Commonwealth legislation

ASIC Corporations (Repeal) Instrument 2017/273

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This instrument repeals four specified ASIC class orders, removing those class-based modifications and restoring the default Corporations Act requirements (s 4; Schedule 1). It takes effect on gazettal or registration (s 2) and is made under Corporations Act powers (s 3).

Entities that relied on the repealed class orders must now comply with the underlying Act or seek fresh relief, which may raise compliance costs and administrative steps. Subsection 5 preserves the effect of any prior amendments made by the repealed instruments (s 5).

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ASIC Corporations (Repeal) Instrument 2017/273

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Repeal) Instrument 2017/273

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 21 March 2017

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Schedules

5 Repeal of amending and repealing instruments

Schedule 1—Repeals

ASIC Class Order [CO 00/2460]

ASIC Class Order [CO 02/237]

ASIC Class Order [CO 02/315]

ASIC Class Order [CO 03/104]

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Repeal) Instrument 2017/273.

2 Commencement

This instrument commences on the later of:

(a) the day it is gazetted; and

(b) 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 subsections 601QA(1) and 1020F(1) and paragraph 911A(2)(1) of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in Schedule 1 to this instrument is repealed as set out in the applicable items in the Schedule.

5 Repeal of amending and repealing instruments

(1) The repeal of an instrument by section 4 does not affect any amendment to or repeal of another instrument (however described) made by the instrument.

(2) Subsection (1) does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies to the repeal of an instrument by section 4 of this instrument.

Schedule 1—Repeals

ASIC Class Order [CO 00/2460]

1 The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 02/237]

2 The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 02/315]

3 The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/104]

4 The whole of the instrument