{"id":"F2007B00420","name":"ASIC Class Order [CO 03/824]","slug":"asic-class-order-co-03-824","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62256,"registerId":"commonwealth-F2007B00420-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 03/824]","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  Corporations Act 2001 — Paragraph 911A(2)(l) — Exemption\n\n1. Under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act), the Australian Securities and Investments Commission exempts a person from the requirement to hold an Australian financial services licence for the provision of a financial service where all of the following apply:\n\n(a) the service is provided to wholesale clients only; and\n\n(b) but for section 911D of the Act, the person would not be carrying on a financial services business in this jurisdiction; and\n\n(c) the person does not hold an Australian financial services licence covering the provision of the service.\n\n## Commencement\n\n2. This instrument takes effect on gazettal.\n\nInterpretation\n\n3. In this instrument, wholesale client has the meaning given by section 761G of the Act.\n\nDated this 26th day of September 2003\n\n \n\n \n\nSigned by Stephen Yen, PSM  as a delegate of the Australian Securities and Investments Commission\n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1699},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument maintains its original narrow scope as a targeted exemption for foreign financial service providers dealing solely with wholesale clients. There is no evidence of scope creep or expansion beyond the original regulatory relief purpose."},"complexity_factors":["Only 1 defined term in the instrument (wholesale client)","Simple cumulative conditions (all three must be satisfied, no alternatives or exceptions)","No internal cross-references or nested provisions","Single purpose exemption without subsidiary rules"],"plain_english_summary":"This rule lets certain foreign financial service providers operate without an Australian financial services licence when they deal only with wholesale (sophisticated or professional) clients. It applies to overseas banks, brokers and investment firms serving large Australian institutions and professional investors.\n\nIt matters because it balances openness to cross‑border financial services with protections for retail consumers by exempting only those providers genuinely operating offshore and not otherwise captured by Australian licensing."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-03-824","history":"/api/acts/asic-class-order-co-03-824/history","analysis":"/api/acts/asic-class-order-co-03-824/analysis","conflicts":"/api/acts/asic-class-order-co-03-824/conflicts","importantCases":"/api/acts/asic-class-order-co-03-824/important-cases","documents":"/api/acts/asic-class-order-co-03-824/documents"}}