Commonwealth legislation

ASIC Class Order [CO 02/1075]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

What this does: This instrument exempts travellers' cheques from the usual requirement to provide a Product Disclosure Statement (PDS) under the Corporations Act.

Who it affects: Companies that issue or sell travellers' cheques in Australia, and consumers who buy them.

Why it matters: Normally, financial products must come with detailed disclosure documents explaining fees, risks, and terms (like a product disclosure statement). Travellers' cheques are considered simple and low-risk enough that they don't need this paperwork, making them quicker and cheaper to issue and purchase.

In simple terms: If you buy a travellers' cheque, the seller doesn't have to give you a thick booklet explaining what it is—unlike when you buy shares or complex investments.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/1075].

ASIC Class Order [CO 02/1075]

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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 travellers’ cheques from section 1017F of the Act.

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.