ASIC Corporations (Amendment and Repeal) Instrument 2016/914
I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Date: 28 September 2016
Stephen Yen
Contents
Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Schedules
5 Repeal of amending and repealing instruments
Schedule 1—Amendments
ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73
Schedule 2—Repeals
ASIC Class Order [CO 98/106]
ASIC Class Order [CO 98/1417]
ASIC Class Order [CO 98/1418]
ASIC Class Order [CO 99/1225]
ASIC Class Order [CO 01/1256]
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (Amendment and Repeal) Instrument 2016/914.
2 Commencement
This instrument commences on the day 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 subsections 88B(3) and 341(1) 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Each instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 a Schedule to this instrument 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 this section.
Schedule 1—Amendments
ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73
1 Paragraph 5(a) (definition of “technical relief instrument”: table, item 5)
Omit the row, substitute:
5. | ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 | ASIC Class Order [CO 98/1418] (as in force as at the day immediately before the day the class order was repealed) |
Schedule 2—Repeals
ASIC Class Order [CO 98/106]
1 The whole of the instrument
Repeal the instrument.
ASIC Class Order [CO 98/1417]
2 The whole of the instrument
Repeal the instrument.
ASIC Class Order [CO 98/1418]
3 The whole of the instrument
Repeal the instrument.
ASIC Class Order [CO 99/1225]
4 The whole of the instrument
Repeal the instrument.
ASIC Class Order [CO 01/1256]
5 The whole of the instrument
Repeal the instrument.
Overview
The ASIC Corporations (Amendment and Repeal) Instrument 2016/914 was enacted to address gaps and technical issues in the existing regulatory framework concerning corporate entities in Australia. This legislative instrument was introduced by Stephen Yen PSM, a delegate of the Australian Securities and Investments Commission (ASIC), under the authority conferred by subsections 88B(3) and 341(1) of the Corporations Act 2001. The policy objective of this instrument was to streamline and modernise the regulatory environment by amending and repealing certain ASIC class orders that had become redundant or were no longer serving their intended purpose effectively. The instrument sought to ensure that the regulatory framework remained current and responsive to the evolving needs of the corporate sector while maintaining robust oversight and compliance standards.
Scope and Application
The ASIC Corporations (Amendment and Repeal) Instrument 2016/914 applies to the entities and instruments specified within its schedules. This legislative instrument amends the ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73 to redefine the term "technical relief instrument" and repeals several ASIC class orders, including CO 98/106, CO 98/1417, CO 98/1418, CO 99/1225, and CO 01/1256. The instrument operates within the Commonwealth jurisdiction, made under the Corporations Act 2001, and comes into effect upon registration on the Federal Register of Legislation. The repeal of the specified instruments by this legislation does not affect any prior amendments or repeals made by those instruments, although it does not limit the effect of section 7 of the Acts Interpretation Act 1901.
Key Provisions
The ASIC Corporations (Amendment and Repeal) Instrument 2016/914 primarily includes amendments to existing legislation and the repeal of certain class orders. Specifically, it amends the definition of "technical relief instrument" in the ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73 (Schedule 1, Item 1). The amendment involves omitting the existing definition and substituting a new one that references the ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 and the ASIC Class Order [CO 98/1418] as in force before its repeal. Furthermore, the instrument repeals several ASIC class orders, including CO 98/106, CO 98/1417, CO 98/1418, CO 99/1225, and CO 01/1256 (Schedule 2, Items 1-5).
Entities and parties governed by the affected class orders must ensure compliance with the changes introduced by the amendments and take note of the repealed instruments. They should review their practices and documentation to align with the updated definitions and requirements, particularly concerning wholly-owned companies. Failure to comply with the new provisions or continued adherence to repealed orders may result in regulatory scrutiny or penalties.
The instrument does not explicitly outline specific offences, penalties, or consequences for non-compliance within the text provided. However, breaches of the Corporations Act 2001, which governs corporate practices and activities, can result in civil or criminal penalties. These can include fines, imprisonment, or both, depending on the severity and nature of the breach. The maximum penalties can vary significantly, from fines up to $1.65 million for corporations and lesser amounts for individuals, to imprisonment terms extending up to five years, as per the specific provisions of the Corporations Act 2001. Parties are encouraged to consult the full text of the Act for detailed penalty provisions.