{"id":"F2005L00999","name":"ASIC Class Order [CO 05/27]","slug":"asic-class-order-co-05-27","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":34492,"registerId":"commonwealth-F2005L00999-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Commencement","sectionType":"part","heading":"Commencement","content":"## Commencement\n\n3.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\nExemption\n\n4. A person (the providing entity) who is a financial services licensee or an authorised representative of a financial services licensee does not have to comply with subsections 941A(1) and 941B(1) of the Act to the extent that those provisions require a Financial Services Guide (the FSG) given by the providing entity to another person (the client) to include information:\n\n(a) that is required to be contained in the FSG only because of subregulations 7.7.04(2) and 7.7.07(2) of the Corporations Regulations 2001; and\n\n(b) that:\n\n(i) does not relate to a financial service that the providing entity reasonably believes will be, or is likely to be, provided to the client; or\n\n(ii) relates only to a financial service in respect of which a Financial Services Guide would not be required to be given to the client:\n\n(A) because of subsections 941C(2), (3) or (4) of the Act; or\n\n(B) because the financial service would not be provided to the client as a retail client.\n\nInterpretation\n\n5. In this instrument:\n\nauthorised representative has the meaning given by section 761A of the Act.\n\nFinancial Services Guide has the meaning given by section 761A of the Act.\n\nretail client has the meaning given by section 761G of the Act.\n\nDated this 26th day of April 2005\n\nSigned by Brendan Byrne  \nas a delegate of the Australian Securities and Investments Commission","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2450},"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument remains a targeted exemption from disclosure requirements as originally intended, providing relief from Financial Services Guide content obligations for specific circumstances."},"complexity_factors":["Cross-references to multiple sections of the Corporations Act 2001 (ss 941A, 941B, 941C, 761A, 761G) and Corporations Regulations 2001 (regs 7.7.04, 7.7.07)","Nested conditional logic requiring satisfaction of both limb (a) and limb (b), with limb (b)(ii) containing two further sub-conditions (A) and (B)","Technical terms requiring understanding of 'retail client' versus wholesale/sophisticated client distinctions","Subjective standard of 'reasonably believes' creating a reasonableness test for providers"],"plain_english_summary":"This class order lets licensed financial advisers and their representatives omit certain fee, commission and conflict details from a Financial Services Guide (FSG) when that information is irrelevant to the services they actually intend to provide to you, or when those services are already exempt or you’re not a retail client. It reduces unnecessary, broad disclosures so clients get a focused FSG relevant to the advice sought."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-05-27","history":"/api/acts/asic-class-order-co-05-27/history","analysis":"/api/acts/asic-class-order-co-05-27/analysis","conflicts":"/api/acts/asic-class-order-co-05-27/conflicts","importantCases":"/api/acts/asic-class-order-co-05-27/important-cases","documents":"/api/acts/asic-class-order-co-05-27/documents"}}