Australian Securities and Investments Commission Class Order [CO 11/576] (Cth)

ASIC Class Order [CO 11/576]

Shorter PDS regime for superannuation and simple managed investment schemes

This instrument has effect under s1020F(1)(c) of the Corporations Act 2001.

This compilation was prepared on 27 June 2011 taking into account amendments up to [CO 11/617]. 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 1020F(1)(c) — Declaration

Enabling legislation

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

Title

2.    This instrument is ASIC Class Order [CO 11/576].

Commencement

3.    This instrument commences on the later of:

(a)   the date it is registered under the Legislative Instruments Act 2003; and

(b)   22 June 2011.

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, section 4 (definition of register).  The FRLI may be accessed at

Declaration

4. Part 7.9 of the Act applies in relation to all persons as if the Corporations Amendment Regulations 2010 (No. 5) were modified or varied as follows:

(a)   omit subregulations 4(1) to (5), substitute:

“(1) The amendments made by Schedule 1 do not apply in relation to:

(a)   a Product Disclosure Statement prepared under the Corporations Act 2001 for:

(i)      a superannuation product; or

(ii)     a financial product that would be a simple managed investment scheme, within the meaning of the Corporations Regulations 2001 as amended by Schedule 1 if those amendments applied; and

(b)   a Supplementary Product Disclosure Statement prepared under that Act for that product;

unless and until subregulation (2) applies in relation to that financial product.

(2)   This subregulation applies in relation to a financial product from the earlier of:

(a)     the first occasion after 21 June 2011, a Product Disclosure Statement is given which:

(i)    covers the product; and

(ii) contains a statement to the effect that it is prepared in accordance with Subdivision 4.2B or 4.2C of Division 4 of Part 7.9 of the Corporations Regulations 2001 (as applicable); or

(b)     ASIC being given after 21 June 2011 a statement which is:

(i) to the effect that a Product Disclosure Statement covering the product has been prepared in accordance with Subdivision 4.2B or 4.2C of Division 4 of Part 7.9 of the Corporations Regulations 2001 (as applicable); and

(ii) made by or on behalf of the responsible person (within the meaning of subsection 1013A(3) of the Corporations Act 2001) for the Statement; and

(iii)  in written or electronic form.”; and

(b)   in item [17] of Schedule 1:

(i)    after subitem 2(4) of Schedule 10D insert:

“(4A) The Product Disclosure Statement may also advise the person reading the Statement that it is prepared in accordance with Subdivision 4.2B of Division 4 of Part 7.9 of the Corporations Regulations 2001.”; and

(ii)   after subitem 2(3) of Schedule 10E insert:

“(3A) The Product Disclosure Statement may also advise the person reading the Statement that it is prepared in accordance with Subdivision 4.2C of Division 4 of Part 7.9 of the Corporations Regulations 2001.”

Cessation

5.    This instrument ceases to apply on the earlier of:

(a) the commencement of any amendments of the Act or the Corporations Regulations 2001 that have the same or similar effect to the modifications or variations contained in this instrument; and

(b)   22 June 2012.

Notes to ASIC Class Order [CO 11/576]

Note 1

ASIC Class Order [CO 11/576] (in force under s1020F(1)(c) 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 FRLI registration	Date of commencement	Application, saving or transitional provisions
[CO 11/576]	21/6/2011 (see F2011L01092)	22/6/2011
[CO 11/617]	27/6/2011 (see F2011L01250)	27/6/2011	-

Table of Amendments

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

Provision affected	How affected
Subpara 4(a)................	am. [CO 11/617]
Subpara 4(b)...............	am. [CO 11/617]