ASIC Class Order [CO 99/674]

Overview

The Australian Securities and Investments Commission (ASIC) enacted this legislative instrument to address a specific issue in the Corporations Law by making a variation to an existing class order. The variation pertains to ASIC Class Order 98/55, which has been amended to extend certain deadlines from 1 July 1999 to 1 July 2000. This legislative instrument was enacted to ensure that the necessary adjustments are made in response to changing circumstances or requirements, thereby maintaining the efficacy and relevance of the original legislative intent. This alteration was executed under the authority of subsection 109ZB(5) and paragraph 601QA(1)(a) of the Corporations Law, with the objective of facilitating compliance and maintaining regulatory standards in the corporate sector. The amendment was signed by Brendan Byrne, acting as a delegate for ASIC, on the 21st day of May 1999.

Scope and Application

The Australian Securities and Investments Commission Corporations Law, specifically under subsection 109ZB(5) and paragraph 601QA(1)(a), applies to the variation of ASIC Class Order 98/55. This legislation affects entities and individuals who are subject to the provisions of the ASIC Class Order 98/55, which likely pertains to corporate regulations, financial markets, or securities activities within Australia. The jurisdictional reach of this legislation is nationwide, impacting entities and conduct across the Commonwealth of Australia. The geographic and jurisdictional application of this Act ensures that it applies uniformly across all states and territories, thereby maintaining a consistent regulatory framework. However, the specific exclusions, exemptions, or thresholds are not explicitly stated in this particular legislative instrument. The application and interpretation of this Act may be further defined or extended through subordinate instruments, which provide additional rules or clarifications to the primary legislation.

Key Provisions

The key provisions of this legislative instrument involve specific amendments to an existing ASIC Class Order, which is a form of regulation issued by the Australian Securities and Investments Commission (ASIC). Under subsection 109ZB(5) and paragraph 601QA(1)(a) of the Corporations Law, the ASIC Class Order 98/55 is varied. The changes include the deletion of a full stop at the end of the first paragraph and replacing it with the phrase “until 1 July 2000” (subsection 109ZB(5)(a)). Furthermore, wherever the date “1 July 1999” appears in the Class Order, it is replaced with “1 July 2000” (subsection 109ZB(5)(b)). This modification extends the timeframe specified within the Class Order by one year. The obligations and requirements imposed by this variation on the parties or entities governed by the Class Order primarily involve adherence to the amended dates. Any references to the original date of 1 July 1999 must now be interpreted as 1 July 2000. This change impacts compliance requirements, reporting deadlines, and any other obligations tied to the date mentioned in the original Class Order. The entities subject to Class Order 98/55 must ensure that their practices, systems, and records reflect this updated date to remain compliant with the regulatory requirements. In terms of potential offences, penalties, or consequences for breach, the legislative instrument itself does not explicitly detail penalties. However, under the broader Corporations Law, failure to comply with ASIC Class Orders can result in significant civil and criminal penalties. Civil penalties may include fines up to a substantial amount as determined by the courts, while criminal penalties can result in fines and imprisonment. The exact penalties would depend on the specific nature and severity of the breach, as well as any additional provisions within the broader legal framework.