Federal Register of Legislation - Australian Government

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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  • No longer in force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
Made 24 Jun 2011
Registered 27 Jun 2011
Tabled HR 04 Jul 2011
Tabled Senate 04 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Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013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