Commonwealth legislation

ASIC Class Order [CO 98/1805]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

4/10 complexity

This class order ensures that individual people—not just companies—can be held legally responsible when they act on behalf of a managed investment scheme (like a managed fund).

What it does:

It applies to responsible entities (the companies that operate managed funds) and members of compliance committees (people who monitor whether the fund follows the law)
It modifies liability rules so that when a law applies to a "body corporate" (a company), it also applies to any natural person (individual human) who acted in that company's capacity
This prevents individuals from avoiding personal liability by claiming they were merely acting as the company, not as themselves

Why it matters: Without this change, individuals acting for corporate entities might escape responsibility for misconduct. This ensures real people can be held accountable for their actions when managing other people's investments.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 98/1805].

ASIC Class Order [CO 98/1805]

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Australian Securities and Investments Commission

Corporations Law Paragraph 601QA(1)(b) - Declaration

Pursuant to paragraph 601QA(1)(b) of the Corporations Law ("the Law") the Australian Securities and Investments Commission hereby declares that Chapter 5C and Division 11 (second appearing) of Part 11.2 of the Law apply to a responsible entity of a registered scheme and a member of a compliance committee of a registered scheme as if section 1464 were modified or varied by the insertion of:

(a) ", or a natural person who acted in the capacity of the other of those bodies," after "bodies" second appearing; and

(b) "or as a natural person who acted in the capacity of that body," after "body".

Dated this 2nd day of October 1998

Signed by Brendan Byrne

as delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.