Commonwealth legislation

ASIC Class Order [CO 03/635]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 ASIC Class Order lets bidders and targets in takeover bids include fair quotes from public officials and accurate extracts or copies of public official documents or published articles in their bidder’s or target’s statements without triggering extra formal disclosure obligations. It applies only where those materials weren’t created for the bid and aren’t about the bidder, target, or their businesses. The relief reduces liability and burden for reusing already-public, official information in takeover documents.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/635].

ASIC Class Order [CO 03/635]

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 655A(1)(a) — Exemption

Under paragraph 655A(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission exempts bidders and targets from subsections 636(3) and 638(5) of the Act in relation to a bidder’s or target’s statement that includes or is accompanied by a statement that:

fairly represents a statement by an official person; or
is a correct and fair copy of, or extract from:

(a) a public official document; or

(b) a statement that has already been published in a book, journal or comparable publication;

where the statement was not made, or the document was not published, in connection with the takeover bid or the bidder or target or any business, property or person the subject of the bidder’s or target’s statement.

Dated this 22nd day of September 2003

Signed by Stephen Yen, PSM
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 03/635]

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 655A(1)(a) — Exemption

fairly represents a statement by an official person; or
is a correct and fair copy of, or extract from:

(a) a public official document; or

(b) a statement that has already been published in a book, journal or comparable publication;

Dated this 22nd day of September 2003

Signed by Stephen Yen, PSM
as a delegate of the Australian Securities and Investments Commission