Commonwealth legislation

ASIC Class Order [CO 02/832]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument sets who counts as a "registered holder" for fundraising exemptions for managed investment schemes. It treats joint owners as one holder, looks through trustees and nominees to the beneficial owner, and applies monetary limits to the whole value of stapled securities rather than each component. It also clarifies that an "offer" includes invitations to apply—affecting who qualifies for prospectus disclosure exemptions.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/832].

Interpretation

For the purposes of this instrument:

“registered holder” means, subject to paragraphs 2 and 3, a person recorded in the register of members of a registered scheme as a member of that scheme;
if 2 or more persons are recorded in the register of members as jointly holding interests in the scheme they are taken to be a single registered holder and a certification by any of them for the purposes of paragraph (c)(v) of Schedule B is taken to be a certification by all of them;
if a trustee or nominee is expressly noted on the register of members as holding interests on account of another person (a “beneficiary”):

(a) the beneficiary is taken to be the registered holder in regard to those interests; and

(b) any application for the issue of interests or certification for the purposes of paragraph (c)(v) of Schedule B by, and any issue of interests to, the trustee or nominee, is taken to be an application or certification by, or an issue to, the beneficiary;

if an interest must under the terms on which it is traded only be transferred together with one or more other interests or other financial products (together a “stapled security”), the $5,000 limit in paragraphs (c)(iv) and (c)(v) of Schedule B applies to the stapled security as if its component interests and products constituted a single interest rather than to any of those components separately; and
a reference to an offer for the issue of interests in a registered scheme [I think Sch A para 1 shoincludes a reference to inviting an application for the issue of the interests.

Dated this 17th day of September 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