Commonwealth legislation

ASIC Class Order [CO 02/1161]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 lets trustees of public‑offer superannuation funds trade the fund’s underlying investments for members without holding an Australian Financial Services Licence. It covers routine buying and selling of assets as part of running the fund.

It does not exempt trustees from licensing when issuing or selling interests in the fund itself, so trustees still need an AFSL to offer new units or products. This avoids forcing heavily regulated trustees to hold a separate AFSL just to manage portfolios.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/1161].

ASIC Class Order [CO 02/1161]

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Australian Securities and Investments Commission

Corporations Act 2001 ‑ Paragraph 911A(2)(l) ‑ Exemption

Under paragraph 911A(2)(l) of the Corporations Act 2001 the Australian Securities and Investments Commission hereby exempts each trustee of a public offer entity from the requirement to hold an Australian financial services licence for the provision of a financial service consisting only of dealing by that trustee in any financial products (other than an interest in the public offer entity) on behalf of the members of the entity in the course of the operation of the entity.

Interpretation

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

Dated this 31st 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.