ASIC CLASS ORDER [CO 12/574]
EXPLANATORY STATEMENT
Prepared by the Australian Securities and Investments Commission
Corporations Act 2001
The Australian Securities and Investments Commission (ASIC) makes Class
Order [CO 12/574] under subsection 741(1) of the Corporations Act 2001 (the Act).
Subsection 741(1) provides that ASIC may make an order exempting a class of persons from a provision of Chapter 6D of the Act.
1. Background
Class Order [CO 00/184] Relief to facilitate offer of interests in registered schemes in New Zealand provides conditional relief from the disclosure obligations under Chapter 6D of the Act to Australian issuers of interests in managed investment schemes in New Zealand. The relief allows the issuers to act on application monies received from New Zealand investors which relate to a New Zealand investment statement which complies with New Zealand legislation.
2. Purpose of the class order
The purpose of this class order is to revoke a class order deemed no longer applicable.
The relief contained in Class Order [CO 00/184] applies to responsible entities of registered schemes in relation to Chapter 6D of the Act. This Chapter ceased applying in relation to interests in registered schemes in March 2004. The class order has not had any practical operation since that time.
3. Operation of the class order
This class order revokes Class Order [CO 00/184].
4. Statement of Compatibility with Human Rights
This statement is prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
This class order is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 because it does not engage any of the applicable rights or freedoms.
5. Consultation
ASIC did not undertake any specific consultation before making this class order because it is of a minor and machinery nature.