{"id":"F2007B00628","name":"ASIC Class Order [CO 03/1111]","slug":"asic-class-order-co-03-1111","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62418,"registerId":"commonwealth-F2007B00628-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"(c) the ADI uses money so deposited in t","sectionType":"part","heading":"(c) the ADI uses money so deposited in the ordinary course of its banking business.”.","content":"## (c) the ADI uses money so deposited in the ordinary course of its banking business.”.","sortOrder":0},{"sectionNumber":"Schedule","sectionType":"part","heading":"Schedule","content":"## Schedule\n\nWhere:\n\n(a) the scheme property consists of money; and\n\n(b) the scheme property is held by a person (the “prime broker”) who is an Australian ADI under the terms of a prime brokerage agreement between the prime broker and the responsible entity; and\n\n(c) the responsible entity takes reasonable steps to ensure the prime broker has in place adequate arrangements for the management of conflicts of interest that may arise wholly, or partially, in connection with its holding the scheme property on behalf of the responsible entity.","sortOrder":1},{"sectionNumber":"Interpretation","sectionType":"part","heading":"Interpretation","content":"# Interpretation\n\nIn this instrument:\n\n“prime brokerage agreement” means a written agreement under which the prime broker makes all of the following services available to the responsible entity:\n\n(a) taking money on deposit and making advances of money in the ordinary course of its banking business as an Australian ADI; and\n\n(b) disposing of securities to the responsible entity subject to an arrangement to reacquire the same or similar securities from the responsible entity at a later time; and\n\n(c) holding scheme property on behalf of the responsible entity; and\n\n“securities” has the meaning given by subsection 92(1) of the Act.\n\nDated this 16th day of December 2003\n\nSigned by Brendan Byrne  \nas a delegate of the Australian Securities and Investments Commission","sortOrder":2}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2468},"content_quality":"rejected","complexity_score":4,"rejection_reason":"The provided text is an incomplete fragment containing corrupted/repeated content (e.g., '(c) the ADI uses money so deposited in t (c)...' and 'Schedule Schedule'), missing introductory provisions, and lacking the operative relief sections that would explain what exemption or modification the Class Order provides.","scope_assessment":{"changed":false,"description":"Cannot be assessed from the fragment provided. The visible text suggests the Class Order concerns prime brokerage arrangements for managed funds, but without the full instrument (including the relief provisions and any variation history), scope changes cannot be determined."},"complexity_factors":["Fragmentary text prevents full assessment of operative provisions","References to external definitions in the Corporations Act 2001 ('securities', 'responsible entity', 'Australian ADI')","Cross-referencing between Schedule conditions and Interpretation section definitions","Regulatory context requires understanding of managed investment scheme property-holding obligations"],"plain_english_summary":"This Class Order permits responsible entities of managed investment schemes to use prime brokerage arrangements with Australian ADIs to hold scheme money and assets, enabling banks to provide deposit-taking, lending, securities‑lending and custodial services and to deal with deposits in the ordinary course of banking business. It applies to responsible entities, their schemes and the ADIs they engage, and requires appropriate conflict‑of‑interest protections to be in place."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-03-1111","history":"/api/acts/asic-class-order-co-03-1111/history","analysis":"/api/acts/asic-class-order-co-03-1111/analysis","conflicts":"/api/acts/asic-class-order-co-03-1111/conflicts","importantCases":"/api/acts/asic-class-order-co-03-1111/important-cases","documents":"/api/acts/asic-class-order-co-03-1111/documents"}}