Commonwealth legislation

ASIC Class Order [CO 02/1072]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

This Class Order lets managed‑investment‑scheme operators skip giving a Product Disclosure Statement to existing investors who already hold at least $500,000 of their own money in the same scheme when buying additional units.

It therefore affects those high‑balance investors and the operators making such offers, and bars counting loans from the operator or its associates toward the $500,000 threshold to prevent circumvention of disclosure rules.

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 02/1072].

ASIC Class Order [CO 02/1072]

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2 title: Australian Securities And Investments Commissions

?xml version="1.0" encoding="utf-8" standalone="no"?>

Australian Securities and Investments Commission

Corporations Act 2001 – Subsection 1020F(1) – Exemption

Under subsection 1020F(1) of the Corporations Act 2001 (“the Act”), the Australian Securities and Investments Commission hereby exempts an interest in a managed investment scheme from sections 1012A, 1012B and 1012C of the Act where an offer to issue, arrange for the issue of, or to sell, or an issue of, or a recommendation to acquire, the interest is made to a person who holds interests in the same class for which the person has paid at least $500,000.

Interpretation

In this instrument:

1. “offer” has a meaning affected by subsection 1010C(2) of the Act; and

2. in working out the amount paid for interests, disregard any amount to the extent it was paid out of money lent by the person offering the interests or any associate of that person.

Dated this 9th day of October 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.