Commonwealth legislation

ASIC Class Order [CO 05/21]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 order fixes a technical reference in the Corporations Act about how financial services licensees (businesses licensed to provide financial advice or services) appoint their auditors.

What it does:

Changes a reference in section 990A from the general "section 327" to the specific "Subdivision A of Division 6 of Part 2M.4"
This ensures licensees follow the detailed rules about auditor appointments that apply to companies, rather than a broader, less precise provision

Why it matters: After corporate law reforms in 2004 (CLERP 9), the auditor appointment rules were reorganized into a specific subdivision (containing sections 327A–327F). This 2005 update ensures financial services licensees are subject to the correct, comprehensive appointment requirements—covering things like who can be appointed, how they must be appointed, and related procedural rules—rather than potentially falling through a cracks in the broader reference.

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 05/21].

ASIC Class Order [CO 05/21]

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 992B(1)(c) — Declaration

Enabling legislation

The Australian Securities and Investments Commission (ASIC) makes this declaration under paragraph 992B(1)(c) of the Corporations Act 2001 (the Act).

Title

This instrument is ASIC Class Order [CO 05/21].

Commencement

This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at www.frli.gov.au.

Clarification of requirement for the appointment of auditors by financial services licensees

Part 7.8 of the Act applies in relation to a financial services licensee as if section 990A of the Act were modified or varied by omitting “section 327” and substituting “Subdivision A of Division 6 of Part 2M.4”.

Dated this 14th day of January 2005

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.

1 ASIC Class Order [CO 05/21]