Commonwealth legislation

ASIC Class Order [CO 02/0141]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 is a regulatory time-saver for anyone preparing a Product Disclosure Statement (PDS) — the document that tells investors what they’re buying.

Normally, if you want to quote someone or include their research in a PDS, you must get their written permission first. This rule exempts three specific types of content from that consent requirement:

Fair representations of official statements — Quotes or summaries of what government officials or public figures have said
Public documents — Accurate copies or extracts from official government records
Independent published research — Material already published in books, academic journals or similar, provided it wasn’t created to help sell the specific financial product

Why it matters: It allows PDS issuers to include factual information, historical records, and genuine third-party analysis without tracking down authors for permission slips. It keeps disclosure documents informative while cutting red tape.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/0141].

ASIC Class Order [CO 02/0141]

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 1020F(1)(a) — Exemption

Under paragraph 1020F(1)(a) of the Corporations Act 2001 (the “Act”), the Australian Securities and Investments Commission hereby exempts persons included in the class of persons mentioned in the Schedule from subsection 1013K(1) of the Act in relation to the statements mentioned in the Schedule, to the extent that subsection 1013K(1) prohibits the inclusion of those statements in a Product Disclosure Statement unless:

(a) the person who made that statement or another statement on which that statement is said to be based has consented to the statement being included in the Product Disclosure Statement; and

(b) the Product Disclosure Statement states that the person has given their consent.

SCHEDULE

The responsible person in relation to a Product Disclosure Statement for a financial product which contains a statement which:

1 fairly represents what purports to be a statement made by an official person; or

2 is a correct and fair copy of, or extract from, what purports to be a public official document; or

3 is a correct and fair copy of, or an extract from, a statement which:

(a) has already been published in a book, journal or comparable publication; and

(b) was not made in connection with the responsible person, their business, or the promotion the subject of the Product Disclosure Statement or any property to be acquired by the responsible person which is the subject of the Product Disclosure Statement.

Commencement

This exemption takes effect on the commencement of Schedule 1 to the Financial Services Reform Act 2001.

Dated the 5th day of February 2002

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 02/0141]