{"id":"F2007B00408","name":"ASIC Class Order [CO 03/578]","slug":"asic-class-order-co-03-578","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62241,"registerId":"commonwealth-F2007B00408-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 03/578]","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\ntitle: Australian Securities and Investments Commission\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\nAustralian Securities and Investments Commission\n\nCorporations Act 2001 – Paragraph 951B(1)(a) – Exemption\n\n \n\n \n\n1. ASIC grants this exemption under paragraph 951B(1)(a) of the Corporations Act 2001 (the Act).\n\n \n\n2. The following persons are exempt from sections 941A and 941B of the Act (requirements to give a Financial Services Guide) in relation to the provision of a financial service that consists of making a market for a financial product through a licensed market:\n\n \n\n(a) a financial services licensee;\n\n \n\n(b) an authorised representative of a financial services licensee.\n\n \n\n### Interpretation\n\n \n\n3. In this instrument:\n\n \n\n(a) licensed market has the meaning given by section 761A; and\n\n \n\n(b) makes a market for a financial product has the meaning given by section 766D.\n\n \n\n \n\nDated this 2nd day of July 2003\n\n \n\n \n\n \n\n \n\nSigned by Brendan Byrne\n\nas a delegate of the Australian Securities and Investments Commission\n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1504},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The instrument retains its original narrow scope from 2003, providing a targeted exemption for market makers from Financial Services Guide requirements without subsequent expansion into broader financial service categories."},"complexity_factors":["Only 3 operative provisions","2 defined terms, both simply referencing existing definitions in the Corporations Act","No conditional logic, exceptions, or cross-references to other legislative instruments","Single, clearly bounded exemption with no sub-limits or qualifications"],"plain_english_summary":"This order exempts Australian financial services licensees and their authorised representatives from having to provide a Financial Services Guide when they are “making a market” for a financial product on a licensed market (e.g., acting as market makers on an exchange). It recognises market making is automated, high‑volume two‑way quoting rather than a traditional advisory service, and that these activities are addressed by other regulatory safeguards."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-03-578","history":"/api/acts/asic-class-order-co-03-578/history","analysis":"/api/acts/asic-class-order-co-03-578/analysis","conflicts":"/api/acts/asic-class-order-co-03-578/conflicts","importantCases":"/api/acts/asic-class-order-co-03-578/important-cases","documents":"/api/acts/asic-class-order-co-03-578/documents"}}