{"id":"F2007B00643","name":"ASIC Class Order [CO 04/631]","slug":"asic-class-order-co-04-631","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62439,"registerId":"commonwealth-F2007B00643-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 04/631]","content":"Australian Securities and Investments Commission\n\nCorporations Act 2001 – Paragraphs 655A(1)(b), 669(1)(b) and 673(1)(b) – Declaration\n\nUnder paragraphs 655A(1)(b), 669(1)(b) and 673(1)(b) of the Corporations Act 2001 (the Act), the Australian Securities and Investments Commission declares that Chapters 6, 6A and 6C of the Act apply to all persons as if section 12 of the Act were modified or varied by:\n\n1. inserting at the beginning of each of paragraphs 12(2)(b) and (c) “subject to subsection 12(2A),”; and\n\n2. inserting after subsection 12(2):\n\n“(2A) For the purposes of paragraphs 12(2)(b) and (c), the second person is not an associate of the primary person in relation to a designated body merely because:\n\n(a) they have entered or propose to enter into a relevant agreement; and\n\n(b) one of them has or will have a right under that relevant agreement (whether the right is enforceable presently or in the future and whether or not on the fulfilment of a condition) to dispose of securities in the designated body or control the exercise of a power to dispose of the securities.”.\n\nDated this 9th day of June 2004\n\nSigned by Brendan Byrne\n\nas a delegate of the Australian Securities and Investments Commission","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1136},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose of providing targeted relief from the associate definition for securities lending arrangements and similar agreements. It has not expanded beyond modifying the application of section 12 to Chapters 6, 6A and 6C."},"complexity_factors":["Requires understanding of the underlying 'associate' definition in section 12 of the Corporations Act","Modifies text through insertion of cross-referenced subsections (12(2A))","Applies only to specific Chapters of the Act (6, 6A, 6C - takeovers and compulsory acquisitions)","Uses conditional legal drafting ('merely because', 'whether... or not')","References undefined term 'relevant agreement' which draws meaning from broader context"],"plain_english_summary":"This Class Order narrows who counts as an “associate” under Australian takeover law by excluding standard securities lending, repo and similar arrangements from automatically creating association where one party can sell or control shares held under that agreement. \n\nIt protects investment banks, fund managers and institutional investors from accidentally triggering takeover obligations and disclosure requirements in routine market transactions."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-04-631","history":"/api/acts/asic-class-order-co-04-631/history","analysis":"/api/acts/asic-class-order-co-04-631/analysis","conflicts":"/api/acts/asic-class-order-co-04-631/conflicts","importantCases":"/api/acts/asic-class-order-co-04-631/important-cases","documents":"/api/acts/asic-class-order-co-04-631/documents"}}