ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14

ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14

made under paragraph 1020F(1)(c) of the Corporations Act 2001.
 

Compilation No. 1

Compilation date: 1 August 2024

Includes amendments: F2024L00951

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14 that shows the text of the law as amended and in force on 1 August 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary..................................................4

1 Name of legislative instrument...........................................4

2 Commencement......................................................4

3 Authority............................................................4

4 Definitions..........................................................4

Part 2—Declaration..................................................5

5 Information required in a periodic statement................................5

Part 3—Repeal......................................................9

6 Repeal..............................................................9

Endnotes..........................................................10

Endnote 1—About the endnotes.............................................10

Endnote 2—Abbreviation key..............................................11

Endnote 3—Legislation history.............................................12

Endnote 4—Amendment history............................................13

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

ASX means ASX Limited ACN 008 624 691.

Cboe means Cboe Australia Pty Ltd ACN 129 584 667.

ETF (short for exchange traded fund) means a registered scheme or a sub-fund of a CCIV in relation to which all of the following are satisfied:

(a) interests in the scheme or sub-fund are in a class that is able to be traded on a financial market operated by ASX or Cboe, but the scheme or sub-fund is not listed on either of those markets;

(b) the responsible entity or CCIV has the power and approval to issue interests in that class on any day that those interests are able to be traded on the relevant financial market;

(c) the responsible entity or CCIV allows applications for, and redemptions of, interests in that class on any day that those interests are able to be traded on the relevant financial market.

interest in a sub-fund of a CCIV means a share in the CCIV that is referable to the sub-fund.

Part 2—Declaration

5 Information required in a periodic statement

Part 7.9 of the Act applies in relation to an interest in a registered scheme or a sub-fund of a CCIV that is:

(a) a quoted ED security; or

(b) an interest in an ETF;

Note:  Part 7.9 of the Act applies to a CCIV subject to the modifications set out in Division 4 of Part 8B.7: see section 1241 of the Act.

as if section 1017D were modified or varied as follows:

(c) after paragraph (5)(f), insert:

“(fa) if the financial product is a quoted ED security or an interest in an ETF (within the meaning of ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14), the address of a website on which information about the performance of the scheme or sub-fund relative to the investment objectives of the scheme or sub-fund is available for an holder to make an informed assessment of the performance of the scheme or sub-fund;”;

(d) after subsection (8) (as notionally inserted by regulation 7.9.16O of the Corporations Regulations 2001), insert:

“(8A) If the financial product is an interest in a registered scheme or a sub-fund of a CCIV that forms part of a stapled security, the periodic statement:

(a) despite section 1010A, must include the information required by subsections (4), (5) and (5A) as affected by regulations 7.9.16O, 7.9.60B, 7.9.74A and 7.9.75 of the Corporations Regulations 2001 (the Regulations)) and set out such information in the manner and using the terminology and descriptions required by subregulations 7.9.16O(2) and 7.9.60B(7) of the Regulations as if:

(i) costs, fees, amounts and other information required in relation to the product were required, and determined, in relation to the stapled security; and

(ii) costs, fees, amounts and other information required in relation to the scheme or sub-fund were required, and determined, in relation to the stapled security entities in aggregate; and

(iii) costs, fees and amounts paid or payable from a stapled security entity to another stapled security entity were ignored; and

(iv) the assets of each stapled security entity that is a body were held in a common fund for the holders of the stapled securities; and

(v) the statement required by paragraph 7.9.75(1)(c) of the Regulations need only be made in relation to those components of the stapled security for which there is a dispute resolution mechanism; and

(b) other than to the extent necessary to comply with paragraph (a), does not need to:

(i) include such information; or

(ii) set out such information in a particular manner; or

(iii) use the terminology or descriptions required by subregulations 7.9.16O(2) and 7.9.60B(7) of the Regulations;

in relation to the product.

(8B) This subsection applies in relation to a transfer of a financial product if:

(a) the product is an interest in a registered scheme or a sub-fund of a CCIV; and

(b) the holder acquired or disposed of interests in the scheme or sub-fund under the transfer during the reporting period; and

(c) the issuer is not aware of the price at which the interests were transferred or, if the product forms part of a stapled security, the price at which the stapled securities were transferred.

(8C) Despite subsections (4), (5), (5A) and (8A) and regulation 7.9.74A of the Regulations, if subsection (8B) applies in relation to a transfer of a financial product:

(a) the periodic statement does not need to include:

(i) the amount per interest or, if applicable, stapled security paid under the transfer, the total amount paid under the transfer or any other amounts in dollars in relation to the transfer; or

(ii) the information required by paragraph (5)(e) or by paragraph (8A)(a) as it applies to information required by paragraph (5)(e), provided that:

(A) the issuer is not able to calculate the return on investment during the reporting period; and

(B) the periodic statement explains why this information is not included and describes how it can be obtained or calculated; and

(b) the part of the periodic statement that itemises transactions must include:

(i) the date of the transfer and whether the holder acquired or disposed of interests or, if applicable, stapled securities under the transfer; and

(ii) the number of interests or stapled securities transferred; and

(iii) an explanation of why the price per interest or stapled security for the transfer and the total dollar value of the transfer have not been included.

(8D)  In this section:

interest in a sub-fund of a CCIV, means a share in the CCIV that is referable to the sub-fund.

stapled security means two or more financial products (which may include securities), including at least one interest in a registered scheme or sub-fund of a CCIV:

(a) that under the constitution of the registered scheme or CCIV must be transferred together; and

(b) where there are no financial products in the same class as those financial products which may be transferred separately; and

(c) where one or more of the financial products is a share of a body corporate, the body corporate has not issued any share that may be transferred separately; and

(d) where one or more of the financial products is an interest in a managed investment scheme or sub-fund, no interests in that scheme or sub-fund may be transferred separately.

stapled security entity means, in relation to a stapled security, the registered scheme or sub-fund and each other scheme or sub-fund or body, an interest in which, or a security of which, is a component of the stapled security.

Part 3—Repeal

6 Repeal

This instrument is repealed at the start of 1 April 2029.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history