ASIC CLASS ORDER [CO 07/862]

EXPLANATORY STATEMENT

Prepared by the Australian Securities and Investments Commission

Corporations Act 2001

Paragraphs 601QA(1)(a), 911A(2)(1), 1020F(1) and 1020F(1)(c) –

Exemptions and Declarations

The Australian Securities and Investments Commission (ASIC) makes Class Order [CO 07/862] Variation of Class Order CO 07/753 under s601QA(1)(a), 911A(2)(1), 1020F(1)(a) and 1020F(1)(c) of the Corporations Act 2001 (the Act).

Section 601AQ(1)(a) provides that ASIC may exempt a class of persons from the provisions of Ch 5C of the Act. Section 911A(2)(l) provides that ASIC may exempt a class of persons from the requirement to hold an Australian Financial Services Licence (AFS licence) under Pt 7.6 of the Act. Section 1020F(1)(a) provides that ASIC may exempt a class of persons from the provisions of Pt 7.9 of the Act, and s1020F(1)(c) provides that ASIC may declare that Pt 7.9 of the Act applies in relation to a class of persons as if provisions were omitted, modified or varied as specified in the declaration.

1. Background

[CO 07/862] is issued following application by the Monetary Authority of Singapore (MAS) to amend minor inaccurate references to Singaporean legislation in ASIC Class Order [CO 07/753] Singaporean collective investment schemes.

[CO 07/753] was issued in accordance with ASIC policy stated in RG 178 Foreign collective investment schemes.

2. Purpose of the class order

The purpose of [CO 07/862] is to amend minor anomalies in [CO 07/753]. 

3. Operation of the class order

[CO 07/862] amends [CO 07/753] as follows:

(a) in paragraph 9(g) of [CO 07/753], the reference to "section 240 of the Securities and Futures Act 2001 of Singapore" is changed to "section 296 of the Securities and Futures Act (Cap.289) of Singapore";

(b) in subparagraph 10(c)(i) of [CO 07/753], the reference to "Securities and Futures Act 2001 of Singapore" is changed to "Securities and Futures Act (Cap.289) of Singapore";

(c) under the heading "Interpretation" in [CO 07/753], the reference to "Securities and Futures Act 2001 of Singapore" in the definition of SF Act is changed to "Securities and Futures Act (Cap. 289) of Singapore";

(d) under the heading "Interpretation" in [CO 07/753], the reference to "section 240" in the definition of Singaporean prospectus is changed to "section 296".

4. Consultation

As [CO 07/862] is of a minor and machinery nature, consultation was not required.