Commonwealth legislation

ASIC Class Order [CO 12/418]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

This instrument acts as a temporary "bridge" to prevent a gap in financial regulation.

What it does:

Temporarily reinstates the declaration from an older ASIC instrument (CO 04/1055), freezing it exactly as it stood on the final day it could be legally registered
Maintains continuity until a replacement instrument (CO 12/417) commences
Automatic cutoff: The declaration stops having effect immediately before CO 12/417 starts

Why it matters: Without this stop-gap, businesses relying on the permissions or exemptions in CO 04/1055 would have been left in a regulatory "black hole" between the old rules ending and the new rules beginning. This ensures seamless coverage.

Key term explained:

Last lodgment day: The final deadline for registering the original instrument under the Legislative Instruments Act 2003.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 12/418].

ASIC Class Order [CO 12/418]

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 951B(1)(c) — Declaration

Enabling legislation

The Australian Securities and Investments Commission makes this instrument under paragraph 951B(1)(c) of the Corporations Act 2001 (the Act).

Title

This instrument is ASIC Class Order [CO 12/418].

Commencement

This instrument is taken to commence immediately after the last lodgment day for ASIC Class Order [CO 04/1055].

Declaration

ASIC makes the declaration set out in ASIC Class Order [CO 04/1055] 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 12/417].

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In this instrument, last lodgment day means, in relation to an instrument, the last day for lodging the instrument as originally made for registration under Division 3 of Part 4 of the Legislative Instruments Act 2003.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 12/418]