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ASIC Class Order [CO 14/443]

Authoritative Version
  • - F2015C00393
  • In force - Superseded Version
  • View Series
CO 14/443 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Corporations (Amendment No. 2) Instrument 2015
This instrument provides relief to defer the operation of the product dashboard requirements for choice products and the portfolio holdings disclosure requirements.
Administered by: Treasury
Registered 06 May 2015
Start Date 25 Apr 2015
End Date 27 Apr 2016

ASIC Class Order [CO 14/443]

Deferral of choice product dashboard and portfolio holdings disclosure regimes

This instrument has effect under s1020F(1) of the Corporations Act 2001.

This compilation was prepared on 5 May 2015 taking into account amendments up to ASIC Corporations (Amendment No. 2) Instrument 2015 (ASIC Legislative Instrument No. 338, 2015) that commenced on 25 April 2015. 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 1020F(1) — Exemption and Declaration

Enabling legislation

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

Title

2.       This instrument is ASIC Class Order [CO 14/443].

Commencement

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

Exemption

Deferral of obligation of trustees to make product dashboards for choice products publicly available

4.       A trustee of a regulated superannuation fund that has 5 or more members does not have to comply with subsection 1017BA(1) of the Act in relation to choice products until 1 July 2016.

Deferral of obligations of trustees to make information relating to investment of assets publicly available

5.       A trustee of a registrable superannuation entity (other than a pooled superannuation trust) does not have to comply with subsection 1017BB(1) of the Act in relation to a reporting day occurring before 1 July 2016.

Deferral of obligations of second parties to provide information relating to investment of assets

6.       A second party does not have to comply with subsection 1017BC(3) of the Act in relation to a reporting day occurring before 1 July 2016. 

Declaration

Deferral of obligations of first parties and agents to give notice relating to investment of assets

7.       Part 7.9 of Chapter 7 of the Act applies in relation to a Division 3 first party and an agent as if that Part were modified or varied as follows:

(a)     in subsection 1017BC(2), omit “at the time the arrangement is entered into”, substitute “on or before 1 July 2016”;

(b)     in subsections 1017BD(2) and 1017BE(2), omit “at the time the core arrangement is entered into”, substitute “on or before 1 July 2016”.

8.       The declaration in paragraph 7 applies in relation to an arrangement entered into between commencement of this instrument and 30 June 2016 (inclusive).

Interpretation

9.       In this instrument:

agent has the same meaning as in subsection 1017BC(4) of the Act.

arrangement means an arrangement to which section 1017BC, 1017BD or 1017BE of the Act applies.

choice product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

Division 3 first party means a person who is a first party for the purposes of section 1017BC, 1017BD or 1017BE of the Act.

registrable superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

reporting day has the same meaning as subsection 1017BB(6) of the Act.

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

second party has the same meaning as in subsection 1017BC(1) of the Act.

Notes to ASIC Class Order [CO 14/443]

Note 1

ASIC Class Order [CO 14/443] (in force under s1020F(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 14/443]

16/5/2014 (see F2014L00594)

16/5/2014

 

No 338, 2015

24/4/2015 (see F2015L00586)

25/4/2015

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Table of Amendments

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

Provision affected

How affected

Para 4..........................

am. No. 338, 2015

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

am. No. 338, 2015

Para 6..........................

am. No. 338, 2015

Para 7(a) .....................

am. No. 338, 2015

Para 7(b) ....................

am. No. 338, 2015

Para 8..........................

am. No. 338, 2015