Commonwealth legislation

ASIC Class Order [CO 00/0231]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

This exemption lets highly rated financial institutions in the short-term money market borrow from professional investors without the usual detailed debenture/disclosure requirements. It applies to corporations rated A.2, A.1 or A.1+ by S&P and to sophisticated investors whose business is money-market or securities investing who deposit at least $100,000. It speeds efficient short-term funding by trusting ratings and investor expertise instead of retail-focused disclosure.

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Current sections

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ASIC Class Order [CO 00/0231]

Australian Securities and Investments Commission
Corporations Law — Subsections 260MA(1) and 741(1) — Exemption

Pursuant to subsections 260MA(1) and 741(1) of the Corporations Law (the Law) the Australian Securities and Investments Commission hereby exempts each person included in the class of persons mentioned in Schedule A in the case mentioned in Schedule B from Parts 2L.1, 2L.2, 2L.3, 2L.4 and 2L.5 of the Law and from section 718, subsection 727(1) and section 736 of the Law.

SCHEDULE A

Corporations which in the ordinary course of their business deal in the short-term money market and have unsecured short-term debt which is rated A.2, A.1 or A.1+ by Standard & Poor's (Australia) Pty. Ltd.

SCHEDULE B

Offers to accept deposits of money in amounts of not less than $100,000 made to persons whose ordinary business is or includes the investment of funds on the short-term money market or whose ordinary business is or includes investment in securities or the purchase and / or sale of securities.

Dated the 10th 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 00/0231]

Australian Securities and Investments Commission
Corporations Law — Subsections 260MA(1) and 741(1) — Exemption

SCHEDULE A

SCHEDULE B

Dated the 10th day of February 2000

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