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This instrument repeals ASIC Class Order [CO 13/762] and ASIC Class Order [CO 13/763], which were due to sunset on 1 October 2023, and amends nine legislative instruments to replace cross-references
Administered by: Treasury
Registered 31 Aug 2023
Tabling HistoryDate
Tabled HR04-Sep-2023
Tabled Senate05-Sep-2023
Date of repeal 17 Nov 2023
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

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ASIC Corporations (Amendment and Repeal) Instrument 2023/670

I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    30 August 2023

 

 

Leah Sciacca

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment and Repeal) Instrument 2023/670.

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 341(1), 601QA(1), 655A(1), 673(1), 741(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act 2001 and subsection 5A(4) of the Corporations (Fees) 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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

 


Schedule 1—Amendments

ASIC Corporations (IDPS—Relevant Interests) Instrument 2015/1067

1        Section 5 (note)

Omit “ASIC Class Order [CO 13/763]”, substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.

ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968

2        Section 15 (notional sections 912AEF and 912AG)

Omit “ASIC Class Order [CO 13/762]” (wherever occurring), substitute “ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668”.

3        Section 15 (notional sections 912AEF and 912AG)

Omit “ASIC Class Order [CO 13/763]” (wherever occurring), substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.

ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156

4        Section 4 (definition of IDPS)

Omit “ASIC Class Order [CO 13/763]”, substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.

5        Section 4 (definition of IDPS-like scheme)

Omit “ASIC Class Order [CO 13/762]”, substitute “ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668”.

6        Section 8 (notional subsection 912AH(10), definition of IDPS)

Omit “ASIC Class Order [CO 13/763]”, substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.

7        Section 8 (notional subsection 912AH(10), definition of IDPS-like scheme)

Omit “ASIC Class Order [CO 13/762]”, substitute “ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668”.

 

ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339

8        Section 5 (notional subparagraph 912AH(1)(b)(iv))

Omit “ASIC Class Order [CO 13/763]”, substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.

ASIC (Fees—Complexity Criteria) Instrument 2018/578

9        Subparagraph 5(2)(f)(v)

Omit “an IDPS (as defined in ASIC Class Order [CO 13/763]) or an IDPS-like scheme (as defined in ASIC Class Order [CO 13/762])”, substitute “an IDPS (as defined in ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669) or an IDPS-like scheme (as defined in ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668)”.

ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547

10      Section 4 (definition of IDPS and IDPS-like scheme)

Omit “ASIC Class Order [CO 13/763] and [CO 13/762]”, substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 and ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668”.

ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778

11      Section 4 (definition of excluded scheme)

Omit “ASIC Class Order [CO 13/762]”, substitute “ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668”.

ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497

12      Section 7 (notional subsections 1015C(3A) and (3C))

Omit “ASIC Class Order [CO 13/762]”, substitute “ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668”.

13      Section 4 and section 7 (notional subsections 1015C(3A) and (3C))

Omit “ASIC Class Order [CO 13/763]” (wherever occurring), substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.

ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705

14      Section 5 (definition of IDPS in notional subsection 912AB(13))

Omit “ASIC Class Order [CO 13/763]”, substitute “ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669”.


Schedule 2—Repeals

ASIC Class Order [CO 13/762]

1        The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 13/763]

2        The whole of the instrument

Repeal the instrument.