Federal Register of Legislation - Australian Government

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ASIC Corporations (Amendment) Instrument 2020/396

Authoritative Version
  • - F2020L00470
  • No longer in force
Other as made
This instrument amends the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 to preserve the grandfathered status of certain proprietary companies that use the relief under the primary instrument. Grandfathered proprietary companies must meet certain conditions, including reporting to members within the statutory deadline each year, to be exempt from lodging financial reports with the Australian Securities and Investments Commission.
Administered by: Treasury
Registered 24 Apr 2020
Tabling HistoryDate
Tabled HR12-May-2020
Tabled Senate12-May-2020
Date of repeal 02 Sep 2020
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003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 2020/396

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

 

Date      22 April 2020

 

 

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2020/396.

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 subsection 341(1) of the Corporations Act 2001.

4        Schedules

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 Corporations (Exempt Proprietary Companies) Instrument 2015/840

1        Sub-subparagraph 5(1)(d)(ii)(B)

At the end of the sub-subparagraph add “and”

2        Paragraph 5(1)(d)

After subparagraph (ii) insert the following subparagraph:

“(iii)     a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) if, for that financial year:

(A)      the financial report was audited and sent to members within 1 month after the deadline for reporting to members; and

(B)       the directors’ report disclosed the nature and effect of the relief permitting this deferred compliance;”