Australian Securities and Investments Commission Class Order [Co 10/1219] (Cth)

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 951B(1)(c) and 1020F(1)(c) — Declarations

Enabling legislation

1. The Australian Securities and Investments Commission makes this instrument under paragraphs 951B(1)(c) and 1020F(1)(c) of the Corporations Act 2001 (the Act).

Title

2.       This instrument is ASIC Class Order [CO 10/1219].

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 Services Guides and Statements of Advice

4. Part 7.7 of the Act applies in relation to all persons as if section 940C were modified or varied as follows:

(a)     after subparagraph (1)(a)(ii) insert:

“(iia)     made available to the client, or the client’s agent, as agreed between the client, or the client’s agent, and the providing entity, by making it available on a website that is maintained by or on behalf of the providing entity and giving a notice, in printed or electronic form, to the client, or the client’s agent, that it is available on the website; or”;

(b)     after subsection (1) insert:

“(1A)   A notice in electronic form that a Statement of Advice is available on a website must not contain a hypertext link to the website.”

(c)     after subparagraph (2)(b)(ii) insert:

“(iia)     made available to the client, or the client’s agent, as agreed between the client, or the client’s agent, and the providing entity, by making it available on a website that is maintained by or on behalf of the providing entity and giving a notice, in printed or electronic form, to the client or the client’s agent that it is available on the website; or”;

(d)     after subsection (2) insert:

“(2A)   A notice in electronic form that information required to be given by subsection 946B(6) is available on a website must not contain a hypertext link to the website.”.

5. Part 7.7 of the Act applies in relation to all persons as if regulation 7.7.01 of the Corporations Regulations 2001 (the Regulations) were modified or varied by as follows:

(a)     in subregulation (2) omit “Financial Services Guide”, substitute “Financial Services Guide, a Supplementary Financial Services Guide”;

(b)     after subregulation (2) insert:

“(2A) Subregulation (2) does not apply to a Financial Services Guide, a Supplementary Financial Services Guide or a Statement of Advice that is made available to a person, or a person’s agent, in accordance with subparagraph 940C(1)(a)(iia) of the Act.”.

Product Disclosure Statements

6. Part 7.9 of the Act applies in relation to all persons as if subsection 1015C(1) were modified or varied as follows:

(a)     in subparagraph (a)(ii) omit “and”, substitute “or”; and

(b)     after subparagraph (a)(ii) insert:

“(iii)   made available to the person, or the person’s agent, as agreed between the person, or the person’s agent, and the responsible person, by making the Statement available on a website that is maintained by or on behalf of the responsible person and giving a notice, in printed or in electronic form, to the person or the person’s agent that it is available on the website; and”.

7. Part 7.9 of the Act applies in relation to all persons as if regulation 7.9.02A of the Regulations were modified or varied by, after subregulation (1), inserting:

“(1A) For the avoidance of doubt, subregulation (1) does not apply to a Statement that is made available to a person, or a person’s agent, in accordance with subparagraph 1015C(1)(a)(iii) of the Act.”.

Dated this 8th day of December 2010

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission