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ASIC Class Order [CO 02/296]

Authoritative Version
CO 02/296 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 07/480]
Administered by: Treasury
General Comments: Incorporating amendments up to Class Order [CO 07/480]
Registered 31 May 2012
Start Date 02 Jul 2007
End Date 01 Jul 2013
Date of repeal 01 Jul 2013
Repealed by ASIC Class Order [CO 13/762]

ASIC Class Order [CO 02/296]

Investor directed portfolio-like services provided through a registered managed investment scheme

This instrument has effect under s341(1), 601QA(1), 741(1) and 1020F(1) of the Corporations Act 2001.

This compilation was prepared on 4 April 2008 taking into account amendments up to [CO 07/480]. 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 — Subsections 341(1), 601QA(1), 741(1) and 1020F(1) — Revocation, Exemption, Declaration and Order

Under subsections 601QA(1) and 741(1) of the Corporations Act 2001 (“the Act”) the Australian Securities and Investments Commission (ASIC) hereby revokes Class Order [00/212].

And under paragraphs 601QA(1)(a), 741(1)(a) and 1020F(1)(a) of the Act ASIC hereby gives the exemptions specified in paragraphs 2, 3, 4, 5 and 8 to the extent and on the conditions specified in relation to each of them.

Interpretation

1.   In this instrument:

“accessible financial products” means financial products that may be held through an IDPS-like scheme.

“accessible investments” means assets that may be held through an IDPS-like scheme, including accessible securities and accessible financial products.

“accessible securities” means securities that may be held through an IDPS-like scheme.

“annual investor statement” means the report referred to in paragraph 2(m)(i) of this instrument.

“cooling-off period” means the period determined in accordance with subsection 1019B(3) in relation to the provision of an interest in the IDPS-like scheme.

“custodian” means a person that holds property of an IDPS-like scheme and who may also be the responsible entity of the scheme.

“disclosure document” means a prospectus, a profile statement or an offer information statement a copy of which is lodged with ASIC, or a document required by an instrument under section 601QA or section 741 of the Act setting out information about offers of accessible securities.

“distribution reinvestment plan” means a written arrangement between a member and the responsible entity to the effect that the member instructs the responsible entity to;

(a)   reinvest distributions from specified accessible investments held through the IDPS-like scheme by the member in some or all of the accessible investments held through the IDPS-like scheme by the member; and

(b)   carry out the reinvestment of distributions referred to in paragraph (a) according to an agreed method,

where the member has been warned in a Product Disclosure Statement for the scheme that the member may not have the current Product Disclosure Statement for an accessible financial product at the time an additional holding of the accessible financial product is acquired under the distribution reinvestment plan.

“IDPS” has the same meaning as in ASIC class order [02/294] or any class order that replaces that class order.

“IDPS-like scheme” means a registered managed investment scheme which has a constitution that has provisions to the effect that:

(a)   a member may direct that an amount of money corresponding to part or all of the amount invested by the member in the scheme be invested in specified accessible investments; and

(b)   the distributions of capital and income from the scheme to the member in relation to their interests in the scheme will be determined by reference to amounts received by the custodian in relation to the accessible investments acquired in accordance with that direction.

“issuer” means a person who is capable of issuing, transferring or making available accessible securities.

“NCS” has the same meaning as in ASIC class order [02/295] or any class order that replaces that class order.

“quarter’s end” means, in relation to electronic access to information under subparagraph 2(j)(ii):

(a)        the end of the day that is a quarter day; or

(b)       where such access is not given at the time mentioned in paragraph (a)—the time at which access is first given after that time.

“regular savings plan” means a written arrangement between the responsible entity of an IDPS-like scheme and a member to the effect that:

(a)   the member instructs the responsible entity to acquire specified accessible financial products by way of periodic payments of a specified amount and at specified intervals (each such acquisition is referred to below as a “regular savings acquisition”);

(b)   the member acknowledges that under the regular savings plan a regular savings acquisition of an accessible financial product may occur without the member having been given a current Product Disclosure Statement or Supplementary Product Disclosure Statement (each a “missing document”) in relation to the accessible financial product;

(c)   the responsible entity agrees to give to the member any missing document relating to an accessible financial product (unless this would not be required under this instrument if the acquisition were not under a regular savings plan) that may be acquired under the regular savings plan as soon as reasonably practicable and in any event by the fifth business day after the issue of the document; and

(d)  the member acknowledges that regular savings acquisitions will continue to be made under the regular saving plan until the member instructs the responsible entity otherwise or the arrangement constituting the regular savings plan is terminated; and

where:

(e)   the prospectus or Product Disclosure Statement of the IDPS-like scheme contains a statement; and

(f)   the member has been given advice quarterly in writing,

to the effect that the member may not have the current Product Disclosure Statement for an accessible financial product at the time a regular savings acquisition of the accessible financial product is made.

“regulated acquisition” has the same meaning as in section 1012IA of the Act.

“rights issue” means an issue of securities to a holder of securities pursuant to a right given to the holder as a holder.

Note: In this instrument a reference to doing an act, such as for example giving a document, includes a reference to causing or authoring it to be done: section 52 of the Act; paragraph 46(1)(a) of the Acts Interpretation Act 1901.

 

Responsible entities

2.     A responsible entity of an IDPS-like scheme and each other person involved in the preparation of a Product Disclosure Statement for an interest in the scheme is exempt from:

(a)   Parts 6D.2 and 6D.3 of the Act for offers of accessible securities or interests in accessible securities through the scheme (except where the person is the issuer of those securities); and

 (b)  sections 1013D and 1013E of the Act for a Product Disclosure Statement relating to:

(i)    an interest in the scheme; and

(ii)   an interest in a financial product that is held or may be held by a member because the legal title to a financial product is held for the member by a custodian as part of the IDPS-like scheme,

to the extent that those provisions may require a Product Disclosure Statement that relates to interests in the scheme or any financial product acquired by the member through the scheme because a custodian has legal title to a financial product as part of the scheme to contain information about the accessible financial products,

on the following conditions and for so long as they are met:

(c)   All Product Disclosure Statements for offers of interests in the scheme must include:

(i)    such information as members would reasonably require to understand any differences between the rights of a holder of accessible investments and the rights of a member of the scheme in respect of accessible investments;

(ii)   a statement setting out the member's right to disclosure about accessible investments;

(iii)  a statement setting out the member's right to elect to receive copies of communications sent to holders of accessible investments including those communications which the holder may elect to receive;

(iv)  if the Product Disclosure Statement does not specify which investments may be accessed through the IDPS-like scheme — a statement that a separate document specifying those investments will be provided on request without charge;

(v)   a prominent statement to the effect that:

“The total fees and charges you will pay will include the costs of this service as well as the cost of any investment you choose. It is important that you understand the fees of any investment you choose, and that those fees are in addition to the fees charged by us for the service, together with transaction and account costs incurred on your behalf. The costs of the investments you choose will generally be set out in a disclosure document or Product Disclosure Statement for the investments.

(vi)  examples based on estimates of the total of fees, charges and expenses of the IDPS-like scheme and the accessible securities and financial products accessed through the scheme. The estimate of the total must be expressed as a proportion of the total price paid in acquiring the accessible securities and financial products through the scheme. The responsible entity must have reasonable grounds for believing that the estimates of the fees, charges and expenses are within the range typically charged for accessible securities and financial products of the relevant kind. The examples must cover a range of accessible securities and financial products that may be acquired through the scheme. They need not refer to actual or identified accessible securities or financial products; and

(vii) if withdrawal requests are allowed for by the scheme's constitution — such information as would enable members to understand how withdrawal requests under the constitution will be dealt with where the request relates to an investment which is subject to a minimum holding requirement or the realisation of which might otherwise adversely affect members other than the requesting member.

(d)  The responsible entity must give to a member on request a copy of all communications that are required by law to be given to the holder of an accessible investment (including communications that are required to be given on request) where that accessible investment has been acquired at the direction of the member. The member may make a request in relation to a particular communication or a standing request in relation to a class of communications. The responsible entity must provide the communications as soon as practicable after the information is received or otherwise becomes available to be provided to the member.

(e)   The responsible entity must not and must ensure that the custodian does not acquire accessible investments as part of the scheme that are:

(i)    interests in a managed investment scheme that is not a registered scheme; or

(ii)   interests in a scheme that would be a managed investment scheme but for paragraph (e) of the definition of “managed investment scheme” in section  9 of the Act;

unless:

(iii)  in relation to a particular member, the responsible entity is reasonably satisfied that if that member had invested directly in the scheme, the scheme would not have been required to have been registered; and

(iv)  so far as the responsible entity is aware or has reason to suspect, if all interests in the scheme held by a custodian or under an IDPS or a NCS had been held in the scheme directly the scheme would not have been required to be registered.

Note: Under section 601ED a managed investment scheme does not generally need to be registered if it has no more than 20 members. If interests held through IDPS, IDPS-like schemes and NCS had been acquired directly, the scheme may have required registration as it may have had more than 20 members.

(f)   Except for a rights issue, the responsible entity must not and must ensure that the custodian does not acquire accessible securities as part of the scheme unless the responsible entity is reasonably satisfied that either:

(i)    the issuer of the disclosure document for the accessible securities has given its prior written agreement to the use of the disclosure document as disclosure to members and prospective members of the scheme; or

(ii)   the disclosure document indicates that the issuer of the accessible securities authorises the use of the disclosure document as disclosure to members and prospective members of the IDPS-like scheme or a class of schemes which includes the IDPS-like scheme; and

(g)   The responsible entity must ensure the custodian does not acquire accessible investments as part of the scheme unless the responsible entity is reasonably satisfied that:

(i)    in the case of an acquisition of accessible securities — either:

(A)  the member has been given a copy of the disclosure document for the accessible securities that would have been required had the securities been offered to the member directly at the time of the acquisition of the accessible securities; or

(B)  the accessible securities could lawfully have been offered and issued or sold, as the case may be, to the member directly without the member being required to have received a disclosure document; and the responsible entity has no reason to suspect that a disclosure document would have been required if all other holdings by a custodian or by a custodian under an IDPS or NCS in the investments had been acquired by the relevant members directly; and

(ii)   before a regulated acquisition of a financial product is made for a member as part of the IDPS-like scheme where section 1012IA of the Act requires that the member has been given a Product Disclosure Statement, the member has been given a Product Disclosure Statement for the financial product that the responsible entity has no reason to believe is defective as defined in section 1021B of the Act as if it were prepared at the time of the acquisition.

(h)   Notwithstanding subparagraph 2(g), the responsible entity of an IDPS-like scheme may allow the custodian to acquire an additional holding of an accessible investment as part of the scheme under a distribution reinvestment plan in relation to a member if the member already has an existing holding of that accessible investment through the IDPS-like scheme.

(i)    Notwithstanding subparagraph 2(g), the responsible entity of an IDPS-like scheme may allow a custodian to make a regular savings acquisition in relation to a member where:

(i)    the member already has an existing holding of that accessible investment through the IDPS-like scheme; and

(ii)   the responsible entity has complied with its agreement with the member in relation to the regular savings plan to give any missing documents.

(j)    The responsible entity must:

(A)  give to each member a quarterly report within one month after each quarter day; or

(ii)   give electronic access to the information referred to in subparagraph 2(l) on a substantially continuous basis to members who:

(A)  have agreed to obtain information concerning transactions and holdings through the scheme electronically in lieu of receiving a quarterly report; and

(B)  the responsible entity has no reason to doubt can electronically access this information on a substantially continuous basis.

(ja)       If the responsible entity provides electronic access to information to members during a quarter instead of a quarterly report:

(i)         the information that was displayed at the quarter’s end for the quarter that purports to be the information required under subparagraph 2(l) must remain readily accessible to members through the same facility by which electronic access was given to the members during the quarter until the end of the financial year of the IDPS-like scheme after the financial year of the IDPS-like scheme in which the quarter day falls; and

(ii)        the facility on which the information remains accessible must display to members a statement to the effect that only information displayed at the quarter’s end will be considered by the auditor in preparing its annual report relating to the information provided electronically.

(k)   The quarterly report must contain information about:

(i)    all transactions carried out at the direction of a member or on their behalf during the quarter;

(ii)   the quantity and value of assets held through the IDPS-like scheme by the member and corresponding liabilities on the quarter day, the value of assets being determined as follows:

(A)  for financial assets (“financial assets” has the same meaning as that term has in paragraph 7.1 of Accounting Standard AASB 1033 “Presentation and Disclosure of Financial Instruments”) — net market value (being the amount which could be expected to be received from the disposal of the asset in an orderly market after deducting costs expected to be incurred in realising the proceeds of such a disposal); and

(B)  for all other assets — the value which would be shown in the books of the scheme; and

(iii)  the revenue and expenses of the member in relation to the IDPS-like scheme and assets held through the scheme by the member during the quarter.

(l)    The following information must be accessible electronically if electronic access is provided instead of quarterly reports:

(i)    all transactions which the member has conducted through the IDPS-like scheme for a period of at least one year (or such shorter period as they have been a member) up to a date no more than 48 hours (excluding hours on a day that is not a business day) before the time of access;

(ii)   the quantity and value of assets held through the IDPS-like scheme by the member and corresponding liabilities at a time no more than 48 hours (excluding hours on a day that is not a business day) before the time of access, the values of the assets being determined in accordance with subparagraph 2(k)(ii) and being as current as is reasonably practicable;

(iii)  the revenue and expenses of the member in relation to the IDPS-like scheme and assets held on account of the member during a period of at least one year (or such shorter period as they have been a member) up to a date no more than 48 hours (excluding hours on a day that is not a business day) before the time of access; and

(iv)  the time at which the information is current.

(m)  The responsible entity must give to each member within three months of the end of each financial year of the IDPS-like scheme:

(i)    an annual report containing a summary of the transactions by or on behalf of the client through the IDPS-like scheme during the financial year containing the particulars that a client may reasonably require in relation to the transactions and for each client who has been provided with quarterly reports under subparagraph (j)(i) a statement that the client may request a copy of any quarterly report relating to the financial year for the client; and

(ii)   a copy of the annual report or reports for the relevant IDPS-like financial year prepared by a registered company auditor under paragraph (n).

(n)   The responsible entity must after the end of each financial year of the IDPS-like scheme cause a registered company auditor to provide one or more annual reports that set out each of the following opinions or statements:

(i)    the auditor’s opinion as to whether internal controls and other procedures of the responsible entity, each custodian and any other relevant person acting on behalf of the responsible entity were suitably designed and operated effectively in all material respects to ensure that:

(A)  the annual investor statements for the relevant financial year of the IDPS-like scheme are or have been given to members without material misstatements; and

(B)  where the annual investor statements do not purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the financial year of the IDPS-like scheme:

(I)        any quarterly reports, are or have been given to members without material misstatements; and

(II)      any information that is made accessible electronically under subparagraph 2(j)(ii) in respect of the financial year is not materially misstated at each quarter’s end in the financial year;

Note: The “internal controls and other procedures” include any alternative controls and procedures employed by the responsible entity to address deficiencies in the design or operation of established internal controls or other procedures.

(ii)   the auditor’s opinion as to whether the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown in the members’ annual investor statements for the IDPS-like scheme financial year have been properly reconciled in all material respects to the corresponding amounts shown in the reports prepared by the custodian and which have been independently audited; and

(iii)  the auditor’s statement as to whether or not the auditor has any reason to believe that:

(A)  any annual investor statement for the relevant financial year of the IDPS-like scheme given to any member is materially misstated; and

(B)  if the annual investor statements for the financial year of the IDPS-like scheme do not generally purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the financial year:

(I)      any quarterly reports given for the financial year are materially misstated; and

(II)    any information accessible electronically by members under subparagraph 2(j)(ii) that relates to any of the following was materially misstated at each quarter’s end during the financial year:

(aa)    transactions during the financial year;

(bb)   assets held during the financial year and any corresponding liabilities;

(cc)    revenue and expenses for the financial year;

and no such report may contain any statement that has or purports to have the effect of excluding or disclaiming liability to members of the IDPS-like scheme as users of the report.

For the purposes of these conditions:

(o)   a document is taken as given to a person:

(i)    when it is received in accessible form by that person or their agent, being an agent (their “eligible agent”) who is not either:

(A)  the responsible entity; or

(B)  an associate (within the meaning given by Division 2 of Part 1.2 of the Act as if this paragraph 2(o) were included in Chapter 7 of the Act) of the responsible entity; or

(ii)   if there is no way of sending the document that may reasonably be expected to result in it being received by that person or their eligible agent — when all reasonable steps are taken to send it to that person or their eligible agent; or

(iii)  one business day after an email is sent to the email address of the person or their eligible agent that the responsible entity reasonably believes is the address of the person or eligible agent where the person has agreed to receive the document by email; or

(iv)  one business day after an email is sent containing a hypertext link to the document to the email address of the person or their eligible agent that the responsible entity reasonably believes is the address of the person or eligible agent where:

(A)  the person has agreed to receive documents in that manner; and

(B)  the responsible entity has no reason to suspect that the person is unlikely by mere scrolling or use of direct hypertext links to be able to see all of the contents of the document by using the emailed hypertext link; and

(C)  the document can be downloaded free of charge (excluding any normal fees payable to the recipient’s internet service provider); and

(D)  the hypertext link is accompanied by a prominent statement to the effect that the recipient is advised to access the document and download it; or

(v)   when it would be delivered in the ordinary course of post, if it is posted as a letter prepaid from the responsible entity to an address of the person or their eligible agent that the responsible entity reasonably believes is the address of the person or eligible agent.

       For the purposes of this paragraph an email is “sent” when the email would be taken to be dispatched under section 14 of the Electronic Transactions Act 1999 if this instrument were a law of the Commonwealth for the purposes of that section.

(p)   a document is taken as having been given if:

(i)    a copy of the document is given in accordance with paragraph (o); and

(ii)   the giver takes reasonable steps to ensure that the document received by the person is complete and unaltered; and

(q)   a document is taken to be a copy of another document regardless of:

(i)    immaterial differences in the sequence in which information is presented;

(ii)   prompts and links if they are not likely to:

(A)  cause a reasonable person to confuse the contents of the document with another document; or

(B)  reduce the likelihood of a reasonable person reading any part of the document;

(iii)  the absence from (or simplification in) the document of graphics of a promotional or decorative nature; and

(iv)  the inclusion in the document of codes or features to control the display of the document which do not otherwise alter the sense or content of the document.

(r)   The responsible entity must take all reasonable steps to amend the scheme's constitution so that it contains provisions to the effect of subparagraph 2(c) to (n) as soon as practicable except where in relation to an amendment the responsible entity reasonably considers that the amendment would not be in the best interests of the scheme's members.

3.     A responsible entity of an IDPS-like scheme is exempt from section 1012IA of the Act for a regulated acquisition that satisfies paragraphs 2(h) or 2(i) of this instrument for as long as and on condition that the responsible entity meets the conditions in paragraphs 2(c) to (n) and paragraph 2(r).

4.     A responsible entity of an IDPS-like scheme is exempt from Division 5 of Part 7.9 of the Act for the provision of:

(a)   an interest in an IDPS-like scheme (“the IDPS interest”); and

(b)   a managed investment product held by a client because the legal ownership of a financial product is held by a custodian for the client as part of the IDPS-like scheme,

on condition that the responsible entity must and for as long as the responsible entity does:

(c)   take all reasonable steps to comply with a request made during the cooling-off period by the member to:

(i)    realise an accessible investment that has been acquired on the member's direction in relation to the IDPS interest acquired; or

(ii)   return any moneys held for the member in relation to the IDPS interest acquired,

       unless the responsible entity reasonably considers that it would not be fair to all members;

(d)  pay to the member upon a realisation of an accessible investment pursuant to paragraph (c) the amount paid by the member in connection with the acquisition by the custodian of the accessible investment including any fees payable to the responsible entity in connection with the acquisition of the IDPS interest or the accessible investment but excluding any moneys returned under subparagraph (c)(i) (“the member's investment amount”) less :

(i)    the amount if any by which the member’s investment amount (net of any fees payable to the responsible entity) exceeds the amount received upon a realisation of the investment pursuant to paragraph (c) (net of any fees payable to the responsible entity); and

(ii)   any amounts that would be permitted by Regulation 7.9.67(7) to be deducted if it applied to the realisation of the accessible financial product pursuant to paragraph (c) as being the exercise by the member of a right to return the accessible financial product; and

(e)   members are informed of the requirements imposed on the responsible entity under paragraphs (c) and (d) in any confirmation of a transaction involving the IDPS interest and in any Product Disclosure Statement of the IDPS-like scheme.

5.     Under paragraph 601QA(1)(a) of the Act ASIC hereby exempts a responsible entity of an IDPS-like scheme from subsection 601FC(4) of the Act for investing in, or keeping scheme property invested in, interests in a managed investment scheme for so long as and on condition that:

(a)   in relation to the particular member at whose direction the investment in the interests is made or was made, the responsible entity is reasonably satisfied that if the member had invested directly in the other managed investment scheme, that scheme would not have been required to be registered; and

(b)   so far the responsible entity is aware or has reason to suspect, if all interests in that scheme held by a custodian or under an IDPS or a NCS had been held in the scheme directly the scheme would not be required to be registered.

       Note: Under section 601ED a managed investment scheme does not generally need to be registered if it has no more than 20 members. If interests held through IDPS, IDPS-like schemes and NCS had been acquired directly, the scheme may have required registration as it may have had more than 20 members.

6.     Under paragraph  601QA(1)(b) of the Act ASIC hereby declares that Chapter 5C applies in relation to each IDPS-like scheme as if:

(a)   subsection  601GA(4) read as follows:

“(4) If members are to have a right to withdraw from the scheme, the scheme's constitution must:

(a)   specify the right; and

(b)   set out how a withdrawal request will be dealt with where that request relates to an investment which is subject to a minimum holding requirement or the realisation of which might otherwise adversely affect members other than the requesting member.

       The right to withdraw, and any provisions in the constitution setting out procedures for making and dealing with withdrawal requests, must be fair to all members.”;

(b)   section 601KA read as follows:

       “The responsible entity must not allow a member to withdraw from the scheme otherwise than in accordance with the scheme's constitution or the conditions of an exemption under this Act.”; and

(c)   sections 601KB to 601KE (inclusive) were omitted.

IDPS – like Scheme

7.     Under subsection 341(1) of the Act, ASIC hereby makes an order relieving an IDPS-like scheme from subparagraphs 314(1)(a)(i) and 314(1)(a)(iii) on condition that the responsible entity must and for as long as the responsible entity does:

(a)   send to a member on request a copy of the financial report for the IDPS-like scheme and the auditor's report on that financial report as would be required to be sent in accordance with subsection 314(1) of the Act; and

(b)   notify members of their right to request the information referred to in paragraph (a) in the annual report given to members in accordance with subparagraph 2(m)(i) of this instrument.

Issuers of accessible securities

8.     Under paragraph 741(1)(a) of the Act, ASIC hereby exempts an issuer from Parts 6D.2 and 6D.3 of the Act for offers of accessible securities or interests in accessible securities through an IDPS-like scheme to the extent that those provisions require a disclosure document to include information about the scheme or the rights attached to the accessible securities where they differ from the rights that a person would have if they acquired the accessible securities directly, on the following conditions and for so long as they are met:

(a)   The issuer has lodged (if required) a disclosure document for the accessible securities that complies with the Act.

(b)   Except for a rights issue, the issuer has either:

(i)    agreed in writing with the responsible entity of the IDPS-like scheme to the use of the disclosure document as disclosure to members and prospective members of the scheme; or

(ii)   stated in the disclosure document that the issuer authorises the use of the disclosure document as disclosure to members and prospective members of the IDPS-like scheme or a class of schemes which includes the IDPS-like scheme.

(c)   The issuer must:

(i)    where there is an agreement of the kind referred to in subparagraph 8(b)(i) — promptly notify each responsible entity; and

(ii)   where the disclosure document contains an authorising statement of the kind referred to in subparagraph 8(b)(ii) — promptly notify each applicant for accessible securities who could reasonably be suspected of being a responsible entity or a custodian of an IDPS-like scheme,

       if, except as previously disclosed to the responsible entity or applicant:

(iii)  a supplementary or replacement document has been lodged in relation to the disclosure document;

(iv)  the issuer would not be permitted by the Act to make offers of accessible securities under the disclosure document; or

(v)   the disclosure document is withdrawn before its original expiry.

(d)  Except for a rights issue, the issuer must obtain an undertaking in writing from each person who the issuer is aware is the responsible entity of an IDPS-like scheme that the entity will comply with the conditions set out in paragraph 2 of this instrument or, where the undertaking was provided before the date of this instrument the corresponding provisions of CO [00/212]. Where the issuer receives an application for accessible securities from a person who could reasonably be suspected of being a responsible entity of an IDPS-like scheme or a custodian in relation to which the issuer does not have such undertakings, the issuer must ask the applicant whether they are applying in connection with an IDPS-like scheme.

(e)   The issuer must retain a copy of the undertaking for 7 years after the issuer last issued any accessible securities to a custodian of the relevant IDPS-like scheme.

(f)   The issuer must not issue accessible securities through an IDPS-like scheme if the issuer is aware of any non-compliance by the responsible entity of the scheme with the conditions contained in paragraph 2 of this instrument.

 

Notes to ASIC Class Order [CO 02/296]

Note 1

ASIC Class Order [CO 02/296] (in force under s341(1), 601QA(1), 741(1) and 1020F(1) 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 02/296]

11/3/2002 (see F2006B01247)

11/3/2002

 

[CO 04/608]

1/6/2004 (see F2006B01248)

1/6/2004

-

[CO 04/735]

28/6/2004 (see F2006B01272)

28/6/2004

-

[CO 07/480]

2/7/2007 (see F2007L02072)

2/7/2007

-

Table of Amendments

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

Provision affected

How affected

Para 1..........................

am. [CO 04/608] and [CO 07/480]

Para 2..........................

am. [CO 04/608]

Subpara 2(b)...............

rs. [CO 04/608] and [CO 07/480]

Subpara 2(c)................

am. [CO 04/608]

Subpara 2(d)...............

am. [CO 04/608]

Subpara 2(g)(ii)...........

rs. [CO 04/608]

Subpara 2(i)(ii)............

am. [CO 04/608]

Subpara 2(j)(i).............

am. [CO 04/608]

Subpara 2(j)(ii)............

am. [CO 04/608]

Subpara 2(ja)...............

ad. [CO 07/480]

Subpara 2(m)..............

am. [CO 04/608]

Subpara 2(n)...............

rs. [CO 04/608]

 

am. [CO 07/480]

Subpara 2(n)(i)(A)......

rs. [CO 04/735]

Subpara 2(n)(i)(B)......

rs. [CO 04/735]

Subpara 2(n)(ii)...........

am. [CO 04/735]

Subpara 2(n)(iii)(a).....

rs. [CO 04/608]

Subpara 2(n)(iii)(b).....

rs. [CO 04/608]

Subpara 2(o)...............

rs. [CO 04/608]

Subpara 4(e)................

am. [CO 04/608]