ASIC Class Order [CO 06/441]

Administered by Department of the Treasury

Legislation au F2006L02124 Not in force Legislative Instrument

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Including different registered scheme financial reports in a single document

This instrument has effect under s341(1) of the Corporations Act 2001.

This compilation was prepared on 14 August 2014 taking into account amendments up to [CO 14/757]. 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 — Subsection 341(1) — Order and Revocation

Enabling provision

1. The Australian Securities and Investments Commission makes this order under subsection 341(1) of the Corporations Act 2001 (the Act).

Title

2. This order is ASIC Class Order [CO 06/441].

Commencement

3. This order commences on the date it is registered under the Legislative Instruments Act 2003.

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, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Relief enabling one financial report, directors’ report and auditor’s report for related schemes

4. A registered scheme (the relevant scheme) does not have to comply with subsection 292(1) and section 302 of the Act to the extent that sections 295, 303 or subsection 314(2) of the Act prevent the financial report for a financial year (the relevant period) or half-year (the relevant period) or concise report for a financial year including the single entity or consolidated financial statements, notes thereto and directors’ declaration of one or more registered schemes that are related to the relevant scheme.

5. This relief is available only where paragraphs 6 to 12 apply.

6. Each financial report of a registered scheme (an included scheme) that is included in the financial report for the relevant scheme is:

(a) a financial report for:

(i) the relevant period; or

(ii) another period of the same kind that ends no more than 6 months before or after the end of the relevant period; and

(b) audited by the same authorised audit company, audit firm or individual auditor.

7. The financial statements for the relevant scheme and each included scheme are presented in adjacent columns in the financial report for the relevant scheme. The heading to each column specifies the period covered by the statement that is presented in the column.

Note: The adjacent columns may span two or more consecutive pages.

8. In any concise report for the relevant scheme, the financial statements for the scheme and each included scheme are presented in adjacent columns. The heading to each column specifies the period covered by the financial statement that is presented in the column. If consolidated financial statements are presented for a scheme, the single entity financial statements for the scheme do not have to be presented.

Note: The adjacent columns may span two or more consecutive pages.

9. If an included scheme does not have the same responsible entity as the relevant scheme, the financial report contains:

(a) a prominent statement to the effect that only the responsible entity of a scheme takes responsibility for the financial report for the scheme; and

(b) a separate directors’ report from each responsible entity covering the schemes that the responsible entity operates; and

(c) a separate directors’ declaration from each responsible entity covering the schemes that the responsible entity operates.

10. Where a directors’ report covers more than one registered scheme, the information included in it is presented in a way that enables each scheme for which any aspect is relevant to be readily identified.

11. Where the directors’ declaration covers more than one registered scheme, each declaration required by subsection 295(4) or 303(4) of the Act (as relevant) is presented in a way that enables each scheme to which it relates to be readily identified.

12. The financial report for the relevant scheme includes statements indicating:

(a) the extent (if any) to which there are facilities in place for the proceeds of a withdrawal from the scheme to be applied to the acquisition of an interest in any included scheme; and

(b) whether further interests in the relevant scheme may be issued; and

(c) where further interests in the relevant scheme may be issued—whether the proceeds of a withdrawal from any included scheme can be applied to acquire an interest in the relevant scheme.

Note: The exemption in paragraph 4 enables certain financial reports to be presented in a single document. It does not otherwise affect the operation of Chapter 2M of the Act in relation to those reports. Each report must be prepared in accordance with that Chapter. This means, among other things, that:

(a) all the information that is required to be included in the director’s report must be presented in the single document; and

(b) the directors of each responsible entity must make a separate declaration under subsection 295(4) or 303(4) of the Act (as relevant) in relation to each scheme and this must be apparent from the declaration even if some of the text covers more than one scheme; and

(c) the auditor must form a separate opinion in relation to the financial report of each scheme as required by section 307 of the Act and perform the audit work necessary to form such an opinion.

In addition, the presentation of the financial reports in the single document must not be done in a way that results in any of the reports being misleading or deceptive.

Interpretation

13. For the purposes of this order:

(a) a registered scheme is related to another registered scheme if:

(i) the schemes have the same responsible entity; or

(ii) the responsible entities of the schemes are wholly beneficially owned by the same entity; and

(b) a period is of the same kind as another period if:

(i) both of the periods are financial years; or

(ii) both of the periods are half-years.

13A. For the purposes of determining whether the requirement in sub-paragraph 6(b) is satisfied, ignore any non-compliance with the requirement that results merely from any or all of the following:

(a) a person being an affected auditor (as defined in ASIC Class Order [CO 14/757]) rather than a registered company auditor;

(b) an act, matter or thing being done by an affected auditor rather than a registered company auditor;

(c) a company being an affected audit company (as defined in ASIC Class Order [CO 14/757]) rather than an authorised audit company;

(d) an act, matter or thing being done by an affected audit company rather than an authorised audit company.

Revocation

14. ASIC Class Order [CO 05/643] is revoked.

Notes to ASIC Class Order [CO 06/441]

Note 1

ASIC Class Order [CO 06/441] (in force under s341(1) 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 06/441]	29/6/2006 (see F2006L02124)	29/6/2006
[CO 14/757]	7/8/2014 (see F2014L01082)	7/8/2014	-

Table of Amendments

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

Provision affected	How affected
Para 13A.........	ad. [CO 14/757]

Overview

ASIC Class Order [CO 06/441], enacted in 2006, addresses the issue of the reporting requirements for related registered schemes by allowing their financial reports to be included in a single document. This legislative instrument is issued under section 341(1) of the Corporations Act 2001 and is overseen by the Australian Securities and Investments Commission (ASIC). The policy objective of this class order is to streamline the reporting process for related registered schemes while ensuring that the financial reports remain transparent, compliant, and non-misleading. The order provides relief from certain subsections of the Corporations Act, allowing for a consolidated financial report, provided that specific conditions are met, such as the financial reports being audited by the same entity and presented in adjacent columns within the same document. This approach aims to reduce administrative burden while maintaining the integrity and clarity of the financial information disclosed.

Scope and Application

The ASIC Class Order [CO 06/441] applies to registered schemes that are related and are subject to the provisions of the Corporations Act 2001. Specifically, this order allows for the consolidation of financial reports, directors' reports, and auditor's reports of related registered schemes into a single document, thereby providing relief from certain compliance requirements under the Act. The order is applicable to entities that meet the criteria set out in the order, such as having the same responsible entity or being wholly beneficially owned by the same entity, and having financial reports that are audited by the same authorised audit company, audit firm, or individual auditor. The order applies nationally as it is made under the authority of the Commonwealth of Australia and is registered on the Federal Register of Legislative Instruments. There are no specific exclusions or exemptions mentioned in the order itself, but compliance with other relevant provisions of the Corporations Act 2001 is still required. The order may be extended or restricted through subordinate instruments, such as the ASIC Class Order [CO 14/757] which was registered on 7 August 2014 and amended the original order to include provisions relating to affected auditors and audit companies.

Key Provisions

ASIC Class Order [CO 06/441] provides relief for registered schemes that are related, allowing them to include different financial reports in a single document. This relief is subject to compliance with several conditions detailed in sections 6 through 12 of the Class Order. Essentially, the financial reports of the related schemes must be for the same type of period (either both financial years or both half-years) and must be audited by the same auditor. Additionally, the financial statements of each scheme must be presented in adjacent columns within the consolidated report, with clear headings specifying the period covered by each statement. If the schemes do not share the same responsible entity, the report must include a prominent statement acknowledging that only the respective responsible entities are accountable for their own schemes, along with separate directors’ reports and declarations for each entity. The obligations imposed by the Class Order on the entities it governs include ensuring that the financial reports of related schemes are audited by the same auditor, presented in adjacent columns with clear period headings, and contain specific statements about the application of scheme proceeds and the issuance of new interests. Furthermore, if the schemes do not share the same responsible entity, separate directors’ reports and declarations must be included for each entity. All information required by the Corporations Act 2001 must still be included in the single document, and the auditor must form separate opinions for each scheme's financial report. Non-compliance with the provisions of ASIC Class Order [CO 06/441] can lead to significant consequences. While the Class Order itself does not specify particular offences or penalties, breaches of the underlying Corporations Act 2001 can result in civil or criminal penalties. For instance, providing misleading or deceptive financial reports can result in fines and imprisonment under the Act. Additionally, directors and officers may face personal liability for breaches of their statutory duties, including the duty to prepare financial reports that comply with the Act. The maximum penalties for such breaches can vary, with civil penalties potentially reaching into the millions of dollars for corporate entities and criminal penalties including substantial fines and imprisonment terms for individuals.

Area of Law: Corporate Law & Governance
Instrument: Legislative Instrument
Concepts: Definitions & Interpretation; Commencement Provisions; Regulatory Standards

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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