Commonwealth legislation

ASIC Class Order [CO 02/930]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

3/10 complexity

This ASIC class order let certain Pooled Development Funds (registered under the Pooled Development Funds Act 1992) bypass full financial services licensing when making wholesale offers to sophisticated investors, provided a licensed adviser gave product advice before any investment decision. It applied only from 17 August 2002 to 17 August 2003, covered issuance of resulting shares, and prohibited personalised (personal) advice in the offer document.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 02/930].

Schedule A

Each company (each a "PDF") which satisfies both of the following:

a registration declaration has been made in relation to it under section 14 of the Pooled Development Funds Act 1992 (Cth) and is in force; and
it has entered into an enforceable contract with a licensee for the purpose of administering its investments under which it obtains financial product advice from the licensee prior to it making any decision in relation to a particular financial product or class of financial products or an interest in a particular financial product or class of financial products.

Schedule B

Any financial service that is provided by the PDF making an offer to issue securities of that PDF where the offer satisfies all of the following:

(a) it is made during the period from 17th August 2002 to 17 August 2003;

(b) it is made to a wholesale client within the meaning of subsection 761G(4) of the Act; and

(c) it is made under an offer document that does not contain any personal advice as defined in subsection 766B(3) of the Act.

Any issue of securities by the PDF which occurs as a result of the acceptance of an offer of the kind referred to in paragraph 1.

Interpretation

For the purposes of this instrument "licensee" means:

a person who holds an Australian financial services licence which authorises it to give financial product advice; or

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Schedule A Schedule A