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ASIC Class Order [CO 03/1092]

Authoritative Version
CO 03/1092 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 07/151]
Administered by: Treasury
Registered 29 May 2012
Start Date 25 May 2007
End Date 17 Nov 2016
Date of repeal 17 Nov 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/1053

ASIC Class Order [CO 03/1092]

Further relief for joint product disclosure statements

This instrument has effect under s1020F(1)(c) of the Corporations Act 2001.

This compilation was prepared on 10 October 2007 taking into account amendments up to [CO 07/151]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 1020F(1)(c) — Declaration

Under paragraph 1020F(1)(c) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission (“ASIC”) declares that Part 7.9 of the Act applies in relation to an issuer of a financial product in the case referred to in the Schedule, as if:

1.    section 1013A of the Act were modified or varied by:

(a)   in subsection (1), omitting “must be a document that has been prepared by the issuer of the financial product.” and substituting:

“may relate to one or more financial products of more than one issuer, and must be a document that has been prepared by the issuer of each financial product to which the Statement relates.”; and

(b)   in subsection (3), after “prepared” inserting “and who is the issuer of the product”; and

2.    from 11 March 2004, regulation 7.9.07J of the Corporations Regulations 2001 were omitted.

Schedule

An offer to issue or to arrange the issue, an issue, or a recommendation to acquire by way of the issue, of a financial product where:

1.    the Product Disclosure Statement (the “Statement”) or Short-Form PDS (the “Statement”) that is given for that financial product also relates to at least one other financial product of another issuer; and

       2.     the Statement prominently states:

(a)   that the Statement covers two or more separate financial products; and

(b)   the identity of the issuer of each financial product it covers; and

(c)   that each issuer takes full responsibility for the whole of the Statement; and

(d)   which external dispute resolution schemes are able to deal with complaints relating to each financial product covered by the Statement and how they may be contacted; and

(e)   how a client may exercise their cooling off rights (if any) in relation to each product covered by the Statement.

Note 1:      Where the Act requires a Product Disclosure Statement to be given for a financial product, Division 3A of Part 7.9 (as inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001) of the Act allows a Short-Form PDS to be given instead.

Note 2:      A Product Disclosure Statement or Short-Form PDS cannot relate to financial products that are securities: see section 1010A of the Act. Accordingly, this instrument does not affect the extent to which a Product Disclosure Statement or Short-Form PDS may be combined with a disclosure document for an offer of securities.

Revocation

And under paragraph 1020F(1)(c) of the Act ASIC revokes Class Order [CO 03/876] with effect from 1 January 2006.

Interpretation

In this instrument Short-Form PDS has the same meaning as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.

 

Notes to ASIC Class Order [CO 03/1092]

Note 1

ASIC Class Order [CO 03/1092] (in force under s1020F(1)(c) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Instrument number

Date of making or FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 03/1092]

22/12/2003 (see F2007B00622)

22/12/2003

 

[CO 07/151]

25/5/2007 (see F2007L01527)

25/5/2007

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Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Sch..............................

am. [CO 07/151]

Note............................

rs. [CO 07/151]

Interpretation...............

am. [CO 07/151]