Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 05/835]

Authoritative Version
CO 05/835 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 05/1195]
Administered by: Treasury
Registered 02 Sep 2013
Start Date 06 Dec 2005
End Date 25 Aug 2015
Date of repeal 25 Aug 2015
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2015/542

ASIC Class Order [CO 05/835]

General advice in advertising

This instrument has effect under s911A(2)(l) and 951B(1)(a) of the Corporations Act 2001.

This compilation was prepared on 29 August 2013 taking into account amendments up to [CO 05/1195]. 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 — Paragraphs 911A(2)(l) and 951B(1)(a) — Exemptions

Enabling legislation

1.    The Australian Securities and Investments Commission grants the exemptions set out in this instrument under paragraphs 911A(2)(l) and 951B(1)(a) of the Corporations Act 2001 (the Act).

Title

2.    This instrument is ASIC Class Order [CO 05/835].

Commencement

3.    This instrument commences on the later of:

(a)   the date of its gazettal; and

(b)   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 Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Exemption for unlicensed issuers providing general financial product advice on financial products in advertisements

4.    An issuer of a financial product or class of financial products does not have to hold an Australian financial services licence for providing financial product advice where all of the following apply:

(a)   the advice is only general advice in relation to the financial product or class of financial products;

(b)   the advice is in the form of advertising of the financial product or class of financial products:

(i)    on a billboard or a poster; or

(ii)   in the media;

(c)   the advertisement indicates that a person should consider whether or not the product or a product in the class of products is appropriate for the person.

Note: The advertisement may also need to comply with:

(a)      in the case where the financial product or a financial product in the class is a security—subsection 734(5) or (6) of the Act; or

(b)     in any other case—subsection 1018A(1) or (2) of the Act.

Exemption for licensed issuers providing general financial product advice in relation to securities in advertisements

5.    An issuer of securities that is a financial services licensee does not have to give a Financial Services Guide under subsection 941A(1) of the Act or a warning under subsection 949A(2) of the Act in relation to providing financial product advice where all of the following apply:

(a)   the advice is only general advice in relation to the securities;

(b)   the advice is in the form of advertising an offer or intended offer of the securities:

(i)    on a billboard or a poster; or

(ii)   in the media;

(c)   the offer or intended offer of the securities needs a disclosure document;

(d)   the advertisement indicates that a person should consider whether or not the securities are appropriate for the person.

Note: The advertisement may also need to comply with subsections 734(5) or (6) of the Act.

Interpretation

6.    In this instrument:

financial product advice has the meaning given by section 766B of the Act.

general advice has the meaning given by subsection 766B(4) of the Act.

issuer has a meaning affected by subsection 761E(4) of the Act.

media has the meaning given by subregulation 7.6.01(7) of the Corporations Regulations 2001.

offer has a meaning affected by subsection 700(2) of the Act.

 

Notes to ASIC Class Order [CO 05/835]

Note 1

ASIC Class Order [CO 05/835] (in force under s911A(2)(l) and 951B(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 05/835]

2/9/2005 (see F2005L02473)

6/9/2005

 

[CO 05/1195]

2/12/2005 (see F2005L03854)

6/12/2005

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Table of Amendments

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

Provision affected

How affected

Para 5..........................

am. [CO 05/1195]