Australian Securities and Investments Commission Corporations (Amendment) Instrument 2022/0077 (Cth)

ASIC Corporations (Amendment) Instrument 2022/0077

I, Kate Metz, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    28 March 2022

Kate Metz

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

5    Repeal of amending instruments

Schedule 1—Amendments

ASIC Corporations (Repeal and Transitional) Instrument 2017/186

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2022/0077.

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 paragraphs 283GA(1)(a), 741(1)(a), 992B(1)(a) and 1020F(1)(a) 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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5        Repeal of amending instruments

(1)     The repeal of an instrument by section 4 does not affect any amendment to or repeal of another instrument (however described) made by the instrument.

(2) Subsection (1) does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies to the repeal of an instrument by section 4 of this instrument.

Schedule 1—Amendments

ASIC Corporations (Repeal and Transitional) Instrument 2017/186

1        Item 1, Schedule 2

Repeal the item, substitute:

1     Transitional relief

(1)     An exemption specified in ASIC Class Order [CO 02/273] as in force immediately before its repeal, continues to apply by force of this item, in the circumstances specified in item 2 and in the circumstances and on the conditions specified in relation to the exemption.

(2)     Subitem 1(1) has effect until 1 October 2022.

2     Where exemption applies

(1)     From 1 April 2022, an exemption specified in subitem 1(1) applies to a person who was relying on an exemption specified in subitem 1(1) on 31 March 2022:

(a)   until 2 May 2022; and

(b)   after 2 May 2022, if the person has given ASIC a notice that complies with item 3 by 2 May 2022.  

(2)     From 1 April 2022, an exemption specified in subitem 1(1) applies to a person who was not relying on an exemption specified in
subitem 1(1) on 31 March 2022:

(a)      who has given ASIC a notice that complies with item 4;

(b)      from the date specified in the notice under subitem 4(c).

3     Continuing reliance notice

A notice under sub-subitem 2(1)(b) must set out in writing all of the following:

(a)   the name of the person;

(b)   each exemption specified in subitem 1(1) relied on;

(c)   the date the person started to rely on the exemption.

4     Opt-in notice

A notice under sub-subitem 2(2)(b) must set out in writing all of the following:

(a)   the name of the person;

(b)   each exemption specified in subitem 1(1) to be relied on;

(c)   the date the person will start to rely the exemption.