Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 11/576]

Authoritative Version
CO 11/576 Orders/ASIC Class Orders as made
This Class Order provides relief from the Product Disclosure Statement regime in subdivisions 4.2B and 4.2C of Division 4 of Part 7.9 of the Corporations Regulations for superannuation and simple managed investment schemes.
Administered by: Treasury
Made 17 Jun 2011
Registered 21 Jun 2011
Tabled HR 22 Jun 2011
Tabled Senate 22 Jun 2011
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Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013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)(c) — Declaration

 

Enabling legislation

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

 

Title

 

2.       This instrument is ASIC Class Order [CO 11/576].

 

Commencement

 

3.       This instrument commences on the later of:

 

(a)     the date it is registered under the Legislative Instruments Act 2003; and

 

(b)     22 June 2011.

 

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, section 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

 

Declaration

 

4.       Part 7.9 of the Act applies in relation to all persons as if the Corporations Amendment Regulations 2010 (No. 5) were modified or varied as follows:

 

(a)     omit subregulations 4(1) to (5), substitute:

 

“(1)   The amendments made by Schedule 1 do not apply in relation to:

 

(a)     a Product Disclosure Statement prepared under the Corporations Act 2001 for:

 

(i)      a superannuation product; or

 

(ii)     a financial product that would be a simple managed investment scheme, within the meaning of the Corporations Regulations 2001 as amended by Schedule 1 if those amendments applied; and

 

(b)     a Supplementary Product Disclosure Statement prepared under that Act for that product;

unless and until subregulation (2) applies in relation to that financial product.

 

(2)     This subregulation applies in relation to a financial product from the first occasion after the end of the period of 1 year commencing on the day on which these Regulations commence, a Product Disclosure Statement is given which:

 

(a)     covers the product; and

 

(b)     contains a statement to the effect that it is prepared in accordance with Subdivision 4.2B or 4.2C of Division 4 of Part 7.9 of the Corporations Regulations 2001 (as applicable).”; and

 

(b)     in Schedule 1:

 

(i)      in item 2 of Schedule 10D, before subparagraph (4)(a)(i) insert:

 

“(ia)   it is prepared in accordance with Subdivision 4.2B of Division 4 of Part 7.9 of the Corporations Regulations 2001; and”; and

 

(ii)     in item 2 of Schedule 10E, before subparagraph (4)(a)(i) insert:

 

“(ia)   it is prepared in accordance with Subdivision 4.2C of Division 4 of Part 7.9 of the Corporations Regulations 2001; and”.

 

Cessation

5.       This instrument ceases to apply on the earlier of:

(a)     the commencement of any amendments of the Act or the Corporations Regulations 2001 that have the same or similar effect to the modifications or variations contained in this instrument; and

(b)     22 June 2012.

 

Dated this 17th day of June 2011

 

 

 

 

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission