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ASIC Class Order [CO 13/797]

Authoritative Version
CO 13/797 Orders/ASIC Class Orders as made
This class order modifies section 1015C of the Corporations Act 2001 to allow platform operators and trustees of superannuation entities to deliver a Product Disclosure Statement using an agent who is an Australian financial services licensee or an authorised representative of a licensee.
Administered by: Treasury
Made 28 Jun 2013
Registered 29 Jun 2013
Tabled HR 12 Nov 2013
Tabled Senate 12 Nov 2013

Australian Securities and Investments Commission

Corporations Act 2001—Paragraph 1020F(1)(c)—Declaration

 

 

Enabling legislation

 

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

 

Title

 

2.         This instrument is ASIC Class Order [CO 13/797].

 

Commencement

 

3.         This instrument commences on the later of:

(a)        the date it is registered under the Legislative Instruments Act 2003; and

 

(b)        1 July 2013.

 

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, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

 

Declaration

 

4.       Part 7.9 of the Act applies in relation to a trustee of a superannuation entity, an operator of an IDPS and a responsible entity of an IDPS-like scheme as if that Part were modified or varied by, after subsection 1015C(3) of the Act, inserting:

 

“(3A)     Despite subsection (3), a Statement for accessible financial products may be given or sent to a person’s agent who is acting in the capacity of a financial services licensee or an authorised representative of a financial services licensee if:

 

(a)          the Statement is given or sent by:

 

(i)            the trustee of a superannuation entity for the purpose of complying with section 1012IA, paragraph 1013FB(4)(b) or section 1017CA; or

(ii)          an operator of an IDPS for the purpose of complying with subsection 912AD(26); or

(iii)        the responsible entity of an IDPS-like scheme for the purpose of complying with subsection 1013DAB(8); and

 

Note:   Sections 1013FB and 1017CA were notionally inserted by ASIC Class Order [CO 06/636]. Subsection 912AD(26) was notionally inserted by ASIC Class Order [CO 13/763]. Subsection 1013DAB(8) was notionally inserted by ASIC Class Order [CO 13/762].

 

(b)     the trustee, operator or responsible entity has received evidence of a written agreement between the agent and the person that appoints the agent as the person’s agent.

 

(3B)  A  financial services licensee or authorised representative who receives a Statement as a person’s agent must promptly give or send the Statement to the person.

 

(3C)  In this section:

 

accessible financial product means a financial product that may be held through an IDPS, an IDPS-like scheme or a superannuation entity.

 

IDPS has the same meaning as in ASIC Class Order [CO 13/763].

 

IDPS-like scheme has the same meaning as in ASIC Class Order [CO 13/762].

            

operator has the same meaning as in ASIC Class Order [CO 13/763].”.

 

Interpretation

 

5.         In this instrument:

 

            IDPS has the same meaning as in ASIC Class Order [CO 13/763].

 

IDPS-like scheme has the same meaning as in ASIC Class Order [CO 13/762].

 

operator has the same meaning as in ASIC Class Order [CO 13/763].

 

            superannuation entity has the same meaning as in section 761A of the Act.

 

Dated this 28th day of June 2013

 

 

 

 

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission