Federal Register of Legislation - Australian Government

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Other as made
This instrument repeals ASIC Class Order [CO 07/74], which provides relief to trustees of wholesale equity schemes, and amends ASIC Class Orders [CO 13/760] and [CO 13/761] to align the new relief with the financial requirements in those class orders.
Administered by: Treasury
Registered 26 Sep 2017
Tabling HistoryDate
Tabled HR16-Oct-2017
Tabled Senate16-Oct-2017
Date of repeal 28 Sep 2017
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003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 and Repeal) Instrument 2017/848

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    21 September 2017

 

 

 

Anthony Graham

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment and Repeal) Instrument 2017/848.

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 paragraphs 911A(2)(l) and 926A(2)(c) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned.


Schedule 1—Amendments

ASIC Class Order [CO 13/760]

1        Paragraph 4 (after notional subsection 912AA(2))

Insert:

“(2A)           This section applies to a financial services licensee (manager) that is covered by subsection (1) and holds an Australian financial services licence that:

(a)     authorises the manager to provide wholesale equity financial services (within the meaning of the ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 (ASIC Instrument)); and

(b)     contains conditions to the effect of the conditions referred to in subparagraph 6(a)(ii) of the ASIC Instrument);

as if the assets, liabilities, cash inflows and cash outflows of any eligible trustee were included in the assets, liabilities, cash inflows and cash outflows of the manager.

(2B)  In subsection (2A), eligible trustee means a person who is both:

(a)     an eligible trustee of a wholesale equity scheme (within the meaning of the ASIC Instrument);

(b)     a related body corporate of the manager.”.

ASIC Class Order [CO 13/761]

2        Paragraph 4 (after notional subsection 912AC(2))

Insert:

“(2A)           This section applies to a financial services licensee (manager) that is covered by subsection (1) and holds an Australian financial services licence that:

(a)     authorises the manager to provide wholesale equity financial services (within the meaning of the ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 (ASIC Instrument)); and

(b)     contains conditions to the effect of the conditions referred to in subparagraph 6(a)(ii) of the ASIC Instrument;

as if the assets, liabilities, cash inflows and cash outflows of any eligible trustee were included in the assets, liabilities, cash inflows and cash outflows of the manager.

(2B)  In subsection (2A), eligible trustee means a person who is both:

(a)     an eligible trustee of a wholesale equity scheme (within the meaning of the ASIC Instrument);

(b)     a related body corporate of the manager.”.


Schedule 2—Repeal

ASIC Class Order [CO 07/74]

1        The whole of the instrument

Repeal the instrument.