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ASIC Corporations (Amendment) Instrument 2017/1049

Authoritative Version
  • - F2017L01582
  • No longer in force
Other as made
The instrument amends ASIC Class Order [CO 14/1000] to add disclosure, licensing and advertising relief for trustees and financial advisers in connection with an employee incentive scheme that has certain individual relief.
Administered by: Treasury
Registered 05 Dec 2017
Tabling HistoryDate
Tabled HR06-Dec-2017
Tabled Senate07-Dec-2017
Date of repeal 07 Dec 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Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003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) Instrument 2017/1049

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

 

Date                1 December 2017

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2017/1049.

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 subsections 601QA(1), 741(1) and 1020F(1) of the Corporations Act 2001.

4        Schedule

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


Schedule 1—Amendments

ASIC Class Order [CO 14/1000]

1        After paragraph 28

Insert:

Individual instruments of relief

Trustees

28A.  A trustee that holds or will hold underlying eligible products in connection with an employee incentive scheme covered by an instrument (individual relief instrument) that is not a legislative instrument but which is in terms similar to this instrument and which makes an offer of a unit in the underlying eligible product to an eligible participant, does not have to comply with Part 6D.2, 6D.3 or Part 7.9 of the Act in relation to the unit.

 

28B.  A trustee that advertises, or publishes a statement that is reasonably likely to induce eligible participants to acquire, an eligible product under an employee incentive scheme covered by an instrument (individual relief instrument) that is not a legislative instrument but which is in terms similar to this instrument, does not have to comply with section 1018A of the Act in relation to the advertisement or publication.

28C.  A trustee that operates a managed investment scheme only by reason of operating a contribution plan in connection with an employee incentive scheme covered by an instrument (individual relief instrument) that is not a legislative instrument but which is in terms similar to this instrument, does not have to comply with section 601ED of the Act in relation to the operation of that managed investment scheme.

Advisers

 

28D.  A financial services licensee or an authorised representative of a financial services licensee who gives financial product advice to an eligible participant that consists of, or includes, a recommendation to acquire an eligible product in connection with an employee incentive scheme covered by an instrument (individual relief instrument) that is not a legislative instrument but which is in terms similar to this instrument, does not have to comply with section 1012A of the Act in relation to the giving of such advice, provided the person giving the advice has no reason to believe the employee incentive scheme is not covered by the individual relief instrument.

 

 

Interpretation

28E.  For the purposes of paragraphs 28A to 28D, an individual relief instrument is not in terms dissimilar to this instrument merely because it applies in relation to bodies, markets, participants or products that do not satisfy the definitions relating to those concepts in this instrument.