ASIC Class Order [CO 02/1022]
Sydney Futures Exchange Limited — operation of managed discretionary accounts by associate participants
This instrument is made under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.
This compilation was prepared on 1 November 2005 taking into account amendments up to [CO 04/192].
Prepared by the Australian Securities and Investments Commission.
Australian Securities and Investments Commission
Corporations Act — Paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) — Exemption
Futures brokers licensees and AFSL holders — Schemes subject to Chapter 7
Under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001 (“the Act”), the Australian Securities and Investments Commission (“ASIC”) hereby exempts each person in the class of persons described in Schedule B (each an “ex-Associate Participant”) in the case described in Schedule C from sections 601ED, 992A and 992AA and Divisions 3 and 4 of Part 7.9 (other than section 1017F) of the Act, for so long as and on condition that the ex-Associate Participant:
(a) ensures that any advertisement or publication to which, but for this instrument, Division 4 of Part 7.9 of the Act would apply complies as far as practicable with the By-Laws and guidelines of SFE with respect to advertising by Participants as if the ex-Associate Participant were an Associate Participant; and
(b) lodges with ASIC a copy of each Product Disclosure Statement and Supplementary Product Disclosure Statement in relation to the Managed Discretionary Account before giving that document to a person in accordance with Division 2 of Part 7.9 of the Act.
SCHEDULE A
[repealed]
SCHEDULE B
A person:
1. who holds an Australian financial services licence; and
2. who was, on 30 September 2002, an “Associate Participant” of SFE within the meaning of its By-Laws.
SCHEDULE C
Where an ex-Associate Participant who operated a Managed Discretionary Account on 10 March 2004, before the earlier of 11 December 2004 or when the ex-Associate Participant lodges with ASIC a notice for the purposes of subparagraph 1.6(c) of Class Order [CO 04/194]:
1. operates a Managed Discretionary Account;
2. offers for issue or sale interests in a Managed Discretionary Account,
as far as practicable, in accordance with:
3. the By-Laws and guidelines of SFE as modified or varied as set out in Schedule D; and
4. any act done (for example, an approval or a determination) under those By-Laws or guidelines by the SFE or an organ of the SFE that would have been applicable to such operation, offer, issue or sale by the ex-Associate Participant had it occurred on 30 September 2002.
SCHEDULE D
1. A reference to an “Associate Participant” includes a reference to an ex-Associate Participant;
2. a reference to a “Registered Representative” is taken to be a reference to a person who was on 30 September 2002 a “Registered Representative” as defined in the By-Laws; and
3. a reference to the lodgment of documents (however described) with SFE is taken to be a reference to the lodgment of those documents with ASIC.
Commencement
This instrument takes effect on 1 October 2002.
Interpretation
In this instrument:
(a) “By-Laws” in relation to SFE, means the By-Laws of SFE as in force on 30 September 2002;
(b) “guidelines” in relation to SFE, means the guidelines of SFE as in force on 30 September 2002;
(c) “Managed Discretionary Account” has the same meaning as is given to it in the By-Laws;
(d) “old Corporations Act” has the same meaning as in subsection 1410(1) of the Act; and
(e) “SFE” means Sydney Futures Exchange Limited (ACN 000 943 377).
Notes to ASIC Class Order [CO 02/1022]
Note 1
ASIC Class Order [CO 02/1022] (in force under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) 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 making or FRLI registration | Date of commencement | Application, saving or transitional provisions |
[CO 02/1022] | 26/9/2002 | 26/9/2002 | - |
[CO 03/233] | 1/4/2003 | 1/4/2003 | - |
[CO 04/192] | 11/3/2004 | 11/3/2004 | - |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected | How affected |
Introductory para | am. [CO 04/192] |
Para ‘Futures brokers licensees and AFSL holders — Schemes subject to Chapter 6D’ | rep. [CO 04/192] |
Schedule A | rep. [CO 04/192] |
Schedule C | am. [CO 03/233]; [CO 04/192] |