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ASIC Class Order [CO 11/617]

Authoritative Version
  • - F2011L01250
  • No longer in force
CO 11/617 Orders/ASIC Class Orders as made
This Class Order makes minor variations to provide 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 and modifies CO 11/576.
Administered by: Treasury
Registered 27 Jun 2011
Tabling HistoryDate
Tabled HR04-Jul-2011
Tabled Senate04-Jul-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Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013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) — Variation

 

Enabling legislation

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

 

Title

 

2.       This instrument is ASIC Class Order [CO 11/617].

 

Commencement

 

3.       This instrument commences on the day 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, section 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

 

Variation

 

4.       ASIC Class Order [CO 11/576] is varied as follows:

 

(a)     in subparagraph 4(a), omit notional subregulation 4(2), substitute:

 

“(2)   This subregulation applies in relation to a financial product from the earlier of:

 

(a)     the first occasion after 21 June 2011, a Product Disclosure Statement is given which:

 

(i)      covers the product; and

 

(ii)     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); or

 

(b)     ASIC being given after 21 June 2011 a statement which is:

 

(i)      to the effect that a Product Disclosure Statement covering the product has been 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

 

(ii)     made by or on behalf of the responsible person (within the meaning of subsection 1013A(3) of the Corporations Act 2001) for the Statement; and

 

(iii)    in written or electronic form.”;

 

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

 

“(b)   in item [17] of Schedule 1:

 

(i)      after subitem 2(4) of Schedule 10D insert:

 

“(4A) The Product Disclosure Statement may also advise the person reading the Statement that it is prepared in accordance with Subdivision 4.2B of Division 4 of Part 7.9 of the Corporations Regulations 2001.”; and

 

(ii)     after subitem 2(3) of Schedule 10E insert:

 

“(3A) The Product Disclosure Statement may also advise the person reading the Statement that it is prepared in accordance with Subdivision 4.2C of Division 4 of Part 7.9 of the Corporations Regulations 2001.””.

 

 

Dated this 24th day of June 2011

 

 

 

 

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission