{"id":"F2007B01001","name":"ASIC Class Order [CO 98/1807]","slug":"asic-class-order-co-98-1807","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62465,"registerId":"commonwealth-F2007B01001-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 98/1807]","content":"Australian Securities and Investments Commission\n\n  \nCorporations Law Paragraph 601QA(1)(b) – Declaration\n\nPursuant to paragraph 601QA(1)(b) of the Corporations Law (the Law) the Australian Securities and Investments Commission hereby declares that the provisions of this Chapter within the meaning of that expression in section 601 QA of the Law apply to the management company and the trustee or representative of and the holders of prescribed interests in each of the undertakings in the class of undertakings referred to in the Schedule as if Division 11 (second appearing) of Part 11.2 of the Law were omitted.\n\nSCHEDULE\n\nAn undertaking in relation to which:\n\n(a) all holders of prescribed interests were issued all their interests by excluded issue; and\n\n(b) none of the prescribed interests is held by a responsible entity of a registered scheme or its agent as scheme property, or held by a trustee or representative acting under an approved deed; and\n\n(c) all holders of prescribed interests have agreed in writing that the undertaking should not required to be registered as a registered managed investment scheme or continue to be subject to the Law as in force immediately before the commencement of Chapter 5C of the Law; and\n\n(d) the management company has lodged a notice stating that each of the matters described in paragraphs (a), (b) and (c) is satisfied with respect to the undertaking.\n\nDated this 2nd day of October 1998\n\nSigned by Brendan Byrne\n\nas delegate of the Australian Securities and Investments Commission","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":3217},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This Class Order operates exactly within the bounds of ASIC's exemption power under section 601QA(1)(b). It provides targeted relief for a narrow, specific class of wholesale schemes (those with unanimous investor consent and private placement) and does not expand beyond the original regulatory intent of facilitating transition to Chapter 5C for non-public schemes."},"complexity_factors":["Dense cross-referencing to repealed transitional provisions (Division 11 'second appearing' of Part 11.2) that no longer exist in the modern Corporations Act","Heavy reliance on obsolete terminology ('prescribed interests', 'excluded issue', 'undertaking') from the pre-1998 regulatory regime","Four-part cumulative test in the Schedule requiring verification of negative conditions ('none of the prescribed interests') and positive obligations ('all holders... have agreed')","Modifies primary legislation through delegated power (s 601QA) by declaring provisions apply 'as if' a division were omitted, creating a legal fiction"],"plain_english_summary":"ASIC’s 1998 class order permanently exempts certain private investment undertakings from registering as managed investment schemes under Chapter 5C. It applies only where interests were privately placed, not held as scheme property, every investor signs written consent to remain unregistered, and the manager files a confirming notice with ASIC — allowing small, wholesale or closely held funds to avoid Chapter 5C’s registration, disclosure and compliance burdens."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-98-1807","history":"/api/acts/asic-class-order-co-98-1807/history","analysis":"/api/acts/asic-class-order-co-98-1807/analysis","conflicts":"/api/acts/asic-class-order-co-98-1807/conflicts","importantCases":"/api/acts/asic-class-order-co-98-1807/important-cases","documents":"/api/acts/asic-class-order-co-98-1807/documents"}}