Commonwealth legislation

ASIC Class Order [CO 00/0345]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

What this does: This instrument removes a paperwork burden for people who acquire significant shareholdings in certain simple company structures.

The background: Under normal rules, when someone becomes a "substantial holder" (buying 5% or more of a company's shares), they must notify that company in writing. This helps companies keep track of their significant owners.

The exemption: You do not need to give this notice if the company is either:

A single-member company (only one shareholder); or
A wholly-owned subsidiary (100% owned by a parent company)

Why this matters: It cuts pointless red tape. If a company has only one owner—or is fully controlled by a corporate parent—it already knows exactly who owns it. Forcing investors to lodge formal notices in these cases would be telling the company something it already knows, so this exemption skips that step.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/0345].

ASIC Class Order [CO 00/0345]

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Australian Securities and Investments Commission

Corporations Law — Subsection 669(1) — Exemption

Pursuant to subsection 669(1) of the Corporations Law (“Law”) the Australian Securities and Investments Commission hereby exempts all persons from subsections 665D(3) and 665D(4) of the Law to the extent that those provisions would otherwise require any person to give a notice to a company which has only one member or which is a wholly-owned subsidiary.

Dated this 1st day of March 2000.

Signed by Brendan Byrne

as delegate of the Australian Securities and Investments Commission.

Source text

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