{"id":"F2007B00249","name":"ASIC Class Order [CO 02/0226]","slug":"asic-class-order-co-02-0226","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":61916,"registerId":"commonwealth-F2007B00249-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 02/0226]","content":"Australian Securities and Investments Commission  \nCorporations Act 2001 — Paragraph 601QA(1)(a) — Revocation and Exemption\n\n1. Under paragraph 601QA(1)(a) of the Corporations Act 2001 (the “Act”), the Australian Securities and Investments Commission (“ASIC”) hereby revokes Class Order \\[00/208\\].\n\n2. Under paragraph 601QA(1)(a) of the Act ASIC exempts each operator of a managed investment scheme from section 601ED of the Act in the case where the only members of the scheme are members who:\n\n(a) have agreed in writing that the scheme is not required to be registered; and\n\n(b) came to hold all their interests in the scheme by:\n\n(i) an issue to them to which section 1477 of the Corporations Law applies (as continued in force by section 1408 of the Act); or\n\n(ii) accepting an offer for issue made before the Effective Date which, assuming the interests in the scheme were securities to which Part 6D.2 of the Act applied at the time the offer was made, would not have needed disclosure to investors because of section 708 of the Act; or\n\n(iii) accepting an offer for issue made on or after the Effective Date which does not need a Product Disclosure Statement.\n\nInterpretation\n\nIn this instrument:\n\n“Commencement Date” means the date of commencement of Schedule 1 to the Financial Services Reform Act 2001; and\n\n“Effective Date” means:\n\n(a) for a managed investment scheme in which no interests of the same class were offered before the Commencement Date – the Commencement Date; and\n\n(b) for any other scheme - the date on which the new product disclosure provisions (as defined in section 1438 of the Act) first apply to an offer or issue of interests in the scheme.\n\n  \nCommencement\n\nThis instrument takes effect on the Commencement Date.\n\nDated the 25th day of February 2002\n\nSigned by Brendan Byrne  \nas a delegate of the Australian Securities and Investments Commission","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2976},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This instrument replaces Class Order 00/208 to update definitions and timing for the Financial Services Reform Act 2001. It maintains the same fundamental scope—providing exemption from registration for schemes with sophisticated investors—and does not expand beyond the original purpose of regulatory relief for wholesale arrangements."},"complexity_factors":["Dense cross-referencing to multiple sections of the Corporations Act (601QA, 601ED, 1477, 1408, 708, Part 6D.2, 1438)","Bifurcated definition of 'Effective Date' that depends on whether interests were offered before the Commencement Date","Nested conditional logic requiring satisfaction of paragraph (a) AND one of three alternative sub-paragraphs in paragraph (b)","Transitional provisions bridging old Corporations Law and new Act provisions"],"plain_english_summary":"This Class Order lets certain managed investment schemes operate without ASIC registration provided every investor is a sophisticated/wholesale or professional type who both signed a written agreement waiving registration protections and acquired their interest via specified non‑retail pathways (pre‑2001 transitional, pre‑cut‑off wholesale offers, or offers not needing a PDS).  \n\nIt affects scheme operators and their investors by easing regulatory burdens for wholly non‑retail funds, and revokes the prior Class Order 00/208 to reflect the 2001 reforms."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-02-0226","history":"/api/acts/asic-class-order-co-02-0226/history","analysis":"/api/acts/asic-class-order-co-02-0226/analysis","conflicts":"/api/acts/asic-class-order-co-02-0226/conflicts","importantCases":"/api/acts/asic-class-order-co-02-0226/important-cases","documents":"/api/acts/asic-class-order-co-02-0226/documents"}}