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ASIC Class Order [CO 06/441]

Authoritative Version
CO 06/441 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 14/757]
Administered by: Treasury
Registered 28 Aug 2014
Start Date 07 Aug 2014
End Date 01 Oct 2015
Date of repeal 01 Oct 2015
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2015/843

ASIC Class Order [CO 06/441]

Including different registered scheme financial reports in a single document

This instrument has effect under s341(1) of the Corporations Act 2001.

This compilation was prepared on 14 August 2014 taking into account amendments up to [CO 14/757]. 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 — Subsection 341(1) — Order and Revocation

Enabling provision

1.       The Australian Securities and Investments Commission makes this order under subsection 341(1) of the Corporations Act 2001 (the Act).

Title

2.       This order is ASIC Class Order [CO 06/441].

Commencement

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

Relief enabling one financial report, directors’ report and auditor’s report for related schemes

4.       A registered scheme (the relevant scheme) does not have to comply with subsection 292(1) and section 302 of the Act to the extent that sections 295, 303 or subsection 314(2) of the Act prevent the financial report for a financial year (the relevant period) or half-year (the relevant period) or concise report for a financial year including the single entity or consolidated financial statements, notes thereto and directors’ declaration of one or more registered schemes that are related to the relevant scheme.

5.       This relief is available only where paragraphs 6 to 12 apply.

6.       Each financial report of a registered scheme (an included scheme) that is included in the financial report for the relevant scheme is:

(a)     a financial report for:

(i)      the relevant period; or

(ii)     another period of the same kind that ends no more than 6 months before or after the end of the relevant period; and

(b)     audited by the same authorised audit company, audit firm or individual auditor.

7.       The financial statements for the relevant scheme and each included scheme are presented in adjacent columns in the financial report for the relevant scheme.  The heading to each column specifies the period covered by the statement that is presented in the column.

Note: The adjacent columns may span two or more consecutive pages.

8.       In any concise report for the relevant scheme, the financial statements for the scheme and each included scheme are presented in adjacent columns.  The heading to each column specifies the period covered by the financial statement that is presented in the column.  If consolidated financial statements are presented for a scheme, the single entity financial statements for the scheme do not have to be presented.

Note: The adjacent columns may span two or more consecutive pages.

9.       If an included scheme does not have the same responsible entity as the relevant scheme, the financial report contains:

(a)     a prominent statement to the effect that only the responsible entity of a scheme takes responsibility for the financial report for the scheme; and

(b)     a separate directors’ report from each responsible entity covering the schemes that the responsible entity operates; and

(c)     a separate directors’ declaration from each responsible entity covering the schemes that the responsible entity operates.

10.     Where a directors’ report covers more than one registered scheme, the information included in it is presented in a way that enables each scheme for which any aspect is relevant to be readily identified.

11.     Where the directors’ declaration covers more than one registered scheme, each declaration required by subsection 295(4) or 303(4) of the Act (as relevant) is presented in a way that enables each scheme to which it relates to be readily identified.

12.     The financial report for the relevant scheme includes statements indicating:

(a)     the extent (if any) to which there are facilities in place for the proceeds of a withdrawal from the scheme to be applied to the acquisition of an interest in any included scheme; and

(b)     whether further interests in the relevant scheme may be issued; and

(c)     where further interests in the relevant scheme may be issued—whether the proceeds of a withdrawal from any included scheme can be applied to acquire an interest in the relevant scheme.

Note:          The exemption in paragraph 4 enables certain financial reports to be presented in a single document.  It does not otherwise affect the operation of Chapter 2M of the Act in relation to those reports.  Each report must be prepared in accordance with that Chapter.  This means, among other things, that:

(a)    all the information that is required to be included in the director’s report must be presented in the single document; and

(b)    the directors of each responsible entity must make a separate declaration under subsection 295(4) or 303(4) of the Act (as relevant) in relation to each scheme and this must be apparent from the declaration even if some of the text covers more than one scheme; and

(c)     the auditor must form a separate opinion in relation to the financial report of each scheme as required by section 307 of the Act and perform the audit work necessary to form such an opinion.

In addition, the presentation of the financial reports in the single document must not be done in a way that results in any of the reports being misleading or deceptive.

Interpretation

13.     For the purposes of this order:

(a)     a registered scheme is related to another registered scheme if:

(i)      the schemes have the same responsible entity; or

(ii)     the responsible entities of the schemes are wholly beneficially owned by the same entity; and

(b)     a period is of the same kind as another period if:

(i)      both of the periods are financial years; or

(ii)     both of the periods are half-years.

13A.  For the purposes of determining whether the requirement in sub-paragraph 6(b) is satisfied, ignore any non-compliance with the requirement that results merely from any or all of the following:

(a)     a person being an affected auditor (as defined in ASIC Class Order [CO 14/757]) rather than a registered company auditor;

(b)     an act, matter or thing being done by an affected auditor rather than a registered company auditor;

(c)     a company being an affected audit company (as defined in ASIC Class Order [CO 14/757]) rather than an authorised audit company; 

(d)     an act, matter or thing being done by an affected audit company rather than an authorised audit company.

Revocation

14.     ASIC Class Order [CO 05/643] is revoked.

Notes to ASIC Class Order [CO 06/441]

Note 1

ASIC Class Order [CO 06/441] (in force under s341(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 FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 06/441]

29/6/2006 (see F2006L02124)

29/6/2006

 

[CO 14/757]

7/8/2014 (see F2014L01082)

7/8/2014

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Table of Amendments

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

Provision affected

How affected

Para 13A.....................

ad. [CO 14/757]