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ASIC Class Order [CO 04/523]

Authoritative Version
CO 04/523 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 13/854]
Administered by: Treasury
Registered 14 Oct 2013
Start Date 04 Oct 2013
End Date 15 Dec 2015
Date of repeal 15 Dec 2015
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2015/1079

ASIC Class Order [CO 04/523]

Investor directed portfolio services takeovers relief

This instrument has effect under s655A(1) and 673(1) of the Corporations Act 2001.

This compilation was prepared on 4 October 2013 taking into account amendments up to [CO 13/854]. 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 — Subsections 655A(1) and 673(1) — Declaration

Under subsections 655A(1) and 673(1) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission declares that Chapters 6 and 6C of the Act apply to the class of persons described in Schedule A, in the case referred to in Schedule B, as if section 609 of the Act were modified or varied by inserting after subsection 609(16) (as notionally inserted by ASIC Class Order [CO 12/1209]) the following subsections:

IDPS operators

(17A)  A person does not have a relevant interest in securities merely because the person:

(a)     is the operator of an IDPS; or

(b)     is involved in the operation of an IDPS and is a financial services licensee or a representative of a financial services licensee;

and under the terms of the IDPS:

(c)     holds the securities; or

(d)     has a discretion in relation to the disposal of the securities.

(17B)   If ASIC Class Order [CO 02/294] (old IDPS Class Order) applies to the operator of an IDPS due to the operation of ASIC Class Order [CO 13/763], subsection (17A) does not apply to:

(a)     the operator where it is unable to rely on an exemption granted under the old IDPS Class Order because it has failed to comply with, failed to take reasonable steps to comply with, or has reasonable grounds to believe that it has not complied with, a condition of that Class Order as the circumstances require; or

(b)     a person referred to in paragraph (17A)(b) if the person has knowingly caused or procured the operator or any person who holds property to which the IDPS relates to breach a condition of the old IDPS Class Order.

(17C)   Subsection (17A) does not apply to a person if ASIC has given a notice in writing to the person stating that subsection (17A) does not apply to the person and has not withdrawn that notice.

(17D) In subsections (17A) to (17C), IDPS and operator have the same meaning as in subsection 912AD(42).

Note:      Notional subsection 912AD(42) is inserted by ASIC Class Order [CO 13/763].”

SCHEDULE A

An operator, or a person involved in the operation, of an IDPS.

SCHEDULE B

The calculation of the relevant interests, voting power or substantial holdings of a person in the class of persons described in Schedule A.

Interpretation

In this instrument, IDPS and operator have the meanings given by notional subsection subsection 609(17D). set out above.

 

Notes to ASIC Class Order [CO 04/523]

Note 1

ASIC Class Order [CO 04/523] (in force under s655A(1) and 673(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 04/523]

17/5/2004 (see F2006B01156)

17/5/2004

 

[CO 04/613]

9/6/2004 (see F2006B01157)

9/6/2004

-

[CO 13/763]

29/6/2013 (see F2013L01273)

1/7/2013

-

[CO 13/854]

4/10/2013 (see F2013L01766)

4/10/2013

-

Table of Amendments

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

Provision affected

How affected

Class Order.................

am. [CO 13/854]

Subsection 609 (11)(b) as notionally inserted...

am. [CO 04/613]

Subsection 609 (11)(c) and (d) as notionally inserted........................



ad. [CO 04/613]

Subsection 609 (17A) (formerly (11)) as notionally inserted ......



am. [CO 13/854]

Subsection 609 (17B) (formerly (12)) as notionally inserted ......



am. [CO 13/854]

Subsection 609 (13) as notionally inserted ......


am. [CO 13/763]

rs. [CO 13/854]

Subsection 609 (17C) (formerly (13)) as notionally inserted ......



rs. [CO 13/854]

Subsection 609 (17D) (formerly (13)) as notionally inserted ......



rs. [CO 13/854]

 

 

Interpretation

am. [CO 13/854]