Commonwealth legislation

ASIC Class Order [CO 02/803]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

4/10 complexity

This Class Order temporarily exempts certain cross‑border broking arrangements from Australia’s AFSL requirement during the transition to the post‑2001 licensing regime. It covers a three‑party scenario: an offshore arranger and offshore client, and an Australian broker moving from the old dealer/futures licences to the new AFSL.

The exemption applies where the arranger places business through the transitioning broker, the broker stays within authorised transitional activities, and the arranger reasonably believes the client is offshore — preserving continuity during regulatory reform.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/803].

ASIC Class Order [CO 02/803]

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 911A(2)(l) — Exemption

Pursuant to paragraph 911A(2)(l) of the Corporations Act 2001 (the "Act") the Australian Securities and Investments Commission hereby specifies that until 11 March 2004 the provision of a financial service is covered by an exemption from the requirement to hold an Australian financial services licence if that financial service is provided in the following circumstances:

(i) a person (person 1) is a person that is not in this jurisdiction;

(ii) person 1 arranges, on behalf of another person (person 2), for the holder of a dealers licence within the meaning of the old Corporations Act or the holder of a futures brokers licence within the meaning of the old Corporations Act (person 3) to deal in a financial product that such licence (as in force immediately before the FSR commencement) authorised person 3 to deal in;

(iii) the dealing by person 3 is within the scope of their regulated activities and occurs within their transition period;

(iv) person 1 believes on reasonable grounds that person 2 is not in this jurisdiction.

Interpretation

In this instrument:

"FSR commencement" and "old Corporations Act" have the same meanings as in subsection 1410(1) of the Act; and
"regulated activities" has the same meaning as in section 1430 of the Act; and
"transition period" has the same meaning as in subsection 1431(1) of the Act.

Note: In this instrument "this jurisdiction" is intended to mean Australia: see the Act at section 5 and section 9 (definition of "this jurisdiction").

Dated the 17th day of July 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.

1 ASIC Class Order [CO 02/803]