Commonwealth legislation

ASIC Class Order [CO 02/0191]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 sets who counts as a "notifiable person" — the firms and representatives who must disclose prescribed information to clients when selling or providing financial products. It covers sellers in specified sale circumstances, AFS licensees and reps, legacy regulated principals, certain exempt persons, and custodial arrangement providers. It also clarifies that “writing” and “documents” include electronic forms.

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 02/0191].

Interpretation

For the purposes of this instrument, “notifiable person” means the following:

(a) a seller of the financial product if the sale takes place in circumstances described in subsection 1012C(5), (6) or (8) of the Act;

(b) any financial services licensee;

(d) any authorised representative of a financial services licensee;

(e) any representative of a regulated principal (within the meaning of section 1436 of the Act);

(f) any person who is not required to hold an Australian financial services licence because the person is covered by:

(i) paragraph 911A(2)(j) of the Act;

(ii) an exemption in regulations made for the purposes of paragraph 911A(2)(k) of the Act; or

(iii) an exemption specified by ASIC for the purposes of paragraph 911A(2)(l) of the Act;

(g) the provider of a custodial arrangement within the meaning of section 1012IA of the Act.

Note: “Writing” includes any mode of representing or reproducing words in a visible form; and “documents” include any article from which writing is capable of being reproduced, with or without the aid of any other article or device: see section 25 of the Acts Interpretation Act 1901.

Dated this 15th 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.

Interpretation Interpretation