Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 10/655]

Authoritative Version
  • - F2010L02196
  • No longer in force
CO 10/655 Orders/ASIC Class Orders as made
This Class Order varies [CO 05/642], [CO 01/1455] and [CO 04/672] to allow a stapled security issuer to include the financial statements of the other stapled entities together in a single financial report and the financial report to exclude parent entity financial statements for those stapled entities that prepare consolidated financial statements.
Administered by: Treasury
Made 26 Jul 2010
Registered 29 Jul 2010
Tabled HR 28 Sep 2010
Tabled Senate 28 Sep 2010
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Australian Securities and Investments Commission
Corporations Act 2001 — Subsections 341(1), 741(1) and 1020F(1)

 — Variations

 

Enabling legislation

 

1.       The Australian Securities and Investments Commission makes this instrument under subsections 341(1), 741(1) and 1020F(1) of the Corporations Act 2001.

 

Title

 

2.       This instrument is ASIC Class Order [CO 10/655].

 

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 01/1455]

 

4.       ASIC Class Order [CO 01/1455] is varied by omitting all the text after “than” and substituting “ASIC Class Orders [CO 98/100], [CO 98/101], [CO 98/104], [CO 98/1418], [CO 98/2395], [CO 99/90], [CO 00/2449], [CO 05/83],
[CO 05/637], [CO 05/642], [CO 05/644] or [CO 10/654])”.”.

 

ASIC Class Order [CO 04/672]

 

5.       ASIC Class Order [CO 04/672] is varied by omitting all the text after “than” and substituting “ASIC Class Orders [CO 98/100], [CO 98/101], [CO 98/104], [CO 98/1418], [CO 98/2395], [CO 99/90], [CO 00/2449], [CO 05/83],
[CO 05/637], [CO 05/642] , [CO 05/644] or [CO 10/654])”.”.

 

ASIC Class Order [CO 05/642]

 

6.       ASIC Class Order [CO 05/642] is varied as follows:

 

(a)     omit subparagraph 4(b), substitute:

 

“(b)   section 297 or 305 of the Act requires the reporting group member or one of the other reporting group members to present consolidated financial statements covering all entities in the stapled group in the relevant report.”;

 

(b)     omit subparagraph 5(d), substitute :

 

“(d)   one of the following applies:

 

(i)      such financial statements of the reporting group member and all other reporting group members (including any single entity financial statements presented where ASIC Class Order [CO 10/654] is applied) are presented in adjacent columns in the relevant report;

 

(ii)      financial statements are presented as follows in separate sections of the relevant report:

 

(A)    in the first section—the consolidated financial statements that cover all entities in the stapled group and, where ASIC Class Order [CO 10/654] is applied,  the single entity financial statements of the reporting group member that controls all of the entities in the stapled group; and

 

(B)     in the second section in adjacent columns—all other consolidated financial statements of the reporting group member and all other reporting group members and any single entity financial statements (including those presented where ASIC Class Order [CO 10/654] is applied); or

 

(iii)     in the case of a financial report for a half-year or a concise report—one of the sets of financial statements permitted under subparagraphs (i) or (ii) (excluding any single entity financial statement that is not required under the Act and the accounting standard applicable to the report) is presented in adjacent columns in the relevant report where, if the set includes consolidated financial statements covering all of the entities in the stapled group, those financial statements are presented first;”;

 

(c)     omit paragraph 6 (including the heading);

 

(d)     in paragraph 7:

 

(i)      omit the definition of combined financial statements;

 

(ii)     omit the definition of control, substitute:

 

control has the same meaning as in accounting standard AASB 127 “Consolidated and Separate Financial Statements”.”.

 

Dated this 26th day of July 2010

 

 

 

 

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