Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 05/681]

Authoritative Version
CO 05/681 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 06/476]
Administered by: Treasury
Registered 24 Aug 2012
Start Date 19 Jun 2006
End Date 28 Jul 2015
Date of repeal 28 Jul 2015
Repealed by ASIC Corporations (Repeal) Instrument 2015/684

ASIC Class Order [CO 05/681]

Transitional relief for deposit product providers — PDSs and periodic statements

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

This compilation was prepared on 17 May 2012 taking into account amendments up to [CO 06/476]. 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

Enabling Legislation

1.    The Australian Securities and Investments Commission makes this instrument under paragraph 1020F(1)(a) of the Corporations Act 2001 (the Act).

Title

2.    This instrument is ASIC Class Order [CO 05/681].

Commencement

3.    This instrument commences on the date 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 Instrument Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

Exemptions

Interest rates in Product Disclosure Statements

4.    A regulated person does not have to comply with Division 2 of Part 7.9 of the Act to the extent that a Product Disclosure Statement required to be given under that Part in relation to a deposit product must specify the interest rate for the deposit product (see section 1013C of the Act).  This exemption may only be relied on if paragraph 5 is complied with.

5.    The responsible person for the relevant PDS must take reasonable steps to:

(a)   ensure that the relevant PDS clearly and prominently states how a person may find out the interest rate (the current interest rate) that applies to the deposit product at the time of an inquiry; and

(b)   have in place means by which a person may find out the current interest rate, being means that are simple and involve no charge imposed by the responsible person or its associates, and little inconvenience to the person, having regard to the kinds of persons likely to hold or consider acquiring the deposit product.

Termination values in periodic statements

6.    An issuer of a deposit product does not have to comply with subsection 1017D(1) of the Act to the extent that a periodic statement required to be given by that subsection must include the termination value of the deposit product in accordance with paragraph 1017D(5)(b) of the Act. 

7.    [Deleted]

Interpretation

8.    In this instrument:

branch [Deleted]

deposit product has the meaning given by section 761A of the Act.

issuer has a meaning affected by section 761E of the Act.

regulated person has the meaning given by section 1011B of the Act.

responsible person has the meaning given by subsection 1013A(3) of the Act.

retail client has the meaning given by section 761G of the Act.

 

Notes to ASIC Class Order [CO 05/681]

Note 1

ASIC Class Order [CO 05/681] (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  FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 05/681]

28/06/2005 (see F2005L01737)

28/06/2005

 

[CO 06/476]

19/6/2006 (see F2006L01862)

19/6/2006

-

Table of Amendments

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

Provision affected

How affected

Para 4..........................

am. [CO 06/476]

Para 6..........................

am. [CO 06/476]

Para 7..........................

rep. [CO 06/476]

Para 8..........................

am. [CO 06/476]