Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 03/237]

Authoritative Version
CO 03/237 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 07/151]
Administered by: Treasury
Registered 04 Jun 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Repealed by ASIC Corporations (Repeal) Instrument 2016/1053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 03/237]

Updated information in product disclosure statements

This instrument has effect under s1020F(1)(a) 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)(a) – Exemption

Under paragraph 1020F(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission hereby exempts:

(a)   each responsible person for a financial product who prepares a Product Disclosure Statement (the “Statement” or Short-Form PDS (the “Statement”) for the product; and

(b)   each regulated person who gives the Statement to another person in accordance with sections1012A, 1012B, 1012C or 1017H,

from section 1012J to the extent that that section has the effect that the Statement must include information (the “updated information”) in addition to or in substitution for any information the Statement contained at the time when it is given, where:

(c)   the Statement was up to date at the time when it was prepared; and

(d)  the updated information includes no materially adverse information; and

(e)   the responsible person makes available the updated information in the manner set out in the Schedule.

Note: The information contained in a Statement includes any information contained in a Supplementary Product Disclosure Statement or Supplementary Short-Form PDS given at the same time as the Statement or later: s1014D and s1017O.


The responsible person takes reasonable steps to:

1.    ensure that the Statement clearly and prominently:

(a)   explains that information that is not materially adverse information is subject to change from time to time and may be updated by means described in the Statement; and

(b)   explains how that updated information can be found out at any time; and

(c)   states that a paper copy of any updated information will be given to a person without charge on request; and

2.    establish and maintain means by which a person may find out any updated information, being means that are simple and involve no charge and little inconvenience to the person, having regard to the kinds of persons likely to consider acquiring the financial product to which the Statement relates (including arrangements whereby a person is given a paper copy of the updated information without charge on request); and

3.    make available any updated information as soon as practicable to each regulated person to whom the Statement has been provided for further distribution; and

4.    cause a copy of the updated information prepared for the purposes of paragraph 2 of this Schedule to be kept for 7 years after it is prepared.


In this instrument:

1.    references to provisions are references to provisions of the Act;

2.    “materially adverse information” means information of a kind the inclusion of which in, or the omission of which from, a Statement would render the Statement defective within the meaning of section 1021B;

3.    “regulated person” has the meaning given by section 1011B; and

4.    “responsible person” has the meaning given by subsection 1013A(3); and

5.    “Short-Form PDS” and “Supplementary Short-Form PDS” have 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 03/237]

Note 1

ASIC Class Order [CO 03/237] (in force under s1020F(1)(a) 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 03/237]

2/4/2003 (see F2006B01141)



[CO 04/1299]

15/10/2004 (see F2006B01142)



[CO 07/151]

25/5/2007 (see F2007L01527)







Table of Amendments

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

Provision affected

How affected

Para (a)........................

am. [CO 07/151]

Para (b).......................

am. [CO 07/151]


rs. [CO 07/151]

Sch, para 1..................

am. [CO 07/151]


am. [CO 04/1299] and [CO 07/151]