Commonwealth legislation

ASIC Class Order [CO 02/0145]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

ASIC exempts certain managed-fund issuers from specific section 1016B requirements when lodging Product Disclosure Statements. It applies only to PDSs for managed investment products that are the same class as products already traded on a prescribed financial market (e.g., ASX). The change eases regulatory duplication for issuers of funds similar to existing listed products.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/0145].

ASIC Class Order [CO 02/0145]

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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”), and for the avoidance of doubt, the Australian Securities and Investments Commission hereby exempts each person in the class of persons mentioned in Schedule A in the case mentioned in Schedule B from section 1016B of the Act.

SCHEDULE A

Persons who lodge Product Disclosure Statements of the kind mentioned in Schedule B.

SCHEDULE B

The lodgment of a Product Disclosure Statement under which there are offered no financial products other than managed investment products which are in the same class as managed investment products which at the time of the lodgment are able to be traded on a prescribed financial market.

Note: Section 1015B specifies that Product Disclosure Statements for certain managed investment products are required to be lodged.

Commencement

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

Dated the 6th 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.