{"id":"F2007B00369","name":"ASIC Class Order [CO 02/281]","slug":"asic-class-order-co-02-281","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62139,"registerId":"commonwealth-F2007B00369-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Interpretation","sectionType":"part","heading":"Interpretation","content":"## Interpretation\n\nIn this instrument:\n\n“Austraclear System” means the “System”, as defined in the Austraclear System Regulations;\n\n“Austraclear System Regulations” means the regulations of that name published by Austraclear Limited as at 10 March 1999 and includes any amendments made to those regulations which have been notified to ASIC and to which ASIC has not objected;\n\n“Dematerialised Security” means a Dematerialised Security as defined in the Austraclear System Regulations which is an electronic counterpart of:\n\n(a) a paper-based promissory note with a face value of at least $50,000; or\n\n(b) a paper-based negotiable certificate of deposit with a face value of at least $50,000; or\n\n(c) a paper-based bill of exchange; and\n\n“member” in relation to Austraclear Limited means a “Member” as defined in the Austraclear System Regulations, and “non-member” means any person other than a member.","sortOrder":0},{"sectionNumber":"Commencement","sectionType":"part","heading":"Commencement","content":"# Commencement\n\nThis instrument takes effect on the commencement of Schedule 1 to the Financial Services Reform Act 2001.\n\nDated this 5th day of March 2002\n\nSigned by Brendan Byrne  \nas a delegate of the Australian Securities and Investments Commission","sortOrder":1}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":3898},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains narrowly focused on its original purpose: providing definitional clarity for electronic securities traded through the Austraclear system. There is no evidence of expansion beyond clarifying the regulatory treatment of dematerialised wholesale debt instruments."},"complexity_factors":["Only 4 defined terms with straightforward definitions","Incorporates external regulations by reference (Austraclear System Regulations as at 10 March 1999)","Simple threshold test ($50,000 face value) in the definition of Dematerialised Security","No conditional exemptions, exceptions, or operative provisions in the extracted text"],"plain_english_summary":"This Class Order sets out key definitions for electronic versions of high‑value debt securities traded in the Austraclear system — notably dematerialised promissory notes, negotiable CDs and bills of exchange (each typically $50,000+).  \n\nIt affects banks, financial institutions and wholesale investors by clarifying which electronic records are recognised and which regulatory framework governs electronic wholesale debt trading."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-02-281","history":"/api/acts/asic-class-order-co-02-281/history","analysis":"/api/acts/asic-class-order-co-02-281/analysis","conflicts":"/api/acts/asic-class-order-co-02-281/conflicts","importantCases":"/api/acts/asic-class-order-co-02-281/important-cases","documents":"/api/acts/asic-class-order-co-02-281/documents"}}