1ASIC Corporations (Synchronisation of Financial Years) Instrument 2016/189

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ASIC Corporations (Synchronisation of Financial Years) Instrument 2016/189

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

Date: 15 August 2016

 

 

Stephen Yen

 

Contents

Part 1—Preliminary

1 Name of order

2 Commencement

3 Authority

4 Definitions

Part 2—Order

5 Relief to enable synchronisation of financial year with that of a foreign parent

 

Part 1—Preliminary

1  Name of order

This is the ASIC Corporations (Synchronisation of Financial Years) Instrument 2016/189.

2  Commencement

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

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

3  Authority

This instrument is made under subsection 341(1) of the Corporations Act 2001.

4  Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Order

5  Relief to enable synchronisation of financial year with that of a foreign parent

(1) An entity that is a company, registered scheme or disclosing entity and a director of the entity do not have to comply with a requirement arising from or under Part 2M.3 of the Act to the extent that:

(a) apart from this order, the entity or director would not comply with the requirement; and

(b) the non-compliance would result merely from:

(i) the entity or director complying with the requirement in relation to a period that:

(A) is not a financial year of the entity within the meaning of section 323D of the Act; and

(B) is a financial year of the entity within the meaning of the law (foreign law) in the place of origin of a controlling entity (foreign parent) which was not incorporated or formed in Australia; or