{"id":"F2005L00140","name":"ASIC Class Order [CO 05/21]","slug":"asic-class-order-co-05-21","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":33562,"registerId":"commonwealth-F2005L00140-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 05/21]","content":"Australian Securities and Investments Commission\n\nCorporations Act 2001 — Paragraph 992B(1)(c) — Declaration\n\nEnabling legislation\n\n1. The Australian Securities and Investments Commission (ASIC) makes this declaration under paragraph 992B(1)(c) of the Corporations Act 2001 (the Act).\n\nTitle\n\n2. This instrument is ASIC Class Order \\[CO 05/21\\].\n\nCommencement\n\n3. This instrument commences on the date it is registered under the Legislative Instruments Act 2003.\n\nNote: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at www.frli.gov.au.\n\nClarification of requirement for the appointment of auditors by financial services licensees\n\n4. Part 7.8 of the Act applies in relation to a financial services licensee as if section 990A of the Act were modified or varied by omitting “section 327” and substituting “Subdivision A of Division 6 of Part 2M.4”.\n\nDated this 14th day of January 2005\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":1297},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This remains a technical clarification to ensure financial services licensees are subject to the correct auditor appointment rules following the 2004 restructuring of the Corporations Act. It does not expand the regulatory burden or change the underlying policy intent regarding auditor appointments."},"complexity_factors":["Requires understanding of the Corporations Act's Part/Division/Subdivision structure to interpret the substitution","Cross-references between Part 7.8 (financial services) and Part 2M.4 (financial reporting)","Technical correction following statutory restructuring (CLERP 9 amendments)","Brief text (one substantive clause) with dense legal effect"],"plain_english_summary":"This order fixes a technical reference in the Corporations Act about how financial services licensees (businesses licensed to provide financial advice or services) appoint their auditors. \n\n**What it does:**\n- Changes a reference in section 990A from the general \"section 327\" to the specific \"Subdivision A of Division 6 of Part 2M.4\"\n- This ensures licensees follow the detailed rules about auditor appointments that apply to companies, rather than a broader, less precise provision\n\n**Why it matters:**\nAfter corporate law reforms in 2004 (CLERP 9), the auditor appointment rules were reorganized into a specific subdivision (containing sections 327A–327F). This 2005 update ensures financial services licensees are subject to the correct, comprehensive appointment requirements—covering things like who can be appointed, how they must be appointed, and related procedural rules—rather than potentially falling through a cracks in the broader reference."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-05-21","history":"/api/acts/asic-class-order-co-05-21/history","analysis":"/api/acts/asic-class-order-co-05-21/analysis","conflicts":"/api/acts/asic-class-order-co-05-21/conflicts","importantCases":"/api/acts/asic-class-order-co-05-21/important-cases","documents":"/api/acts/asic-class-order-co-05-21/documents"}}