Australian Securities and Investments Commission Class Order [Co 04/665] (Cth)

Australian Securities and Investments Commission

Corporations Act 2001 - Subsection 341(1) - Variation

Under subsection 341(1) of the Corporations Act 2001 the Australian Securities and Investments Commission varies Class Order [CO 98/110] as follows:

1.         in the heading omit "LAW", substitute "ACT 2001";

2.         in the first paragraph (introductory words):

(a)    omit "Law" (first occurring), substitute "Corporations Act 2001 ("the Act")"; and

(b)   omit "Law" (second occurring), substitute "Act";

3.         in paragraph (a) (introductory words), omit "Law", substitute "Act";

4.         in subparagraph (a)(i) omit "Company", substitute "Entity";

5.         in first paragraph of the Schedule (introductory words) omit "Law", substitute "Act";

6.         omit subparagraphs (i) and (ii) of the Schedule, substitute:

"(i)      Paragraphs 4.10, 4.12 and 4.14 of AASB 1017 in respect of a loan regularly made, guaranteed or secured by a Bank other than a loan made, guaranteed or secured by a Bank to an AASB 1017 Director of the Entity or to an entity controlled or significantly influenced by such an AASB 1017 Director;

(ii)       Paragraphs 4.17, 4.18, 4.19, 6.2, 6.3, 6.4 and 6.5 of AASB 1017 in respect of a financial instrument transaction regularly made by a Bank (whether the Bank is a party to the financial instrument or not) where neither:

(A)        an AASB 1017 Director of the Entity; nor

(B)        an entity controlled or significantly influenced by such an AASB 1017 Director,

is a party to the transaction;

(iii)       Paragraphs 9.1 and 9.2 of AASB 1046 in respect of a loan regularly made, guaranteed or secured, directly or indirectly, by a Bank other than a loan made, guaranteed or secured, directly or indirectly, by a Bank to an AASB 1046 Director of the Entity or an executive of the Entity, or to an entity controlled or significantly influenced by such an AASB 1046 Director or executive; and

(iv)       Paragraph 10.1 and 10.2 of AASB 1046 in respect of a financial instrument transaction regularly made by a Bank (whether the Bank is a party to the financial instrument or not) where none of:

(A)       an AASB 1046 Director of the Entity; or

(B)       an executive of the Entity; or

(C)       an entity controlled or significantly influenced by such an AASB 1046 Director of the Entity or executive of the Entity,

is a party to the transaction."; and

7.         under the heading "DEFINITIONS":

(a)        after the definition of "AASB 1017", insert:

""AASB 1017 Director" has the same meaning as "director" in paragraph 9.1 of AASB 1017;

"AASB 1046" means accounting standard AASB 1046 "Director and Executive Disclosures by Disclosing Entities";

"AASB 1046 Director" has the same meaning as "director" in paragraph 12.1 of AASB 1046; ";

(b)omit the definition of "Director";

(c)        omit the definition of "director";

(d)        after the definition of "entity", insert:

""executive" has the same meaning as in paragraph 12.1 of AASB 1046;"; and

(e)        in the definition of "financial instrument transaction":

(i)          omit:

(A)       "paragraph 8.1 of AASB 1033 "Presentation and Disclosure of Financial Instruments or"; and

(B)       "(notice of which was given in the Commonwealth of Australia Gazette on 29 October 1999)"; and

(ii)omit "Company", substitute "Entity".

Dated this 15th day of July 2004

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission