Commonwealth legislation

ASIC Class Order [CO 04/150]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 temporary rule (expired 31 Dec 2005) let financial services firms treat wholly‑owned subsidiaries of corporate professional investors as professional investors rather than retail clients. It removed usual retail protections for licensing, disclosure and restrictions on unsolicited offers/telephone sales, affecting how firms market and document products within corporate groups.

It matters because it extended a presumption of sophistication to those subsidiaries, reducing regulatory protections for them and lowering compliance costs for providers.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in ASIC Class Order [CO 04/150].

ASIC Class Order [CO 04/150]

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

Australian Securities and Investments Commission Corporations Act 2001- Subsections 926A(2), 951B1(1), 992B(1) and 1020F(1) - Declaration

Under subsections 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act

2001 (the Act) the Australian Securities and Investments Commission declares that

until 31 December 2005:

Parts 7.6 (other than Divisions 4 and 8), 7.7 and 7.9 of the Act apply to all persons as if paragraph 761G(7)(d) were modified or varied by omitting "investor." and substituting "investor or a wholly-owned subsidiary of a professional investor that is a body corporate."; and
Part 7.8 of the Act applies to all persons as if its provisions were modified or varied as follows:

(a) in subsection 992A(3A) omit "client.", substitute "client other than a retail client that is a wholly-owned subsidiary of a professional investor that is a body corporate,"; and

(b) in paragraph 992AA(2)(a) omit "client;" substitute "client other than a retail client that is a wholly-owned subsidiary of a professional investor that is a body corporate;".

Commencement

This instrument takes effect on gazettal.

Dated this 23rd day of February 2004

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.