Commonwealth legislation

ASIC Class Order [CO 02/1073]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

This order exempts responsible entities of registered managed investment schemes from the usual requirement to give retail clients a Financial Services Guide when the entity is buying or selling financial products on behalf of the scheme’s own members as part of operating the fund. It removes a repetitive disclosure burden where scheme members already receive comprehensive fund documents (like Product Disclosure Statements), because the entity is acting within the fund, not providing separate retail advice.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/1073].

ASIC Class Order [CO 02/1073]

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Australian Securities and Investments Commission

Corporations Act 2001 – Section 951B – Exemption

Under section 951B of the Corporations Act 2001 (“the Act”), the Australian Securities and Investments Commission hereby exempts each responsible entity of a registered scheme from section 941A of the Act to the extent that it requires that entity to provide a Financial Services Guide to a member of the registered scheme in relation to any dealing by that entity in any financial products on behalf of the members of the scheme in the course of operation of the scheme.

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.