Commonwealth legislation

ASIC Class Order [CO 12/574]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

This ASIC Class Order is regulatory housekeeping that cancels two outdated exemption orders (CO 00/184 and CO 04/1570) previously made under the Corporations Act 2001.

What it does:

Removes older exemptions that likely modified disclosure requirements (such as rules about prospectuses) or financial services licensing obligations
Made using ASIC's powers under section 741(1) (disclosure documents) and paragraph 911A(2)(l) (licensing exemptions)

Who it affects:

Any companies or financial service providers who were relying on the old exemptions to avoid standard compliance requirements

Why it matters:

Businesses previously sheltering under these old orders must now either comply with the full law or seek fresh regulatory relief
ASIC regularly reviews and revokes obsolete class orders to keep the regulatory framework current and reduce confusion from overlapping or outdated rules

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 12/574].

ASIC Class Order [CO 12/574]

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 741(1)
and Paragraph 911A(2)(l) — Revocation

Enabling legislation

The Australian Securities and Investments Commission makes this instrument under subsection 741(1) and paragraph 911A(2)(l) of the Corporations Act 2001.

Title

This instrument is ASIC Class Order [CO 12/574].

Commencement

This instrument commences on the later of:

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

(b) the date of its gazettal.

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, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Revocations

ASIC revokes the following class orders:

(a) ASIC Class Order [CO 00/184];

(b) ASIC Class Order [CO 04/1570].

Dated this 28th day of June 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 12/574]