Commonwealth legislation

ASIC Corporations (Repeal) Instrument 2016/391

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

What this does This instrument cancels a previous regulatory exemption (known as a "class order") issued by ASIC. Specifically, it repeals ASIC Class Order [CO 14/632], which had provided certain companies with relief from disclosing details about Key Management Personnel (KMP) remuneration (executive pay and benefits).

Who it affects Companies that were relying on Class Order [CO 14/632] to reduce their financial reporting obligations. Once this repeal takes effect, these entities must comply with the standard disclosure requirements in the Corporations Act 2001.

Why it matters The repeal removes the exemption, meaning affected companies must now provide full transparency about executive compensation in their financial reports. This ensures investors receive complete information about senior management remuneration.

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Current sections

Direct links to the current provisions in ASIC Corporations (Repeal) Instrument 2016/391.

ASIC Corporations (Repeal) Instrument 2016/391

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 title: Draft KMP repeal instrument

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Repeal) Instrument 2016/391

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 12 May 2016

Grant Moodie

Contents

Part 1—Preliminary

1 Name of legislative instrument

ASIC Class Order [CO 14/632]

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Repeal) Instrument 2016/391.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under section 341 of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule.

Schedule 1—Repeals

ASIC Class Order [CO 14/632]

1 The whole of the instrument

Repeal the instrument.

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 title: Draft KMP repeal instrument

ASIC Corporations (Repeal) Instrument 2016/391

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 12 May 2016

Grant Moodie

Contents

Part 1—Preliminary

1 Name of legislative instrument

ASIC Class Order [CO 14/632]

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Repeal) Instrument 2016/391.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under section 341 of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule.

Schedule 1—Repeals

ASIC Class Order [CO 14/632]

1 The whole of the instrument