{"id":"F2007B00378","name":"ASIC Class Order [CO 04/150]","slug":"asic-class-order-co-04-150","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62164,"registerId":"commonwealth-F2007B00378-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 04/150]","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\nAustralian Securities and Investments Commission  Corporations Act 2001- Subsections 926A(2), 951B1(1), 992B(1) and 1020F(1)  - Declaration\n\n \n\nUnder subsections 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act\n\n2001 (the Act) the Australian Securities and Investments Commission declares that\n\nuntil 31 December 2005:\n\n \n\n1. Parts 7.6 (other than Divisions 4 and 8), 7.7 and 7.9 of the Act apply to all persons as if paragraph 761G(7)(d) were modified or varied by omitting \"investor.\" and substituting \"investor or a wholly-owned subsidiary of a professional investor that is a body corporate.\"; and\n2. Part 7.8 of the Act applies to all persons as if its provisions were modified or varied as follows:\n\n\n(a)                in subsection 992A(3A) omit \"client.\", substitute \"client other than a retail client that is a wholly-owned subsidiary of a professional investor that is a body corporate,\"; and\n\n(b)               in paragraph 992AA(2)(a) omit \"client;\" substitute \"client other than a retail client that is a wholly-owned subsidiary of a professional investor that is a body corporate;\".\n\n \n\n \n\n# Commencement\n\n \n\nThis instrument takes effect on gazettal.\n\n \n\n \n\nDated this 23rd day of February 2004\n\n \n\n \n\n \n\nSigned by Brendan Byrne\n\nas a delegate of the Australian Securities and Investments Commission\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1522},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow scope. It was clearly intended from the outset to provide a temporary exemption for wholly-owned subsidiaries of professional investors, and the modifications remain tightly focused on this specific class of entities without expanding to broader categories."},"complexity_factors":["Cross-references to four different Parts of the Corporations Act (7.6, 7.7, 7.8, 7.9) and specific sections (761G, 992A, 992AA)","Requires understanding of the distinction between 'professional investor' and 'retail client' under Chapter 7 of the Corporations Act","Technical modifications to statutory text via 'omit and substitute' instructions","Temporary nature with specific sunset date (31 December 2005)","Concept of 'wholly-owned subsidiary' and 'body corporate' requiring corporate law knowledge"],"plain_english_summary":"This temporary rule (expired 31 Dec 2005) let financial services firms treat wholly‑owned subsidiaries of corporate professional investors as professional investors rather than retail clients. It removed usual retail protections for licensing, disclosure and restrictions on unsolicited offers/telephone sales, affecting how firms market and document products within corporate groups.\n\nIt matters because it extended a presumption of sophistication to those subsidiaries, reducing regulatory protections for them and lowering compliance costs for providers."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-04-150","history":"/api/acts/asic-class-order-co-04-150/history","analysis":"/api/acts/asic-class-order-co-04-150/analysis","conflicts":"/api/acts/asic-class-order-co-04-150/conflicts","importantCases":"/api/acts/asic-class-order-co-04-150/important-cases","documents":"/api/acts/asic-class-order-co-04-150/documents"}}