Commonwealth legislation

ASIC Class Order [CO 00/0190]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

4/10 complexity

This class order lets companies replace a chain of supplementary disclosure documents with a single consolidating supplementary document. If the new document states it replaces prior supplements and contains their substance (aside from corrections or updates), it need not say it must be read with the earlier ones and legally takes their place.

It benefits anyone issuing securities by preventing “document creep,” simplifying investor disclosure and reducing administrative burden.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/0190].

ASIC Class Order [CO 00/0190]

Australian Securities and Investments Commission

Corporations Law — Subsection 741(1)

Exemption and Declaration

Under paragraph 741(1)(a) of the Corporations Law (the Law), the Australian Securities and Investments Commission (ASIC) hereby exempts a person who offers securities under a disclosure document or a supplementary document in relation to that disclosure document where:

(a) one or more supplementary documents (collectively “the old supplementary document”) in relation to the same original disclosure document (“the disclosure document”) have been lodged; and

(b) the person has lodged a further supplementary document (“the new supplementary document”) which:

(i) discloses at the beginning that it is issued in substitution for the old supplementary document, as clearly identified; and

(ii) contains all of the substantive information in the old supplementary document except to the extent that the new supplementary document corrects deficiencies in or updates that information or provides additional information,

from paragraph 719(2)(d) of the Law to the extent that it requires the new supplementary document to state that it is to be read together with any previous supplementary documents.

And under paragraph 741(1)(b) of the Law ASIC declares that from the time the new supplementary document is lodged Chapter 6D shall have effect in relation to the disclosure document as if subsection 719(4) referred to the new supplementary document and did not refer to the old supplementary document.

Dated the 15th day of February 2000

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 ASIC Class Order [CO 00/0190]