Australian Securities and Investments Commission Class Order [CO 03/606] (Cth)

Class Order [CO 03/606]

Financial product advice — exempt documents

This instrument has effect under s911A(2)(l)of the Corporations Act 2001.

This compilation was prepared on 23 June 2009 taking into account amendments up to [CO 09/69]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 911A(2)(l) — Exemption and Revocation

Under paragraph 911A(2)(l) of the Corporations Act 2001 (the “Act”), the Australian Securities and Investments Commission exempts a person from the requirement to hold an Australian financial services licence for the provision or giving of financial product advice where that advice is both:

(1)   general advice; and

(2)  contained in a document that is:

(a) of the following kind that is required by and prepared by the person as a result of a requirement of the Act or the Superannuation Industry (Supervision) Act 1993:

(i) a statement setting out information about a reduction in share capital of the kind referred to in subsection 256C(4) of the Act; or

(ii)     a statement setting out information about a share buy-back of the kind referred to in subsection 257C(2) or subsection 257D(2) or section 257G of the Act; or

(iii) a statement setting out information about financial assistance given by a company to a person to acquire shares of the kind referred to in subsection 260B(4) of the Act; or

(iv)    a financial report; or

(v) an explanatory statement about a compromise or arrangement of the kind referred to in section 412 of the Act or a draft of such a statement of the kind referred to in subsection 411(3) of the Act; or

(vi)    a bidder’s statement, a supplementary bidder’s statement, a target’s statement or a supplementary target’s statement; or

(vii) a document setting out information about a proposed acquisition of shares of the kind referred to in item 7 of the table in section 611 of the Act; or

(viii) a continuous disclosure notice; or

(ix)    a disclosure document; or

(x) a supplementary or replacement document of the kind referred to in section 719 of the Act; or

(xi) a document setting out information given to members of superannuation funds and others under Part 2 of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations); or

(xii)   a document setting out information about investment strategies of the kind referred to in paragraph 4.02(2)(b) or paragraph 4.02(5)(a) of the SIS Regulations; or

(b)   an explanatory statement (however described) about a compromise or arrangement:

(i)    between a foreign company and its members or any class of them; and

(ii)   that is regulated by or under a law that is in force in or in a part of one of the following:

(A)  Hong Kong;

(B)  Malaysia;

(C)  New Zealand;

(D)  Singapore;

(E)  South Africa;

(F)  United Kingdom;

where the statement has been prepared because it is required by or under the law; or

 (c) an offer document (however described) or a document responding to the offer document in relation to a transaction involving the acquisition of control or potential control of, or the acquisition of a substantial interest in:

(i)    an issuer of securities; or

(ii)   a managed investment scheme;

where the offer:

(iii)  is regulated by or under a law or other rules however described that:

(A)    apply to the acquisition of:

(I)        control or potential control of an entity; or

(II)      a substantial interest in an entity; and

 (B)   are in force or apply in or in a part of one of the following:

 (I)       Canada;

 (II)     France;

 (III)    Germany;

 (IV)    Hong Kong;

 (V)     Italy;

 (VI)    Japan;

 (VII)  Malaysia;

 (VIII) The Netherlands;

 (IX)    New Zealand;

 (X)     Singapore;

 (XI)    South Africa;

 (XII)  Switzerland;

 (XIII) United Kingdom;

 (XIV) United States of America; and

(iv)  involves offers being made to acquire all or some of the securities or interests in a managed investment scheme (as applicable) forming all or a part of the class or classes (bid class) of securities or interests being bid for, held by:

(A)    all holders of securities or interests in the bid class; or

(B)    all such holders other than the person making the offers, that person and their associates or any other person to whom, under the regulatory requirements applicable to the transaction, the offers do not have to be made,

where the document has been prepared because it is required by or under the law or the other rules.

Revocation

Under paragraph 911A(2)(l) of the Act, ASIC revokes Class Order [CO 03/175].

Interpretation

In this instrument “general advice” has the meaning given by subsection 766B(4) of the Act.

Notes to ASIC Class Order [CO 03/606]

Note 1

ASIC Class Order [CO 03/606] (in force under s911A(2)(l) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Instrument number	Date of making or FRLI registration	Date of commencement	Application, saving or transitional provisions
[CO 03/606]	17/7/2003 (see F2006B01158)	17/7/2003
[CO 03/733]	7/8/2003 (see F2006B01159)	7/8/2003	-
[CO 03/774]	8/9/2003 (see F2006B01160)	16/9/2003	-
[CO 07/43]	27/2/2007 (see F2007L00507)	27/2/2007	-
[CO 09/69]	18/6/2009 (see F2009L02437)	23/6/2009	-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected	How affected
Para 2..........................	rs. [CO 07/43]
am. [CO 09/69]
Para 2(b).....................	am. [CO 09/69]
Para 2(l)......................	am. [CO 03/774]
Para 3..........................	ad. [CO 09/69]
Interpretation...............	am. [CO 03/733]