ASIC Corporations (Repeal and Transitional) Instrument 2017/186
About this compilation
Compilation No. 2
This is a compilation of ASIC Corporations (Repeal and Transitional) Instrument 2017/186 as in force on 1 April 2022. It includes any commenced amendment affecting the legislative instrument to that date.
This compilation was prepared by the Australian Securities and Investments Commission.
The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.
Contents
Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Schedules
5 Repeal of amending and repealing instruments
Schedule 1—Repeal
ASIC Class Order [CO 02/273]
Schedule 2—Savings
Transitional continuation of relief given by repealed ASIC Class Order
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (Repeal and Transitional) Instrument 2017/186.
3 Authority
This instrument is made under paragraphs 283GA(1)(a), 741(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Repeal of amending and repealing instruments
(1) The repeal of an instrument by section 4 does not affect any amendment to or repeal of another instrument (however described) made by the instrument.
(2) Subsection (1) does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies to the repeal of an instrument by section 4.
Schedule 1—Repeal
ASIC Class Order [CO 02/273]
1 The whole of the instrument
Repeal the instrument.
Schedule 2—Savings
Transitional continuation of relief given by repealed ASIC Class Order
1 Transitional relief
(1) An exemption specified in ASIC Class Order [CO 02/273] as in force immediately before its repeal, continues to apply by force of this item, in the circumstances specified in item 2 and in the circumstances and on the conditions specified in relation to the exemption.
(2) Subitem 1(1) has effect until 1 October 2022.
2 Where exemption applies
(1) From 1 April 2022, an exemption specified in subitem 1(1) applies to a person who was relying on an exemption specified in subitem 1(1) on 31 March 2022:
(a) until 2 May 2022; and
(b) after 2 May 2022, if the person has given ASIC a notice that complies with item 3 by 2 May 2022.
(2) From 1 April 2022, an exemption specified in subitem 1(1) applies to a person who was not relying on an exemption specified in
subitem 1(1) on 31 March 2022:
(a) who has given ASIC a notice that complies with item 4;
(b) from the date specified in the notice under subitem 4(c).
3 Continuing reliance notice
A notice under sub-subitem 2(1)(b) must set out in writing all of the following:
(a) the name of the person;
(b) each exemption specified in subitem 1(1) relied on;
(c) the date the person started to rely on the exemption.
4 Opt-in notice
A notice under sub-subitem 2(2)(b) must set out in writing all of the following:
(a) the name of the person;
(b) each exemption specified in subitem 1(1) to be relied on;
(c) the date the person will start to rely the exemption.
Endnotes
Endnote 1—Instrument history
Instrument number | Date of FRL registration | Date of commencement | Application, saving or transitional provisions |
2017/186 | 23/3/2017 (see F2017L00283) | 24/3/2017 | |
2019/216 | 20/3/2019 (see F2019L00325) | 21/3/2019 | - |
2022/0077 | 31/3/2022 (see F2022L00444) | 1/4/2022 | - |
Endnote 2—Amendment history
ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted
Provision affected | How affected |
Section 2 | rep. s48D LA |
Schedule 2 (subitem 1(2)) | rs. 2019/216 |
Schedule 2 | rs. 2022/0077 |
Overview
The ASIC Corporations (Repeal and Transitional) Instrument 2017/186 was enacted to facilitate the repeal of certain Australian Securities and Investments Commission (ASIC) Class Orders and provide transitional measures for entities affected by these repeals. This legislative instrument was made under the authority of the Corporations Act 2001 and aims to ensure a smooth transition for entities that were relying on the repealed provisions. The repealed instruments and their transitional continuations are detailed in the schedules of the instrument. The instrument includes provisions to allow entities that were relying on the repealed exemptions to continue to do so under certain conditions, ensuring that they have adequate time to adjust to the changes brought about by the repeals. This instrument was prepared by ASIC and includes notes on the amendment history and instrument history for reference.
Scope and Application
The ASIC Corporations (Repeal and Transitional) Instrument 2017/186 applies to individuals and entities that were previously subject to the repealed ASIC Class Order [CO 02/273], which is specifically mentioned in Schedule 1 of the instrument. This instrument outlines the transitional arrangements for the relief provided by the repealed class order. It provides a temporary continuation of the exemptions available under the repealed order to ensure a smooth transition for those who were relying on these exemptions prior to its repeal. The instrument is applicable nationally, as it is made under the authority of the Corporations Act 2001, which has a Commonwealth jurisdictional reach. The instrument specifies that the exemptions will apply until 1 October 2022, and sets out the conditions under which these exemptions can continue to be relied upon, including the requirement for individuals or entities to provide written notice to ASIC. This instrument does not include any explicit exclusions, but the exemptions only apply to those who were already relying on the repealed order or who opt-in by providing the required notice to ASIC.
Key Provisions
The ASIC Corporations (Repeal and Transitional) Instrument 2017/186, as amended, repeals certain instruments made by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001. It also provides transitional arrangements to allow continued reliance on certain exemptions that were in force prior to the repeal. The main sections of the instrument include the name of the legislative instrument (section 1), the authority under which it is made (section 3), a list of the schedules (section 4), and the repeal of amending and repealing instruments (section 5). Schedule 1 repeals ASIC Class Order [CO 02/273] in its entirety, while Schedule 2 provides for the transitional continuation of relief given by the repealed ASIC Class Order.
The Act imposes several obligations and requirements on the parties it governs. Firstly, it requires any person who was relying on an exemption specified in the repealed ASIC Class Order on 31 March 2022 to give ASIC a notice that complies with item 3 by 2 May 2022 if they wish to continue relying on the exemption. Secondly, it requires any person who was not relying on an exemption specified in the repealed ASIC Class Order on 31 March 2022 to give ASIC a notice that complies with item 4 if they wish to start relying on the exemption. The notices must set out the name of the person, each exemption relied on, and the date the person started or will start to rely on the exemption.
Failure to comply with the requirements of the Act may result in civil or criminal consequences, although no specific penalties are mentioned in the text. However, the maximum penalties for contraventions of the Corporations Act 2001 can be significant, with fines of up to $210,000 for individuals and $1,050,000 for bodies corporate, as well as imprisonment for up to five years for serious offences. Additionally, the Act may have other legal consequences, such as the loss of certain exemptions or relief that were previously available under the repealed ASIC Class Order. It is important for parties affected by the Act to ensure that they comply with its requirements to avoid any potential negative consequences.