Commonwealth legislation

ASIC Class Order [CO 12/416]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 acts as a temporary bridge to prevent a regulatory gap. It continues the effect of an older ASIC declaration (Class Order [CO 04/1030]) so that financial products or services relying on that declaration remain covered until a new instrument ([CO 12/415]) takes over.

Who it affects Financial product issuers and service providers who were relying on the 2004 class order for specific exemptions or modifications to disclosure requirements under the Corporations Act.

Why it matters Without this order, the protections or exemptions in the 2004 declaration would have expired before the replacement rules began, potentially leaving affected businesses in breach of disclosure requirements. The instrument automatically ceases once the replacement class order commences.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 12/416].

ASIC Class Order [CO 12/416]

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 1020F(1)(c) — Declaration

Enabling legislation

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

Title

This instrument is ASIC Class Order [CO 12/416].

Commencement

This instrument is taken to commence immediately after the last lodgment day for ASIC Class Order [CO 04/1030].

Declaration

ASIC makes the declaration set out in ASIC Class Order [CO 04/1030] as in force on the last lodgment day for that instrument.
Paragraph 4 ceases to have effect immediately before the commencement of ASIC Class Order [CO 12/415].

Interpretation

In this instrument, last lodgment day means, in relation to an instrument, the last day for lodging the instrument as originally made for registration under Division 3 of Part 4 of the Legislative Instruments Act 2003.

Dated this 26th day of April 2012

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 12/416]