Commonwealth legislation

ASIC Class Order [CO 02/281]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 sets out key definitions for electronic versions of high‑value debt securities traded in the Austraclear system — notably dematerialised promissory notes, negotiable CDs and bills of exchange (each typically $50,000+).

It affects banks, financial institutions and wholesale investors by clarifying which electronic records are recognised and which regulatory framework governs electronic wholesale debt trading.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/281].

Interpretation

In this instrument:

“Austraclear System” means the “System”, as defined in the Austraclear System Regulations;

“Austraclear System Regulations” means the regulations of that name published by Austraclear Limited as at 10 March 1999 and includes any amendments made to those regulations which have been notified to ASIC and to which ASIC has not objected;

“Dematerialised Security” means a Dematerialised Security as defined in the Austraclear System Regulations which is an electronic counterpart of:

(a) a paper-based promissory note with a face value of at least $50,000; or

(b) a paper-based negotiable certificate of deposit with a face value of at least $50,000; or

“member” in relation to Austraclear Limited means a “Member” as defined in the Austraclear System Regulations, and “non-member” means any person other than a member.

Commencement

This instrument takes effect on the commencement of Schedule 1 to the Financial Services Reform Act 2001.

Dated this 5th day of March 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.

Interpretation Interpretation