{"id":"F2007B01015","name":"ASIC Class Order [CO 98/1805]","slug":"asic-class-order-co-98-1805","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62476,"registerId":"commonwealth-F2007B01015-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 98/1805]","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   \n\nCorporations Law Paragraph 601QA(1)(b) - Declaration\n\n \n\nPursuant to paragraph 601QA(1)(b) of the Corporations Law (\"the Law\") the Australian Securities and Investments Commission hereby declares that Chapter 5C and Division 11 (second appearing) of Part 11.2 of the Law apply to a responsible entity of a registered scheme and a member of a compliance committee of a registered scheme as if section 1464 were modified or varied by the insertion of:\n\n \n\n(a) \", or a natural person who acted in the capacity of the other of those bodies,\" after \"bodies\" second appearing; and\n\n \n\n(b) \"or as a natural person who acted in the capacity of that body,\" after \"body\".\n\n \n\n \n\nDated this 2nd day of October 1998\n\n \n\n \n\n \n\n \n\nSigned by Brendan Byrne\n\nas delegate of the Australian Securities and Investments Commission\n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1505},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This appears to be the original 1998 instrument. It establishes the scope of personal liability for individuals acting in corporate capacities, which appears consistent with its original regulatory intent to close liability loopholes."},"complexity_factors":["Requires understanding of the distinction between 'bodies corporate' (companies) and 'natural persons' (individuals) in corporate liability law","Modifies section 1464 by textual insertion without reproducing the full text of the underlying section","References multiple statutory divisions (Chapter 5C, Division 11 of Part 11.2) without providing their content","Uses technical industry terms like 'responsible entity', 'registered scheme', and 'compliance committee'"],"plain_english_summary":"This class order ensures that **individual people**—not just companies—can be held legally responsible when they act on behalf of a managed investment scheme (like a managed fund).\n\n**What it does:**\n- It applies to **responsible entities** (the companies that operate managed funds) and members of **compliance committees** (people who monitor whether the fund follows the law)\n- It modifies liability rules so that when a law applies to a \"body corporate\" (a company), it also applies to any **natural person** (individual human) who acted in that company's capacity\n- This prevents individuals from avoiding personal liability by claiming they were merely acting as the company, not as themselves\n\n**Why it matters:**\nWithout this change, individuals acting for corporate entities might escape responsibility for misconduct. This ensures real people can be held accountable for their actions when managing other people's investments."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-98-1805","history":"/api/acts/asic-class-order-co-98-1805/history","analysis":"/api/acts/asic-class-order-co-98-1805/analysis","conflicts":"/api/acts/asic-class-order-co-98-1805/conflicts","importantCases":"/api/acts/asic-class-order-co-98-1805/important-cases","documents":"/api/acts/asic-class-order-co-98-1805/documents"}}