EXPLANATORY STATEMENT for
ASIC CORPORATIONS (AMENDMENT) INSTRUMENT 2015/999
Prepared by the Australian Securities and Investments Commission
Corporations Act 2001
The Australian Securities and Investments Commission (ASIC) makes ASIC Corporations (Amendment) Instrument 2015/999 under subsections 283GA(1), 601QA(1), 741(1), 926A(2), 992B(1) and 1020F(1) and paragraph 911A(2)(l) of the Corporations Act 2001.
ASIC Corporations (Amendment) Instrument 2015/999 amends ASIC Class Order [CO14/1001] Employee incentive schemes: Unlisted bodies. Under subsection 33(3) of the Acts Interpretation Act 1901 (as in force as at 1 January 2005 and as applicable to the relevant powers because of section 5C of the Corporations Act 2001), where an Act confers a power to make, grant or issue any instrument (including rules, regulations or by-laws), the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument.
- Background
In October 2015, ASIC made ASIC Corporations (Amendment) Instrument 2015/943 which made minor amendments to [CO14/1001]. [CO14/1001] provides relief to unlisted bodies who operate an employee incentive scheme from the requirement to comply with a range of requirements and restrictions under the Corporations Act relating to disclosure, financial services licensing, managed investment schemes, advertising, hawking and on-sale of securities.
The explanatory statement to ASIC Corporations (Amendment) Instrument 2015/943 released in October 2015 provides further detail on the operation of that instrument. This explanatory statement sets out the purpose and operation of this additional amending instrument.
2. Purpose of the instrument
The purpose of ASIC Corporations (Amendment) Instrument 2015/999 is to remove a reference in [CO14/1001] to a listed company which was inadvertently inserted as a result of the operation of ASIC Corporations (Amendment) Instrument 2015/943. [CO14/1001] deals exclusively with unlisted companies and not listed companies.
3. Operation of the instrument
ASIC Corporations (Amendment) Instrument 2015/999 amends paragraph 28 of [CO14/1001] to refer to an unlisted body instead of a listed body.
4. Consultation
Consultation was not conducted in relation to ASIC Corporations (Amendment) Instrument 2015/999, because the amendment is minor and machinery in nature.