Commonwealth legislation

ASIC Class Order [CO 03/578]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

This order exempts Australian financial services licensees and their authorised representatives from having to provide a Financial Services Guide when they are “making a market” for a financial product on a licensed market (e.g., acting as market makers on an exchange). It recognises market making is automated, high‑volume two‑way quoting rather than a traditional advisory service, and that these activities are addressed by other regulatory safeguards.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/578].

ASIC Class Order [CO 03/578]

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Australian Securities and Investments Commission

Corporations Act 2001 – Paragraph 951B(1)(a) – Exemption

1. ASIC grants this exemption under paragraph 951B(1)(a) of the Corporations Act 2001 (the Act).

2. The following persons are exempt from sections 941A and 941B of the Act (requirements to give a Financial Services Guide) in relation to the provision of a financial service that consists of making a market for a financial product through a licensed market:

(a) a financial services licensee;

(b) an authorised representative of a financial services licensee.

Interpretation

3. In this instrument:

(a) licensed market has the meaning given by section 761A; and

(b) makes a market for a financial product has the meaning given by section 766D.

Dated this 2nd day of July 2003

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.