Commonwealth legislation

ASIC Class Order [CO 03/748]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 rule exempts individual financial advisors (natural persons holding an Australian Financial Services Licence in their own name) from having to include unrelated personal income and expenses in their ASIC accounting statements. They must only report funds that flow through their actual advice business.

It protects sole-trader advisors’ privacy by preventing disclosure of personal financial details while preserving transparency over their business finances.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/748].

ASIC Class Order [CO 03/748]

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Australian Securities and Investments Commission

Corporations Act 2001 - Paragraph 992B(1)(b) - Exemption

Under paragraph 992B(1)(b) of the Corporations Act 2001 ("the Act"), the Australian Securities and Investments Commission hereby exempts each financial services licensee that is a natural person ("the licensee") from subsection 989B(1) of the Act to the extent that it requires the licensee to include in a profit and loss statement any revenues and expenses that do not relate to a financial services business carried on by the licensee.

Dated this 22nd day of August 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.