Australian Securities and Investments Commission Class Order [Co 07/9] (Cth)

Australian Securities and Investments Commission

Corporations Act 2001 — Subsections 741(1) and 1020F(1) — Exemptions

Enabling legislation

1.         The Australian Securities and Investments Commission makes this instrument under subsections 741(1) and 1020F(1) of the Corporations Act 2001 (the Act).

Title

2.         This instrument is ASIC Class Order [CO 07/9].

Commencement

3.         This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note:       An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: ­see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at from Chapter 6D disclosure requirements

4. A person does not have to comply with Part 6D.2 or 6D.3 of the Act where the person offers securities for issue or sale under a compromise (the foreign compromise) or arrangement (the foreign arrangement) that is:

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

(b)       regulated by or under a law that is in force in or in a part of an eligible foreign country.

Exemption from Part 7.9 disclosure requirements

5. A person does not have to comply with section 1012A, 1012B or 1012C of the Act where the person makes a recommendation to acquire, issues or sells, makes an offer to issue or sell or makes an offer to arrange for the issue of, a financial product under:

(a) a compromise or arrangement under Part 5.1 of the Act approved at a meeting held as a result of an order under subsection 411(1) or (1A) of the Act; or

(b)        a foreign compromise or arrangement.

Interpretation

6.         In this instrument:

eligible foreign country means each of the following:

(a)     Hong Kong;

(b)     Malaysia;

(c)New Zealand;

(d)Singapore;

(e)South Africa;

(f)      United Kingdom.

issue, in paragraph 5, has a meaning affected by section 761E of the Act.

offer:

(a) in paragraph 4, has a meaning affected by section 700 of the Act;

(b) in paragraph 5, has a meaning affected by sections 1010C and 1011C of the Act.

sell, in paragraph 5, has a meaning affected by section 1010C of the Act.

Dated this 21st day of February 2007

Signed by Stephen Yen, PSM

as a delegate of the Australian Securities and Investments Commission