Commonwealth legislation

ASIC Class Order [CO 02/1074]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 order exempts superannuation trustees from having to provide a Financial Services Guide each time they buy or sell investments on behalf of members in the ordinary running of a fund. It affects trustees of regulated super funds and their members, reducing repetitive paperwork and administrative costs by recognising members already receive comprehensive fund disclosures, so routine investment transactions don’t require separate formal guides.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/1074].

ASIC Class Order [CO 02/1074]

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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 trustee of a superannuation entity from section 941A of the Act to the extent that it requires that trustee to provide a Financial Services Guide to a member of the entity, in relation to any dealing by that trustee in any financial products on behalf of the members of the entity in the course of the operation of the entity.

Interpretation

In this instrument, “superannuation entity” has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.

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.