{"id":"F2007B00421","name":"ASIC Class Order [CO 03/825]","slug":"asic-class-order-co-03-825","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62258,"registerId":"commonwealth-F2007B00421-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 03/825]","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 (the foreign financial institution) 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) but for section 911D of the Act, the foreign financial institution would not be carrying on a financial services business in this jurisdiction; and\n\n(b) another person (the local person) holds a financial product (the foreign financial product) issued by the foreign financial institution or a related body corporate; and\n\n(c) when the local person acquired the foreign financial product they were not in this jurisdiction; and\n\n(d) the financial service relates to the foreign financial product; and\n\n(e) the foreign financial institution 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\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":1715},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This 2003 instrument remains focused on its original narrow purpose: providing relief for foreign financial institutions servicing existing offshore clients who are now in Australia. The scope has not expanded beyond this specific scenario."},"complexity_factors":["Single exemption with five straightforward conditions","Minimal cross-referencing (only references sections 911A and 911D of the Corporations Act)","No defined terms section","No nested exceptions or conditional logic beyond the basic 'all of the following apply' structure","Short instrument (2 operative sections)"],"plain_english_summary":"This instrument grants a limited exemption from needing an Australian financial services licence so foreign banks, insurers and similar institutions can continue servicing financial products they issued offshore to customers who have since moved to Australia.  \n\nIt applies only where specific conditions are met (product bought offshore, service relates to that product, and no existing AFSL covers it), avoiding the need to obtain a full Australian licence or cease servicing relocated clients."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-03-825","history":"/api/acts/asic-class-order-co-03-825/history","analysis":"/api/acts/asic-class-order-co-03-825/analysis","conflicts":"/api/acts/asic-class-order-co-03-825/conflicts","importantCases":"/api/acts/asic-class-order-co-03-825/important-cases","documents":"/api/acts/asic-class-order-co-03-825/documents"}}