)      the responsible entity operating the time-sharing scheme (operator) must ensure that any application for an investment in the scheme is voidable at the option of the applicant during a period of:

 

(i)         if the operator is a member of the Australian Timeshare & Holiday Ownership Council Limited ACN 065 260 095 and has not been notified in writing by ASIC that it cannot continue to rely on this subparagraph—not less than 7 days; or

 

(ii)                otherwise—not less than 14 days,

 

commencing on the date on which the applicant acknowledges receipt of the Product Disclosure Statement (including, where applicable, a loose-leaf price list) and the cooling-off statement referred to in paragraph (c);”.

 

 

 

Dated this 21st day of September 2007

 

 

 

 

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission