ASIC Class Order [CO 02/1322]

Overview

The Australian Securities and Investments CommissionCorporations Act 2001, enacted in 2001, is a comprehensive piece of legislation designed to regulate financial markets and financial services in Australia. This Act was introduced to address the need for a unified regulatory framework governing corporations, financial products and services, and consumer credit in Australia. Enacted by the Parliament of Australia, the Act aims to protect investors and consumers, and to ensure the integrity and efficiency of financial markets. In 2002, a legislative instrument was issued under this Act, F2006B01667, which varied ASIC Class Order [CO 02/314] by amending specific references to the year 2002 to 2003. This change was made by the Australian Securities and Investments Commission, a delegate of whom signed the instrument on 5 December 2002, reflecting the policy objective of ensuring that regulatory provisions remain current and applicable to the relevant fiscal year.

Scope and Application

The Australian Securities and Investments Commission (ASIC) has exercised its power under the Corporations Act 2001 to modify ASIC Class Order [CO 02/314], which pertains to the financial services industry. Specifically, this legislative instrument alters certain provisions by updating references from the year 2002 to 2003 within the second and third paragraphs of the mentioned class order. The amended class order now applies to financial services providers, including authorised financial institutions and representatives, operating within Australia, ensuring regulatory provisions remain current and effective. The alteration does not introduce new substantive requirements or expand the scope of the original class order but serves to update the temporal references within the specified text. This adjustment is a technical update to ensure regulatory compliance and clarity without imposing new obligations on the affected entities.

Key Provisions

The Australian Securities and Investments Commission (ASIC) has exercised its powers under the Corporations Act 2001 to amend ASIC Class Order [CO 02/314]. This variation involves the replacement of the number "2002" with the number "2003" in the second and third paragraphs of the Class Order (601QA(1)(a), 911A(2)(l), 922B(1)(a), 1020F(1)(a)). This alteration is made to ensure that the Class Order reflects the most current and relevant information, thereby maintaining its effectiveness and relevance. The obligations and requirements imposed by this variation on the entities governed by ASIC Class Order [CO 02/314] are to comply with the updated information as reflected in the Class Order. Specifically, the entities must now adhere to the revised numerical references within the second and third paragraphs, ensuring their practices and procedures align with the updated standards or guidelines provided in the Class Order. This amendment likely pertains to reporting, compliance, or operational procedures, and the entities are required to implement these changes as specified. Non-compliance with the provisions of the Corporations Act 2001 and the subsequent variations to ASIC Class Orders can result in various civil or criminal consequences. While the specific penalties for breach are not detailed in the text, it is important to note that under the Corporations Act, penalties for non-compliance can include substantial fines for companies and, in more severe cases, criminal charges for individuals responsible for the oversight of the compliance failures. The exact penalties would depend on the nature and severity of the breach, and may be outlined in other sections of the Act or related regulations.