Commonwealth legislation

ASIC Class Order [CO 03/826]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument exempts Australian financial services licence holders from the requirement in Regulation 7.8.19 to provide specific confirmation documents when handling buy/sell instructions for certain overseas trades. It applies where the client is a wholesale investor located outside Australia and the transaction occurs on a financial market operated outside Australia. It reduces paperwork and regulatory duplication for cross‑border dealings with large, sophisticated investors.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/826].

ASIC Class Order [CO 03/826]

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Australian Securities and Investments Commission Corporations Act 2001 — Paragraph 992B(1)(a) — Exemption

1. Under paragraph 992B(1)(a) of the Corporations Act 2001 (the Act), the Australian Securities and Investments Commission exempts a holder of an Australian financial services licence from Regulation 7.8.19 of the Corporations Regulations 2001 in relation to each instruction to deal in financial products received by the holder to which both of the following apply:

(a) the instruction is from or on behalf of a wholesale client who is not in this jurisdiction; and

(b) the instruction is for a dealing through a financial market that is not operated in this jurisdiction.

Interpretation

2. In this instrument, wholesale client has the meaning given by section 761G of the Act.

Dated this 26th 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.