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Other as made
This instrument gives transitional continuation of relief given by repealed ASIC Class Orders.
Administered by: Treasury
Registered 27 Sep 2016
Tabling HistoryDate
Tabled Senate10-Oct-2016
Tabled HR10-Oct-2016
Table of contents.

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ASIC Corporations (Repeal and Transitional) Instrument 2016/396

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date                22 September 2016

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Repeal and Transitional) Instrument 2016/396.

2        Commencement

This instrument commences on the later of:

(a)     the date of its gazettal; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under paragraph 911A(2)(l) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.


Schedule 1—Repeals

ASIC Class Order [CO 03/1099]

1        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/1100]

2        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/1101]

3        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/1102]

4        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/1103]

5        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 04/829]

6        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 04/1313]

7        The whole of the instrument

Repeal the instrument.


Schedule 2—Savings

Transitional continuation of relief given by repealed ASIC Class Orders

1        Transitional licensing relief

(1)     An exemption specified in an ASIC Class Order specified in Schedule 1 as in force immediately before its repeal, continues to apply by force of this item, in the circumstances and on the conditions specified in relation to the exemption.

(2)     An exemption that continues to apply by force of subitem (1) applies provided any person relying on the exemption complies with any written notice given by ASIC directing the person to give to ASIC, within the time specified in the notice, a written statement containing specified information about the financial service business operated by the person in this jurisdiction.

(3)     Subitems (1) and (2) have effect for a period of 2 years commencing on the day this instrument commences.