ASIC Class Order [CO 99/90]

Administered by Department of the Treasury

Legislation au F2006B00368 Not in force Legislative Instrument

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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
SUBSECTION 341(1) CORPORATIONS LAW
CLASS ORDER AND REVOCATION

 

 

PURSUANT to subsection 341(1) of the Corporations Law ("the Law"), the AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ("ASIC") HEREBY MAKES AN THE FOLLOWING ORDERS:

 

First Order

 

To avoid any doubt, this order relieves each company, registered scheme and disclosing entity from sending the material required by section 314 of the Law to a member who has made an open-ended standing request in writing under ASC Class Order 97/1009 dated 9 July 1997, ASC Class Order 91/211 dated 15 April 1991 or a corresponding previous order ("the Short Form Report Orders") to be sent neither an Annual Report or Short Report (as defined in the Short Form Report Orders) and, since making that standing request, has not:

 

(a)                  withdrawn that request;

 

(b)                  requested that an Annual Report or Short Report (as defined in the Short Form Report Orders) be sent to that member; or

 

(c)                  requested any of the material required by section 314 of the Law to be sent to that member, whether or not pursuant to section 316 of the Law.

 

Second Order

 

This order varies ASIC Class Order 98/0100 dated 10 July 1998 by replacing "sections 295 to 300A and 302 to 306" with "sections 295 to 300A, 302 to 306 and 314" in the scope of relief.

 

Third Order

 

This order varies ASIC Class Order 98/0101 dated 10 July 1998 by inserting the words "concise reports or" after the words "a notice stating that the dispatch of".

 

Fourth Order

 

This order varies ASIC Class Order 98/0104 dated 10 July 1998 by replacing paragraph (a) with the following:

 

"(a)  the Entity gives to the Australian Stock Exchange Limited the reports for that financial year or half-year, being all of the reports required to be lodged with ASIC pursuant to ss.319 and 320 within the times specified in those sections; and"


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Fifth Order

 

This order varies ASIC Class Order 98/0105 dated 10 July 1998 by replacing the words "where the particulars of the relief given by this order are provided in the notes to the financial statements." at the end of the first paragraph with the following:

 

"where:

 

(a)                  the particulars of the relief given by this order are provided in the notes to the financial statements and in any concise financial report; and

 

(b)                  if a concise financial report is prepared, accounting standard AASB 1039 "Concise Financial Reports" is applied as if paragraph 5.2 were replaced by the following paragraph:

 

"5.2  Each financial statement must be presented as in the financial report, in accordance with current Accounting Standards (as modified by the application of any relief provided by the Australian Securities and Investments Commission pursuant to s.340 or s.341 of the Corporations Law), except for the omission of cross-references to notes to the financial statements in the financial report.""

 

Sixth Order

 

This order varies ASIC Class Order 98/0107 dated 10 July 1998 by:

 

(i)                   removing the word "and" at the end of paragraph (c);

 

(ii)                  removing the full-stop at the end of paragraph (d) and inserting a semi-colon; and

 

(iii)               inserting immediately after paragraph (d):

 

"(e)  if a concise financial report is prepared, accounting standard AASB 1039 "Concise Financial Reports" is applied as if paragraph 5.2 were replaced by the following paragraph:

 

"5.2  Each financial statement must be presented as in the financial report, in accordance with current Accounting Standards (as modified by the application of any relief provided by the Australian Securities and Investments Commission pursuant to s.340 or s.341 of the Corporations Law), except for the omission of cross-references to notes to the financial statements in the financial report."; and

 

(f)  any concise financial report for the accounting period includes the statement "ASIC Class Order 98/0107 has been applied in accounting for New South Wales workers compensation statutory funds managed by the entities in the economic entity." or a similar statement."


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Seventh Order

 

This order varies ASIC Class Order 98/0109 dated 10 July 1998 by:

 

(i)                   removing the word "and" at the end of paragraph (c);

 

(ii)                 removing the full-stop at the end of paragraph (d) and inserting a semi-colon; and

 

(iii)               inserting immediately after paragraph (d):

 

"(e)  if a concise financial report is prepared, accounting standard AASB 1039 "Concise Financial Reports" is applied as if paragraph 5.2 were replaced by the following paragraph:

 

"5.2  Each financial statement must be presented as in the financial report, in accordance with current Accounting Standards (as modified by the application of any relief provided by the Australian Securities and Investments Commission pursuant to s.340 or s.341 of the Corporations Law), except for the omission of cross-references to notes to the financial statements in the financial report."; and

 

(f)  any concise financial report for the accounting period includes the statement "ASIC Class Order 98/0109 has been applied in accounting for Victorian workers compensation statutory funds managed by the entities in the economic entity." or a similar statement."

 

Eighth Order

 

This order varies ASIC Class Order 98/0112 dated 10 July 1998 by:

 

(i)                   removing the word "and" at the end of paragraph (n);

 

(ii)                 replacing the full-stop at the end of paragraph (o) with a semi-colon;

 

(iii)               inserting immediately after paragraph (o):

 

"(p)  if a concise financial report is prepared, accounting standard AASB 1039 "Concise Financial Reports" is applied as if paragraph 5.2 were replaced by the following paragraph:

 

"5.2  Each financial statement must be presented as in the financial report, in accordance with current Accounting Standards (as modified by the application of any relief provided by the Australian Securities and Investments Commission pursuant to s.340 or s.341 of the Corporations Law), except for the omission of cross-references to notes to the financial statements in the financial report."; and


 (q)  any concise financial report for the Relevant Accounting Period includes the statement "Controlled life companies have been consolidated in accordance with relief provided by ASIC Class Order 98/0112." or a similar statement.";

 

(iv)               replacing paragraph 2 of Schedule B with the following paragraph with effect for financial years ending on or after 31 October 1998:

 

"2.  Paragraph 5.9 of accounting standard AASB 1016 "Accounting for Investments in Associates" ("AASB 1016") insofar as it applies to accounting in respect of the statutory funds of a controlled life company.";

 

(v)                  replacing all occurrences of "Proposed Revised AASB 1016" with "AASB 1016"; and

 

(vi)               removing paragraph 3 of Schedule B with effect for financial years ending on or after 30 June 1999.

 

Ninth Order

 

This order varies ASIC Class Order 98/1417 dated 13 August 1998 by replacing paragraph (a) in the exemptions at the start of the order with the following:

 

"(a)  the Company from compliance with subsections 301(1), 314(1)(a)(iii) and 314(2)(c); and".

 

PURSUANT to subsection 341(1) of the Corporations Law the AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION HEREBY REVOKES Class Order Number 98/0102 dated 10 July 1998 with effect for financial years ending on or after 30 June 1999.

 

Dated the 11th day of February 1999

 

 

 

Signed by George Durbridge

as a delegate of the Australian Securities and Investments Commission

Overview

This legislative instrument, F2006B00368, made by the Australian Securities and Investments Commission (ASIC) under subsection 341(1) of the Corporations Law, was enacted in 1999. The primary purpose of this instrument is to provide relief to companies, registered schemes, and disclosing entities from sending certain materials to members who have made an open-ended standing request to receive neither an Annual Report nor a Short Report, and who have not withdrawn or altered this request since making it. Additionally, it aims to modify various ASIC class orders to streamline the reporting process and enhance the clarity and conciseness of financial reports, particularly in relation to accounting standards for concise financial reports. The policy objective is to alleviate administrative burdens on entities while ensuring that necessary disclosures are still made in compliance with relevant accounting standards and Corporations Law provisions.

Scope and Application

The legislative instrument F2006B00368 pertains to the Australian Securities and Investments Commission (ASIC) and involves the making of various orders under the Corporations Law. This instrument applies to companies, registered schemes, and disclosing entities. The scope of the legislation involves modifying certain existing ASIC Class Orders, including Class Orders 97/1009, 91/211, 98/0100, 98/0101, 98/0104, 98/0105, 98/0107, 98/0109, and 98/0112, to provide relief in relation to the sending of Annual Reports or Short Reports to members who have made specific standing requests. The legislation also revokes Class Order 98/0102 effective for financial years ending on or after 30 June 1999. The changes involve adjustments to reporting requirements, particularly concerning concise financial reports and the application of accounting standards, and they are intended to provide relief to certain entities in their reporting obligations under the Corporations Law. The geographic reach of this legislation is national, as it pertains to entities operating under the Corporations Law in Australia. The legislative instrument does not explicitly state any exclusions or exemptions, but the relief provided is conditional on specific actions or inactions by the entities in question. The application of this legislation may be further extended or restricted through subordinate instruments as needed.

Key Provisions

The primary provisions of this legislative instrument are contained in the First to Ninth Orders, as well as the revocation of Class Order Number 98/0102. The First Order relieves companies, registered schemes, and disclosing entities from sending certain materials to members who have made an open-ended standing request not to receive annual or short reports. The subsequent Orders vary various ASIC Class Orders by modifying the scope of relief, inserting or replacing specific language, and applying accounting standards to concise financial reports. For instance, the Second Order expands the scope of relief to include section 314 of the Corporations Law, while the Seventh Order specifies the application of accounting standard AASB 1039 "Concise Financial Reports" with a particular modification to paragraph 5.2. Additionally, the Eighth Order modifies the accounting standard AASB 1016 "Accounting for Investments in Associates" in respect of statutory funds of a controlled life company, and the Ninth Order provides exemptions for certain companies from specified subsections. These provisions impose obligations on entities subject to the Corporations Law to ensure compliance with the varied Class Orders and to adhere to the modified accounting standards. Companies and other entities must ensure that they are aware of and have made any necessary adjustments to their reporting practices to comply with these Orders. This includes ensuring that concise financial reports, if prepared, comply with the specified modifications to AASB 1039 and AASB 1016. Additionally, the revocation of Class Order Number 98/0102 for financial years ending on or after 30 June 1999 means that entities must cease applying the provisions of that Order from that date. The legislative instrument does not explicitly detail offences or penalties for non-compliance with these provisions. However, non-compliance with the Corporations Law generally may result in enforcement actions by ASIC, including administrative penalties, court actions, and other regulatory measures. The penalties for breaches of the Corporations Law can be significant, including fines and imprisonment, depending on the nature and severity of the breach. The specific penalties would be determined in the context of any enforcement action taken by ASIC.

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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.