Commonwealth legislation

ASIC Class Order [CO 03/876]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

4/10 complexity

This Class Order lets related companies use a single Product Disclosure Statement when offering the same kind of non‑security financial products to the public. It affects corporate groups issuing managed funds, derivatives and similar products and—subject to specified conditions and required statements—reduces duplication, paperwork and costs while keeping investors informed.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/876].

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An offer to issue or to arrange the issue, an issue, or a recommendation to acquire by way of the issue, of a financial product where:

the Product Disclosure Statement that is given for that financial product also relates to at least one other financial product of another issuer;
each financial product to which the Statement relates (“product”) is of the same kind; and
each issuer of a product is a related body corporate of each other issuer of a product; and
either:

(a) the Statement states or implies that each of the products will be able to be traded on a financial market (whether in Australia or elsewhere); or

(b) the Statement does not state or imply that any product will be able to be so traded; and

the Statement includes a statement to the effect that the issuers are related bodies corporate and that they will remain related bodies corporate for so long as the products are being offered and issued under the Statement; and
the new product disclosure provisions apply to each of the products.

Note: A Product Disclosure Statement cannot relate to financial products that are securities : see section 1010A of the Act. Accordingly, this instrument does not affect the extent to which a Product Disclosure Statement may be combined with a disclosure document for an offer of securities.

Interpretation:

For the purposes of this instrument:

a financial product is of the same kind as another financial product if and only if both products are covered by the same paragraph of subsection 764A(1) of the Act, and that paragraph is not paragraph (a), (j) or (m); and
“new product disclosure provisions” has the meaning given by subsection 1438(2) of the Act.

Dated this 15th day of October 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.

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