Commonwealth legislation

ASIC Class Order [CO 09/1063]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

What this does: This instrument tidies up Australia's financial disclosure rules by removing outdated regulatory documents that governed short selling (when investors sell shares they don't own, borrowing them first to bet on price falls).

Specific changes:

Revokes (cancels entirely) the previous Class Order [CO 08/751]
Varies (amends) Class Order [CO 08/764] by deleting paragraphs 5 through 9

Why it matters: When the Corporations Amendment (Short Selling) Act 2008 introduced new disclosure requirements for short selling, the old rules needed cleaning up to prevent overlap and confusion. This instrument removed those superseded provisions, ensuring stockbrokers and institutional investors had one clear set of disclosure obligations rather than conflicting old and new rules.

Who is affected: Financial services firms, stockbrokers, and fund managers who engage in short selling transactions, as this affects which exemptions and reporting requirements apply to their trading activities.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 09/1063].

ASIC Class Order [CO 09/1063]

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 1020F(1)(a) and (c) —
Revocation and Variation

Enabling legislation

The Australian Securities and Investments Commission makes this instrument under paragraphs 1020F(1)(a) and (c) of the Corporations Act 2001.

Title

This instrument is ASIC Class Order [CO 09/1063].

Commencement

This instrument commences on the later of:

(a) the date it is registered under the Legislative Instruments Act 2003; and

(b) the commencement of Schedule 3 to the Corporations Amendment (Short Selling) Act 2008.

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 http://www.frli.gov.au/.

Revocation

ASIC Class Order [CO 08/751] is revoked.

Variation

ASIC Class Order [CO 08/764] is varied by omitting paragraphs 5 to 9 (including all headings and subheadings).

Dated this 8th day of December 2009

Signed by Stephen Yen PSM
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 09/1063]