Commonwealth legislation

ASIC Class Order [CO 98/1807]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

6/10 complexity

ASIC’s 1998 class order permanently exempts certain private investment undertakings from registering as managed investment schemes under Chapter 5C. It applies only where interests were privately placed, not held as scheme property, every investor signs written consent to remain unregistered, and the manager files a confirming notice with ASIC — allowing small, wholesale or closely held funds to avoid Chapter 5C’s registration, disclosure and compliance burdens.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 98/1807].

ASIC Class Order [CO 98/1807]

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 the provisions of this Chapter within the meaning of that expression in section 601 QA of the Law apply to the management company and the trustee or representative of and the holders of prescribed interests in each of the undertakings in the class of undertakings referred to in the Schedule as if Division 11 (second appearing) of Part 11.2 of the Law were omitted.

SCHEDULE

An undertaking in relation to which:

(a) all holders of prescribed interests were issued all their interests by excluded issue; and

(b) none of the prescribed interests is held by a responsible entity of a registered scheme or its agent as scheme property, or held by a trustee or representative acting under an approved deed; and

(c) all holders of prescribed interests have agreed in writing that the undertaking should not required to be registered as a registered managed investment scheme or continue to be subject to the Law as in force immediately before the commencement of Chapter 5C of the Law; and

(d) the management company has lodged a notice stating that each of the matters described in paragraphs (a), (b) and (c) is satisfied with respect to the undertaking.

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.

1 ASIC Class Order [CO 98/1807]