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ASIC Class Order [CO 03/1096]

Authoritative Version
CO 03/1096 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 07/410]
Administered by: Treasury
Registered 29 May 2012
Start Date 19 Jun 2007
End Date 15 Sep 2015
Date of repeal 15 Sep 2015
Repealed by ASIC Redundant Class Orders (Amendment and Repeal) Instrument 2015/826

ASIC Class Order [CO 03/1096]

Actuaries

This instrument has effect under s911A(2)(l) of the Corporations Act 2001.

This compilation was prepared on 9 October 2007 taking into account amendments up to [CO 07/410]. 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 911A(2)(l) — Exemption

Under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act) the Australian Securities and Investments Commission exempts each eligible actuary from the requirement to hold an Australian financial services licence for the provision of financial product advice where all of the following apply:

(a)   the advice is provided to:

(i)    a wholesale client; or

(ii)   the Commonwealth, a State or a Territory; or

(iii)  an exempt public authority;

(b)   the advice is provided in the ordinary course of the provision of professional actuarial services;

(c)   the advice is not for inclusion in:

(i)    an exempt document or statement; or

(ii)   a regulated document; or

(iii)  any other document that could reasonably be expected to be given to a retail client; and

(d)  the advice is provided before 31 August 2007.

Interpretation

In this instrument:

eligible actuary means each of the following:

(a)   an actuary within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 (the SIS Act);

(b)   a person who holds an appointment as an actuary of a general insurer in accordance with section 39 of the Insurance Act 1973;

(c)   a person who holds an appointment as an actuary for the purposes of section 49E of the Insurance Act 1973;

(d)  a person who holds an appointment as an actuary of a life company in accordance with section 93 of the Life Insurance Act 1995;

exempt document or statement has the meaning given by subsection 766B(9) of the Act;

financial product advice has the meaning given by subsection 766B(1) of the Act;

regulated document means a document of the following kind that is required by and prepared by the person as a result of a requirement of the Act or the SIS Act:

(a)   a statement setting out information about a reduction in share capital of the kind referred to in subsection 256C(4) of the Act; or

(b)   a statement setting out information about a share buy-back of the kind referred to in subsection 257C(2) or subsection 257D(2) or section 257G of the Act; or

(c)   a statement setting out information about financial assistance given by a company or body to a person to acquire shares of the kind referred to in subsection 260B(4) of the Act; or

(d)  a financial report; or

(e)   an explanatory statement about a compromise or arrangement of the kind referred to in section 412 of the Act or a draft of such a statement of the kind referred to in subsection 411(3) of the Act; or

(f)   a bidder’s statement, a supplementary bidder’s statement, a target’s statement or a supplementary target’s statement; or

(g)   a document setting out information about a proposed acquisition of shares of the kind referred to in item 7 of the table in section 611 of the Act; or

(h)   a continuous disclosure notice; or

(i)    a disclosure document; or

(j)    a supplementary or replacement document of the kind referred to in section 719 of the Act; or

(k)   a document setting out information given to members of superannuation funds and others under Part 2 of the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations); or

(l)    a document setting out information about investment strategies of the kind referred to in paragraph 4.02(2)(b) or paragraph 4.02(5)(a) of the SIS Regulations;

retail client has the meaning given by subsection 761G(1) of the Act; and

wholesale client has the meaning given by subsection 761G(4) of the Act.

Commencement

This instrument takes effect on gazettal.

Notes to ASIC Class Order [CO 03/1096]

Note 1

ASIC Class Order [CO 03/1096] (in force under s911A(2)(l) 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 03/1096]

22/12/2003 (see F2006B01594)

23/12/2003

 

[CO 05/680]

28/6/2005 (see F2005L01732)

28/6/2005

-

[CO 05/1194]

14/12/2005 (see F2005L04056)

20/12/2005

-

[CO 06/469]

14/6/2006 (see F2006L01813)

20/6/2006

-

[CO 06/1012]

19/12/2006 (see F2006L04138)

19/12/2006

-

[CO 07/410]

19/6/2007 (see F2007L01759)

19/6/2007

-

Table of Amendments

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

Provision affected

How affected

Para (d).......................

am. [CO 05/680]; [CO 05/1194]; [CO 06/469]; [CO 06/1012] and [CO 07/410]