Commonwealth legislation

ASIC Class Order [CO 98/67]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 order exempts certain charities (or their trustees) that issue securities from "disclosing entity" financial disclosure rules — but only if they already hold ASIC’s exemption from Chapter 5C managed investment scheme rules. “Charitable body” is broadly defined to include income-tax-exempt charities, organisations with tax-deductible donations, and bodies recognised for religious, educational, community or other charitable purposes. It prevents charities from facing corporate disclosure obligations designed for profit-making issuers, cutting compliance costs for fundraising.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 98/67].

ASIC Class Order [CO 98/67]

Australian Securities and Investments Commission

Corporations Law — Subsection 111AT — Exemption

Pursuant to section 111AT of the Corporations Law ("the Law") the Australian Securities and Investments Commission ("ASIC") hereby exempts from all disclosing entity provisions in so far as they relate to those securities each person who has been exempted by ASIC from compliance with Chapter 5C of the Law in relation to securities issued or proposed to be issued by a charitable body or the trustee of a charitable body.

Interpretation

For the purposes of this instrument:

"charitable body" means a person who is, or a body or fund which is:

(a) exempt from income tax by virtue of sections 50-5 or 50-30 of the Income Tax Assessment Act 1997 or provisions which correspond to them; or

(b) a person, body or fund to whom a gift is an allowable deduction for the purposes of calculating the taxable income of a person making the gift by virtue of section 30-15 Item 1 or 2 of the Income Tax Assessment Act 1997 or provisions which correspond to them; or

Dated the 10th day of July 1998

Signed by George Durbridge

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 98/67]