Commonwealth legislation

ASIC Class Order [CO 02/286]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument is a technical “meta‑exemption” that stops a secondary disclosure rule from applying to financial service providers who already hold an ASIC exemption from supplying a Product Disclosure Statement (PDS).

It only applies where the holder continues to meet the conditions of their original ASIC exemption, so the original PDS exemption genuinely removes the parallel fallback disclosure burden.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/286].

ASIC Class Order [CO 02/286]

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Australian Securities and Investments Commission Corporations Act 2001 — Paragraph 1020F(1)(a) — Exemption

Under paragraph 1020F (1)(a) of the Corporations Act 2001 (the “Act”) and for the avoidance of doubt, the Australian Securities and Investments Commission ("ASIC") hereby exempts the following persons from paragraph 1012B(4) of the Act, in the following cases and on the following conditions and for so long as they are met.

Persons

This exemption applies to persons (“exempted parties”) who are exempted by another ASIC instrument under paragraph 1020F(1)(a) of the Act (“original instrument”) from the requirement to provide a Product Disclosure Statement in regard to offering, issuing or arranging the issue of a financial product.

Cases

This exemption applies in the case or circumstances (however described) in which the original instrument applies to the extent that subsection 1012B(4) of the Act may require a Product Disclosure Statement to be given to a person by the exempted parties despite the original instrument.

Conditions

This exemption is subject to any conditions or other on-going requirements (however described) under the original instrument being met.

Commencement

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

Dated the 6th 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.