Commonwealth legislation

ASIC Class Order [CO 04/899]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

ASIC has expanded the definition of senior manager for rules about fundraising and financial products.

What it does:

Changes who counts as a "senior manager" under Chapter 6D (fundraising) and Part 7.9 (financial product disclosure) of the Corporations Act
New definition: Anyone involved in managing a company, regardless of their job title or whether they are officially a director or secretary

Who it affects:

Companies raising money from investors
Businesses offering financial products
People who manage these entities but may not have "director" or "senior manager" in their job title

Why it matters: This prevents companies from avoiding legal responsibilities by using creative job titles. If you actually help run the company, you're now legally considered a "senior manager" for fundraising and disclosure laws—even if your business card says "Consultant" or "Advisor."

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 04/899].

ASIC Class Order [CO 04/899]

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Australian Securities and Investments Commission Corporations Act 2001 — Subsections 741(1) and 1020F(1) — Declaration

Under subsections 741(1) and 1020F(1) of the Corporations Act 2001 the Australian Securities and Investments Commission declares that Chapter 6D and Part 7.9 of the Act apply in relation to all persons as if the definition of senior manager in section 9 of the Act were modified or varied by omitting paragraph (a) and substituting:

“(a) in relation to a body—means a person who is concerned in, or takes part in, the management of the body (regardless of the person’s designation and whether or not the person is a director or secretary of the body)”.

Dated this 19th day of July 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.

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Australian Securities and Investments Commission Corporations Act 2001 — Subsections 741(1) and 1020F(1) — Declaration

Dated this 19th day of July 2004

Signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission