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ASIC Corporations (Amendment) Instrument 2016/1212

Authoritative Version
  • - F2016L02014
  • No longer in force
Other as made
This instrument amends the ASIC Class Order [CO 13/1621] so that the mFund system can be used by issuers of products other than simple managed investment schemes.
Administered by: Treasury
Registered 21 Dec 2016
Tabling HistoryDate
Tabled HR07-Feb-2017
Tabled Senate07-Feb-2017
Date of repeal 23 Dec 2016
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2016/1212

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 15 December 2016

 

 

 

Stephen Yen

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2016/1212.

2        Commencement

This instrument commences on 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 paragraphs 1020F(1)(a) and (c) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is amended 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—Amendments

ASIC Class Order [CO 13/1621]

1        Subparagraph 5(b)

Omit all the words from and including “confirmation” to and including “made”, substitute:

confirmation:

(i)      has been prepared by the responsible entity; and

(ii)     was not defective as at the time when the application was made

2        Paragraph 7 (after notional subsection 1016(2B) of the Corporations Act 2001)

Insert:

(2C)  Subsection (2A) applies in relation to a Product Disclosure Statement that has been supplemented by one or more Supplementary Product Disclosure Statements as if:

(a)     a reference to a Product Disclosure Statement were a reference to a Product Disclosure Statement and each Supplementary Product Disclosure Statement which supplements it; and

(b)     a reference to the date of a Product Disclosure Statement were a reference to the date of the most recent Supplementary Product Disclosure Statement that supplements it.

3        Paragraph 8 (definitions of ASX Settlement Operating Rules and ASX Operating Rules)

Omit “20 December 2013”, substitute “15 December 2016”.

4        Paragraph 8 (definition of ASX Operating Rules)

Relocate the definition to its appropriate alphabetical position, determined on a letter-by-letter basis.

5        After paragraph 8

Insert:

9.      Paragraphs 5 and 6 (other than sub-subparagraph 5(b)(ii)) apply in relation to a Product Disclosure Statement that has been supplemented by one or more Supplementary Product Disclosure Statements as if:

(a)     a reference to a Product Disclosure Statement were a reference to a Product Disclosure Statement and each Supplementary Product Disclosure Statement which supplements it; and

(b)     a reference to the date of a Product Disclosure Statement were a reference to the date of the most recent Supplementary Product Disclosure Statement that supplements it.

Note:    In determining whether a Product Disclosure Statement is defective for the purposes of sub-subparagraph 5(b)(ii), information in a Supplementary Product Disclosure Statement that supplements the Product Disclosure Statement is taken to be contained in the Product Disclosure Statement: see the definition of defective in subsection 1016A(1) of the Act.