Commonwealth legislation

ASIC Class Order [CO 00/0240]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

3/10 complexity

This rule treats managed investment schemes as if they were companies for fundraising disclosure, so offers of scheme interests must include the same prospectus-style information about the scheme’s formation, business, finances and affairs.

It also requires current and proposed directors to consent to the disclosure. It affects anyone offering retail interests in schemes and the directors who must bear disclosure responsibility, preserving investor protections.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/0240].

ASIC Class Order [CO 00/0240]

Australian Securities and Investments Commission

Corporations Law — Subsection 741(1) — Declaration

Under subsection 741(1) of the Corporations Law (Law) the Australian Securities and Investments Commission hereby declares that Chapter 6D of the Law applies to all persons in respect of offers of interests in managed investment schemes as if it were modified or varied as follows:

(1) in paragraph 701(d), “body.” were replaced with “body; and”;

(2) after paragraph 701(d), the following paragraphs were added:

“(e) the formation and promotion of the scheme were those of the body; and

(f) a promoter of the scheme were that of the body; and

(g) the business of the scheme were that of the body; and

(h) a financial report of the scheme were that of the body; and

(i) the affairs of the scheme were those of the body; and

(j) the products and services of the scheme were those of the body.”;

(3) paragraph 711(4)(a) were omitted;

(4) the words “and proposed directors” were added at the end of paragraph 711(4)(c); and

(5) in the table in section 720 (item 1, in the column headed “People whose consent is required”):

(a) the references to “every director of the body” and “every person named in the document as a proposed director of the body” were omitted; and

(b) the words “every director of that body” were replaced with “every director and proposed director of that body”.

Dated this 12th day of March 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 00/0240]