{"id":"F2007L01758","name":"ASIC Class Order [CO 07/409]","slug":"asic-class-order-co-07-409","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":66500,"registerId":"commonwealth-F2007L01758-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Corporations Act 2001 — Paragraph 1020F(","sectionType":"section","heading":"Corporations Act 2001 — Paragraph 1020F(1)(c) — Variation","content":"##### Corporations Act 2001 — Paragraph 1020F(1)(c) — Variation","sortOrder":0},{"sectionNumber":"Enabling Legislation","sectionType":"section","heading":"Enabling Legislation","content":"###### Enabling Legislation\n\n1.  The Australian Securities and Investments Commission makes this instrument under paragraph 1020F(1)(c) of the Corporations Act 2001 (the Act).","sortOrder":1},{"sectionNumber":"Title","sectionType":"section","heading":"Title","content":"###### Title\n\n2. This instrument is ASIC Class Order \\[CO 07/409\\].","sortOrder":2},{"sectionNumber":"Commencement","sectionType":"section","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 Instrument (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register). The FRLI may be accessed at [http://www.frli.gov.au/](http://www.frli.gov.au/).","sortOrder":3},{"sectionNumber":"Declaration","sectionType":"section","heading":"Declaration","content":"###### Declaration\n\n4. Part 7.9 of the Act applies in relation to a general insurance product as if item 2(2) of Schedule 5 to the Corporations Amendment Regulations 2005 (No 5) were modified or varied by omitting the definition of transition period and substituting:\n\n“transition period means the period commencing on the commencing day and ending on 31 August 2007.”.","sortOrder":4},{"sectionNumber":"Interpretation","sectionType":"section","heading":"Interpretation","content":"###### Interpretation\n\n5. In this instrument:\n\ngeneral insurance product has the meaning given by section 761A of the Act.\n\nDated this 12th day of June 2007\n\nSigned by Brendan Byrne\n\nas a delegate of the Australian Securities and Investments Commission","sortOrder":5}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":3033},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains a narrow, technical scope limited to adjusting a single deadline date. It performs exactly one function: modifying the definition of 'transition period' to end on 31 August 2007 for general insurance products, without expanding beyond this explicit purpose."},"complexity_factors":["Only 5 sections with minimal text across approximately 1-2 pages","Single operative provision (section 4) modifying one external definition","Only one defined term within the instrument itself ('general insurance product')","Effect depends on cross-referencing Corporations Amendment Regulations 2005 (No 5) and Part 7.9 of the Corporations Act to understand the full regulatory context"],"plain_english_summary":"ASIC (Australia's corporate regulator) has set a hard deadline for temporary relief from disclosure rules affecting **general insurance products** like car and home insurance.\n\n**The change:**\nThis order specifies that **31 August 2007** is the end date for a \"transition period\" — a temporary grace period during which general insurers had lighter obligations to provide Product Disclosure Statements under Part 7.9 of the Corporations Act.\n\n**Who it affects:**\n- Insurance companies selling general insurance products (as defined in the Corporations Act)\n- Consumers purchasing these products, who would receive full disclosure documents after the deadline passes\n\n**Why it matters:**\nThis fixes a specific cut-off date for transitional compliance relief, giving insurers certainty about when they must fully comply with disclosure requirements that normally apply to all financial products."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-07-409","history":"/api/acts/asic-class-order-co-07-409/history","analysis":"/api/acts/asic-class-order-co-07-409/analysis","conflicts":"/api/acts/asic-class-order-co-07-409/conflicts","importantCases":"/api/acts/asic-class-order-co-07-409/important-cases","documents":"/api/acts/asic-class-order-co-07-409/documents"}}