ASIC CLASS ORDER [CO 06/6]
EXPLANATORY STATEMENT
Prepared by the Australian Securities and Investments Commission
Corporations Act 2001
Subsection 341(1) – Class Order
The Australian Securities and Investments Commission (ASIC) has made ASIC Class Order [CO 06/6] under subsection 341(1) of the Corporations Act 2001 (the Act).
Subsection 341(1) provides that ASIC may make an order providing relief from the financial reporting requirements of Part 2M.3 of Chapter 2M of the Act.
1. Background
Subsections 319(1) and 320(1) of the Act require disclosing entities to lodge their full and half financial year financial report, directors' report and auditor's report (the reports) with ASIC. Disclosing entities (NSX-listed disclosing entities) included in the official list of the licensed market operated by Stock Exchange of Newcastle Limited ACN 000 902 063 (NSX) are also required to lodge the same reports with NSX under NSX Listing Rules.
2. Purpose of the Class Order
ASIC Class Order [CO 06/6] has been made to avoid the need for NSX-listed disclosing entities to lodge the same reports with both ASIC and NSX.
3. Operation of the Class Order
The effect of ASIC Class Order [CO 06/6] is to exempt NSX-listed disclosing entities from the requirement to lodge the reports and associated prescribed forms with ASIC in certain circumstances. Those circumstances are that the reports must be lodged with NSX within the prescribed time for lodgment under the Act and there must be no fees payable to ASIC in relation to the lodgment of the reports.
This means that if an NSX-listed disclosing entity lodges a report with NSX outside the prescribed time for lodgment, the entity must also lodge the report directly with ASIC, together with the associated prescribed form and the prescribed late lodgment fee. This also means that the relief does not apply to lodgment of a full financial year report of an NSX-listed disclosing entity that is not a company or a registered scheme, as a lodgment fee is payable in respect of such reports.
4. Consultation
ASIC consulted NSX before making ASIC Class Order [CO 06/6]. Given the minor and technical nature of the relief and the fact that it corresponds with existing relief given in relation to the ASX-listed disclosing entities, broader consultation was not undertaken.