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ASIC Class Order [CO 03/1097]

Authoritative Version
CO 03/1097 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 07/386]
Administered by: Treasury
Registered 30 Aug 2012
Start Date 15 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Repealed by ASIC Redundant Class Orders (Amendment and Repeal) Instrument 2015/826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 03/1097]

Deferral of s1012IA

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

This compilation was prepared on 14 January 2008 taking into account amendments up to [CO 07/386]. 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   — Exemption

1.    The Australian Securities and Investments Commission grants this exemption under paragraph 1020F(1)(a) of the Corporations Act 2001 (the “Act”).

2.    Until 30 June 2008each provider of a custodial arrangement under which the client is the holder of a superannuation product issued to the client by the provider is exempt from the requirement to give the client a Product Disclosure Statement before a regulated acquisition occurs that would, but for this exemption, apply to the provider under subsection  1012IA(2) of the Act, where the provider has not given any client a Product Disclosure Statement for the superannuation product that is required to be dated later than 1 July 2007.

Note:   The date that is required to be given to a Product Disclosure Statement is that specified by section 1013G.  That date is not affected by the date of any Supplementary Product Disclosure Statement that supplements the Statement.

3.    This exemption is available for so long as and on the condition that the provider takes all reasonable steps to ensure that any document given or made available to a client by or on behalf of the provider which specifies a particular financial product which may be acquired under the custodial arrangement and for which a Product Disclosure Statement may, but for this exemption, be required to be given under subsection 1012IA of the Act:

(a)   includes or is accompanied by written information about how the client can obtain a copy of the Statement for the product; or

(b)   in the case of a document given or made available through the Internet or otherwise in an electronic form — prominently draws attention to information about how a copy of the Statement for the product may be accessed, for example by including a hypertext link to that information in a prominent place.


In this instrument:

client, custodial arrangement, provider and regulated acquisition have the meanings given by subsection 1012IA(1) of the Act; and

superannuation product has the meaning given by section  761B of the Act.

Notes to ASIC Class Order [CO 03/1097]

Note 1

ASIC Class Order [CO 03/1097] (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 03/1097]

22/12/2003 (see F2006B01648)



[CO 04/1347]

10/11/2004 (see F2006B01649)



[CO 05/346]

9/6/2005 (see F2005L01444)



[CO 06/330]

23/6/2006 (see F2006L01955)



[CO 07/386]

15/6/2007 (see F2007L01697)



Table of Amendments

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

Provision affected

How affected

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

am. [CO 04/1347]; [CO 05/346]; [CO 06/330] and [CO 07/386]