{"id":"F2007B00377","name":"ASIC Class Order [CO 03/911]","slug":"asic-class-order-co-03-911","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62161,"registerId":"commonwealth-F2007B00377-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Australian Securities and Investments Co","sectionType":"part","heading":"Australian Securities and Investments Commission","content":"# Australian Securities and Investments Commission\n\nCorporations Act 2001 – Paragraph 911A(2)(l) – Exemption\n\nUnder paragraph 911A(2)(l) of the Corporations Act 2001 (\"the Act\") the Australian Securities and Investments Commission exempts an entity to which subsection 766C(4) of the Act applies from the requirement to hold an Australian financial services licence for the provision to wholesale clients of general advice that relates to securities, debentures, stocks or bonds of that entity and is contained in a document offering those securities, debentures, stocks or bonds for issue.","sortOrder":0},{"sectionNumber":"Interpretation","sectionType":"part","heading":"Interpretation","content":"## Interpretation\n\nIn this instrument:\n\n\"general advice\" has the meaning given by subsection 766B(4) of the Act;\n\n\"offer\" has a meaning affected by subsection 1010C(2) of the Act; and\n\n\"wholesale client\" has the meaning given by subsection 761G(4) of the Act.","sortOrder":1},{"sectionNumber":"Commencement","sectionType":"part","heading":"Commencement","content":"## Commencement\n\nThis instrument takes effect on gazettal.\n\nDated this 30th day of October 2003\n\nSigned by Brendan Byrne\n\nas a delegate of the Australian Securities and Investments Commission","sortOrder":2}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2500},"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument maintains the original narrow scope of exempting specific communications about a company's own securities to wholesale investors, consistent with its purpose."},"complexity_factors":["Four cumulative conditions must be satisfied for the exemption to apply (wholesale client status, general advice classification, own-product restriction, and offering document requirement)","Cross-references to five separate sections of the Corporations Act (766C(4), 911A(2)(l), 766B(4), 1010C(2), 761G(4))","Technical legal distinctions between general advice and personal advice, and wholesale versus retail clients"],"plain_english_summary":"This rule lets companies provide general (non-personalised) financial information about their own securities in offering documents to wholesale clients without holding an Australian Financial Services Licence. It affects issuers and institutional or sophisticated investors, easing routine fundraising and disclosure by removing the licensing burden for standard promotional material targeted at wholesale audiences."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-03-911","history":"/api/acts/asic-class-order-co-03-911/history","analysis":"/api/acts/asic-class-order-co-03-911/analysis","conflicts":"/api/acts/asic-class-order-co-03-911/conflicts","importantCases":"/api/acts/asic-class-order-co-03-911/important-cases","documents":"/api/acts/asic-class-order-co-03-911/documents"}}