Commonwealth legislation

ASIC Class Order [CO 98/1806]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 Class Order tightens conflict-of-interest rules in section 601JB of the Corporations Act for responsible entities and their compliance committee members who run registered managed investment schemes. It clarifies disclosure references and extends the rule to related bodies corporate, preventing conflicts being routed through parents, subsidiaries or affiliates. The change aims to better protect scheme investors by closing that loophole.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 98/1806].

ASIC Class Order [CO 98/1806]

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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 of the Law applies to a responsible entity of a registered scheme and a member of the compliance committee of a registered scheme as if:

(a) in subsection 601JB(3), "and paragraph 4(a)" were inserted after "2(a)"; and

(b) subsection 601JB(4) were modified or varied by the insertion of "or a related body corporate" after "responsible entity" wherever appearing.

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.