Commonwealth legislation

ASIC Class Order [CO 00/1087]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 ASIC Class Order amends the Corporations Law so “common funds” remain subject to Commonwealth rules even where WA, SA or NT laws would otherwise exempt infra‑state funds.

It affects trustee companies that had relied on those local exemptions and protects investors by ensuring consistent oversight nationwide, closing a gap that enabled jurisdictional forum‑shopping.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/1087].

ASIC Class Order [CO 00/1087]

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Australian Securities and Investments Commission

Corporations Law — Paragraph 601QA(1)(b) — Modification

Pursuant to paragraph 601QA(1)(b) of the Corporations Law ("the Law") the Australian Securities and Investments Commission hereby declares that Division 11 of Part 11.2 of the Law applies in the case specified in the Schedule as if it were modified or varied by:

inserting "or" at the end of paragraph 1452(b); and
inserting after paragraph 1452(b) the following paragraph:

"(c) that Division would have applied but for the operation of an exemption in respect of infra-state common funds under section 21 of the Trustee Companies Act 1987 (Western Australia), regulations under the Companies (Application of Laws) Act 1982 (South Australia) or subsection 25(15) of the Companies (Trustees and Personal Representatives) Act 1947 (Northern Territory);".

SCHEDULE

The operation of a managed investment scheme that is a common fund.

Dated this 23rd day of May 2000

Signed by Brendan Byme

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.