Commonwealth legislation

ASIC Class Order [CO 05/27]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

3/10 complexity

This class order lets licensed financial advisers and their representatives omit certain fee, commission and conflict details from a Financial Services Guide (FSG) when that information is irrelevant to the services they actually intend to provide to you, or when those services are already exempt or you’re not a retail client. It reduces unnecessary, broad disclosures so clients get a focused FSG relevant to the advice sought.

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 05/27].

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.

Exemption

A person (the providing entity) who is a financial services licensee or an authorised representative of a financial services licensee does not have to comply with subsections 941A(1) and 941B(1) of the Act to the extent that those provisions require a Financial Services Guide (the FSG) given by the providing entity to another person (the client) to include information:

(a) that is required to be contained in the FSG only because of subregulations 7.7.04(2) and 7.7.07(2) of the Corporations Regulations 2001; and

(b) that:

(i) does not relate to a financial service that the providing entity reasonably believes will be, or is likely to be, provided to the client; or

(ii) relates only to a financial service in respect of which a Financial Services Guide would not be required to be given to the client:

(A) because of subsections 941C(2), (3) or (4) of the Act; or

(B) because the financial service would not be provided to the client as a retail client.

Interpretation

In this instrument:

authorised representative has the meaning given by section 761A of the Act.

Financial Services Guide has the meaning given by section 761A of the Act.

retail client has the meaning given by section 761G of the Act.

Dated this 26th day of April 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.

Commencement Commencement