Commonwealth legislation

ASIC Corporations (Repeal) Instrument 2018/356

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Commonwealth

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legislative instrument

Plain English Summary

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This instrument repeals, in full, ASIC Class Order CO 14/829. It takes effect on the later of its gazettal and its registration on the Federal Register of Legislation and is made under specified provisions of the Corporations Act.

Organisations that relied on CO 14/829 lose that tailored relief and must comply with the default Corporations Act rules or obtain new exemptions; ASIC (through its delegate) decides the repeal and the immediate compliance costs fall on affected entities.

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ASIC Corporations (Repeal) Instrument 2018/356

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ASIC Corporations (Repeal) Instrument 2018/356

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

Date: 7 May 2018

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 14/829]

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Repeal) Instrument 2018/356.

2 Commencement

This instrument commences on the later of:

the date of its gazettal; 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 paragraphs 741(1)(b), 911A(2)(l) and 1020F(1)(c) and subsection 1075A(1) of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in the Schedule to this instrument is repealed as set out in the applicable items in the Schedule concerned.

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 14/829]

1 The whole of the instrument

Repeal the instrument.