Commonwealth legislation

ASIC Class Order [CO 02/437]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 gives managed investment schemes (like property trusts or investment funds) flexibility with their application forms.

Normally, the law requires these schemes to collect an applicant's date of birth when they apply to buy units. This exemption allows the responsible entity (the company running the scheme) to skip collecting the date of birth, provided the form instead requires the applicant to declare they are at least 18 years old.

Who it affects:

Responsible entities of registered managed investment schemes
Investors applying to buy interests in these schemes

Why it matters: It allows simpler application processes while ensuring schemes only contract with adults who have legal capacity. The responsible entity can rely on an age declaration rather than verifying birth dates.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/437].

ASIC Class Order [CO 02/437]

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Australian Securities and Investments Commission

Corporations Act 2001- Subsection 1020F(l) - Exemption

Under subsection 1020F(l) of the Corporations Act 2001 the Australian Securities and Investments Commission hereby exempts the responsible entity of a registered scheme from paragraph 1016A(2)(a) of that Act, to the extent that it prohibits the issue of a managed investment product to which the scheme relates unless the application form for that managed investment product requires the applicant's date of birth, on the condition that that form requires an applicant who is a natural person to state that he or she is at least 18 years of age.

Dated this 11th day of April 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.