Australian Securities and Investments Commission Corporations (Amendment and Repeal) Instrument 2017/65 (Cth)

ASIC Corporations (Amendment and Repeal) Instrument 2017/65

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date                21 March 2017

Grant Moodie

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

5    Definitions

Schedule 1—Amendments

ASIC Class Order [CO 09/425]

ASIC Class Order [CO 11/272]

ASIC Class Order [CO 13/656]

ASIC Class Order [CO 13/760]

ASIC Class Order [CO 13/1410]

ASIC Class Order [CO 14/1252]

ASIC Corporations (Compromises or Arrangements) Instrument 2015/358

ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272

ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813

ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107

Schedule 2—Repeal

ASIC Class Order [CO 03/578]

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment and Repeal) Instrument 2017/65.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at Authority

This instrument is made under subsections 283GA(1), 601QA(1), 673(1), 741(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the applicable Schedule.

5        Definitions

In this instrument:

Act means the Corporations Act 2001.

Schedule 1—Amendments

ASIC Class Order [CO 09/425]

1        Subparagraph 14(a) (definition of custodian, subparagraphs (b)(iia) and (iib))

Repeal subparagraphs (b)(iia) and (iib), substitute:

(iia) Schedule 2 to the ASIC Corporations (Repeal and Transitional) Instrument 2016/396; or

(iib)   an instrument, not being a legislative instrument, made by ASIC and which applies to the person on terms similar to Schedule 2 of the legislative instrument referred to in subparagraph (iia) or any of the ASIC Class Orders repealed by that legislative instrument; or

ASIC Class Order [CO 11/272]

2        Paragraph 5 (notional subsection 609(10C) of the Act, definition of service provider, subparagraphs (b)(ii) and (iii))

Repeal subparagraphs (b)(ii) and (iii), substitute:

(ii) Schedule 2 to the ASIC Corporations (Repeal and Transitional) Instrument 2016/396; or

(iii)    an instrument, not being a legislative instrument, made by ASIC and which applies to the person on terms similar to Schedule 2 of the legislative instrument referred to in subparagraph (iia) or any of the ASIC Class Orders repealed by that legislative instrument;

ASIC Class Order [CO 13/656]

3        Subparagraph 4(a)

Before “making an offer”, insert “not”.

ASIC Class Order [CO 13/760]

4        Paragraph 4 (notional subsection 912AA(11) of the Act, definition of special custody assets, paragraph (e))

Omit “assig”, substitute “assign”.

ASIC Class Order [CO 13/1410]

5        Paragraph 5 (notional paragraph 912AAD(4)(a) of the Act)

Omit “financial services licensee or its associates”, substitute “sub-custodian or its associates”.

ASIC Class Order [CO 14/1252]

6        Sub-subparagraph 6(f)(ib)

Omit “not otherwise”, substitute “otherwise”.

7        Sub-subparagraph 8(b)(ii)

After “Statement”, insert “and”.

8        At the end of paragraph 8

Add:

Note:    Paragraphs 5 and 5D commenced on the commencement of ASIC Corporations (Amendment and Repeal) Instrument 2015/876. Paragraph 5CA commenced on the commencement of ASIC Corporations (Amendment) Instrument 2016/1224.

9        Subparagraph 8D(b)

Omit “statements”, substitute “each statement referred to in paragraph 8(b) in relation to the responsible person for the Statement has been”.

10      Subparagraph 8D(c)

Omit “manage”, substitute “managed”.

11      Paragraph 8B (the paragraph 8B inserted by item 21 of Schedule 1 to ASIC Corporations (Amendment and Repeal) Instrument 2015/876)

Repeal the paragraph.

ASIC Corporations (Compromises or Arrangements) Instrument 2015/358

12      Section 7

Before “Chapter 6D”, insert “(1)”.

13      At the end of section 7

Add:

(2) Part 7.9 of the Act applies in relation to a person making an unsolicited offer to purchase a financial product as if subparagraph 1019D(1)(d)(iii) were modified or varied by omitting “approved at a meeting held” and substituting “approved at a meeting held, or to be considered at a meeting to be held,”.

ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272

14      Sub-subparagraph 5(2)(a)(ii)(B)

Omit “ASIC Class Orders [CO 03/1099], [CO 03/1100], [CO 03/1101], [CO 03/1102], [CO 03/1103], [CO 04/829] or [CO 04/1313]”, substitute “ASIC Corporations (Repeal and Transitional) Instrument 2016/396”.

ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813

15      Section 4 (definition of retail client, paragraph (b))

Repeal the paragraph, substitute:

(b)     a debenture means a person to whom an offer of the debenture:

(i) needs disclosure to investors under Part 6D.2 of the Act; or

(ii) does not need disclosure to investors because of subsection 708(1) or 708(14) of the Act; or

(iii) does not need disclosure to investors because of an exemption made under paragraph 741(1)(a) of the Act.

Note: For example, a person will be a retail client if an offer of debentures to the person would need disclosure to investors under Part 6D.2 of the Act but for the exemption in paragraph 5(1)(b).

ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107

16      Section 4 (definition of interests not for money scheme, paragraph (b))

Repeal the paragraph, substitute:

(b)     in circumstances, other than because of this instrument, that do not require a Product Disclosure Statement to be given;

but does not include a scheme if all interests in the scheme have been issued in the circumstances referred to in paragraph (b).

Schedule 2—Repeal

ASIC Class Order [CO 03/578]

1        The whole of the instrument

Repeal the instrument.