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ASIC Class Order [CO 14/26]

Authoritative Version
CO 14/26 Orders/ASIC Class Orders as made
This class order gives relief to offerors so that they may issue or transfer securities in response to an application form that has been personalised by a financial services licensee for an applicant, and created by a financial services licensee.
Administered by: Treasury
Made 25 Feb 2014
Registered 28 Feb 2014
Tabled HR 04 Mar 2014
Tabled Senate 04 Mar 2014
Date of repeal 23 Mar 2017
Repealed by ASIC Corporations (Repeal) Instrument 2017/240

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 741(1) — Declaration

 

Enabling legislation

 

1.       The Australian Securities and Investments Commission makes this instrument under subsection 741(1) of the Corporations Act 2001 (the Act).

Title

2.       This instrument is ASIC Class Order [CO 14/26].

 

Commencement

 

3.       This instrument commences on the day 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, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

 

Declaration

 

4.           Chapter 6D of the Act applies to all persons as if section 723 were modified or varied by, after subsection (1), inserting:

 

Licensee personalised application forms

 

(1A)    Despite subsection (1), and subject to subsection (1B), the securities may be issued or transferred in response to an application form if the form was distributed in circumstances covered by one of the following paragraphs:

 

(a)      the form was distributed to a financial services licensee by the person offering the securities, and partly completed by the licensee before being distributed by the licensee to a person making the application;

 

(b)      the form was distributed by a financial services licensee to a person making the application (whether or not the form was partly completed by the licensee before being distributed) in circumstances where the form was copied or directly derived by the licensee from an application form that was:

 

(i)      distributed to the licensee by the person offering the securities; and

 

(ii)     included in, or accompanied by, a disclosure document that was distributed to the licensee by the person offering the securities when the application form was distributed to the licensee;

 

(c)     the form was created by a financial services licensee and distributed by the licensee to a person making the application (whether or not the form was partly completed by the licensee before being distributed).

 

(1B)  The securities may only be issued or transferred if the person issuing or transferring them has reasonable grounds to believe that:

 

(a)     when the applicant received the application form, the applicant was given access, at the same time and by the same means, to the disclosure document; and

 

(b)      the application form included the following information:

 

(i)      the identity of the issuer, the nature of the securities being offered, the price of the securities, the date of the disclosure document and the expiry date of the disclosure document;

 

(ii)     a prominent statement to the effect that:

 

(A)    there is a disclosure document with information about investing in the securities; and

 

(B)    it is advisable to read the disclosure document before applying for the securities.”.

 

 

 

Dated this 25th day of February 2014

 

 

 

Signed by Grant Moodie

as a delegate of the Australian Securities and Investments Commission