Commonwealth legislation

ASIC Class Order [CO 02/0149]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 lets Australian managed investment funds skip certain Australian paperwork when selling units to investors in New Zealand: instead of an Australian Product Disclosure Statement and issue procedures, the fund can rely on New Zealand’s equivalent investment statements where the responsible entity reasonably believes the offer is made under NZ law. It requires ongoing compliance with NZ securities rules and removes the exemption if those NZ disclosure obligations are breached, reducing duplicate compliance for cross‑Tasman fundraising.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/0149].

ASIC Class Order [CO 02/0149]

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 each responsible entity of a registered scheme from sections 1012B, 1012C and 1016A of the Act in the case specified in Schedule A on the condition specified in Schedule B.

SCHEDULE A

The issue or sale of interests in a registered scheme to applicants, otherwise than in response to an application form which was included in or accompanied by a Product Disclosure Statement for the scheme, where the responsible entity reasonably believes the application relates to:

(a) an investment statement as defined in the Securities Act (NZ) 1978 and the Securities Regulations (NZ) 1983 as modified or varied by the Securities Act (Australian Registered Managed Investment Schemes) Exemption Notice 1999 (or such other exemption notice that from time to time may replace, modify or vary that Notice) (“NZ securities provisions”); and

(b) an offer made in New Zealand.

SCHEDULE B

This exemption applies for so long as and on condition that the responsible entity does not issue or permit the issue of a notice or other document in New Zealand relating to the interests if it does not comply with the NZ securities provisions.

Commencement

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

Dated the 7th 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 02/0149]