ASIC Corporations (Revocation and Repeal) Instrument 2016/475
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ASIC Corporations (Revocation and Repeal) Instrument 2016/475
I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Date 27 June 2016
Stephen Yen
Contents
1 Name of legislative instrument
Schedule 1—Revocation of approval
2004 auditing competency standard approval
2004 auditing competency standard approval
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (Revocation and Repeal) Instrument 2016/475.
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 subsection 1280A(4) of the Corporations Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Definitions
In this instrument:
2004 auditing competency standard means the Auditing Competency Standard for Registered Company Auditors issued by CPA Australia and the Institute of Chartered Accountants in Australia as at 24 November 2004.
Act means the Corporations Act 2001.
relevant applicant means a person who:
(a) as at commencement of this instrument has made an application under section 1279 of the Act for registration as an auditor; or
(b) between commencement of this instrument and 30 June 2017 makes an application under section 1279 of the Act for registration as an auditor.
Schedule 1—Revocation of approval
2004 auditing competency standard approval
1 Revocation of approval
The approval of the 2004 auditing competency standard made in ASIC Class Order [CO 14/784] for the purposes of paragraph 1280(2)(b) of the Act is revoked.
Schedule 2—Repeal
ASIC Class Order [CO 14/784]
1 The whole of the instrument
Repeal the instrument.
Schedule 3—Transitional
2004 auditing competency standard approval
1 Continuing effect of approval
The approval of the 2004 auditing competency standard made in ASIC Class Order [CO 14/784] continues to apply for the purposes of paragraph 1280(2)(b) of the Act, despite its revocation, in relation to a relevant applicant.
ASIC Class Order [CO 14/784]
2 The whole of the instrument
The instrument continues to apply, despite its repeal, in relation to a relevant applicant.