ASIC Corporations (Repeal and Transitional) Instrument 2017/186

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Repeal and Transitional) Instrument 2017/186 as in force on 1 April 2022. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Schedules

5 Repeal of amending and repealing instruments

Schedule 1—Repeal

ASIC Class Order [CO 02/273]

Schedule 2—Savings

Transitional continuation of relief given by repealed ASIC Class Order

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Repeal and Transitional) Instrument 2017/186.

3 Authority

This instrument is made under paragraphs 283GA(1)(a), 741(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5 Repeal of amending and repealing instruments

(1) The repeal of an instrument by section 4 does not affect any amendment to or repeal of another instrument (however described) made by the instrument.

(2) Subsection (1) does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies to the repeal of an instrument by section 4.

Schedule 1—Repeal

ASIC Class Order [CO 02/273]

1 The whole of the instrument

Repeal the instrument.

Schedule 2—Savings

Transitional continuation of relief given by repealed ASIC Class Order

1 Transitional relief

(1) An exemption specified in ASIC Class Order [CO 02/273] as in force immediately before its repeal, continues to apply by force of this item, in the circumstances specified in item 2 and in the circumstances and on the conditions specified in relation to the exemption.

(2) Subitem 1(1) has effect until 1 October 2022.

2 Where exemption applies

(1) From 1 April 2022, an exemption specified in subitem 1(1) applies to a person who was relying on an exemption specified in subitem 1(1) on 31 March 2022:

(a) until 2 May 2022; and

(b) after 2 May 2022, if the person has given ASIC a notice that complies with item 3 by 2 May 2022. 

(2) From 1 April 2022, an exemption specified in subitem 1(1) applies to a person who was not relying on an exemption specified in
subitem 1(1) on 31 March 2022:

(a) who has given ASIC a notice that complies with item 4;

(b) from the date specified in the notice under subitem 4(c).

3 Continuing reliance notice

A notice under sub-subitem 2(1)(b) must set out in writing all of the following:

(a) the name of the person;

(b) each exemption specified in subitem 1(1) relied on;

(c) the date the person started to rely on the exemption.

4 Opt-in notice

A notice under sub-subitem 2(2)(b) must set out in writing all of the following:

(a) the name of the person;

(b) each exemption specified in subitem 1(1) to be relied on;

(c) the date the person will start to rely the exemption.

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted