Australian Securities and Investments Commission
Corporations Act 2001 — Subsections 341(1) and 601CK(7) — Variations and Revocations
Enabling legislation
1. The Australian Securities and Investments Commission (ASIC) makes this instrument under subsections 341(1) and 601CK(7) of the Corporations Act 2001.
2. This instrument is ASIC Class Order [CO 07/505].
Commencement
3. This instrument commences on the later of:
(a) the date it is registered under the Legislative Instruments Act 2003; and
(b) the date of its gazettal.
Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
4. ASIC Class Order [CO 98/96] is varied as follows:
(a) in the heading, omit “CORPORATIONS LAW”, substitute “CORPORATIONS ACT 2001”;
(b) in the introductory words omit “Corporations Law”, substitute “Corporations Act 2001”;
(c) omit “Law”, substitute “Act” (wherever occurring other than in the heading);
(d) in paragraph (e) (introductory words) omit “Corporations Regulations, the Corporations (Fees) Regulations”, substitute “Corporations Regulations 2001, the Corporations (Fees) Regulations 2001”;
(e) in subparagraph (e)(i):
(i) omit “gross operating”; and
(ii) omit “$10 million”;”, substitute “$25 million, or any other amount prescribed by the regulations for the purposes of that paragraph”;”;
(f) in subparagraph (e)(ii):
(i) omit “gross operating”; and
(ii) omit “$10 million”, substitute “$25 million, or any other amount prescribed by the regulations for the purposes of paragraph (2)(a),”; and
(g) in paragraph (f) omit “company”, substitute “entity”.
5. ASIC Class Order [CO 98/98] is varied as follows:
(a) in the introductory words omit “ending on or after 1 July 1998”;
(b) in paragraph (b) omit “(including, in respect of a year ending on or before 30 September 1999, Form 384 as specified by ASIC for the purposes of Class Order 97/0565 or Class Order 97/2347)”;
(c) in subparagraph (b)(ii) omit “and” (second occurring);
(d) omit subparagraph (b)(iii), substitute:
“(iii) if the Relevant Financial Year ended between 28 June 2007 and 30 June 2007 (inclusive), within 4 months of the end of the Relevant Financial Year;
(iv) if the Relevant Financial Year ends between 1 July 2007 and 30 June 2008 (inclusive), by 31 October 2007; and
(v) otherwise, before the commencement of the Relevant Financial Year, but not more than three months before the commencement of the Relevant Financial Year,”; and
(e) under the heading “Interpretation”:
(i) before the definition of “combined” insert:
“For the purposes of paragraph (a) of this order, a resolution of the directors of the Company made for the purposes of this order as in force immediately before the commencement of ASIC Class Order
[CO 07/505] (the “amending order”) is taken to be a resolution made for the purposes of this order as amended by the amending order;”;
(ii) omit the definition of “gross operating revenue”;
(iii) in the definition of “large group”:
(A) omit paragraph (a), substitute:
“(a) the combined revenue of the group for the Relevant Financial Year is $25 million, or any other amount prescribed for the purposes of paragraph 45A(2)(a) of the Act, or more;”;
(B) in paragraph (b)—omit “$5 million”, substitute “$12.5 million, or any other amount prescribed for the purposes of paragraph 45A(2)(b) of the Act,”; and
(C) in paragraph (c)—omit “and”; and
(iv) after the definition of “large group” insert:
“ “revenue” means the revenue calculated in accordance with accounting standards in force at the end of the Relevant Financial Year as if all of the entities were reporting entities (even if a standard does not otherwise apply to some or all of the entities concerned in respect of that, or any financial year); and”.
ASIC Class Order [CO 02/1432]
6. ASIC Class Order [CO 02/1432] is varied, under the heading “Interpretation”, as follows:
(a) omit the definition of “gross operating revenue”;
(b) in the definition of “large” (in relation to the Company):
(i) omit paragraph (a), substitute:
“(a) the consolidated revenue of the Company for the Relevant Financial Year is $25 million, or any other amount prescribed for the purposes of paragraph 45A(2)(a) of the Act, or more;”; and
(ii) in paragraph (b)—omit “$5 million”, substitute “$12.5 million, or any other amount prescribed for the purposes of paragraph 45A(2)(b) of the Act,”;
(c) in the definition of “large group”:
(i) omit paragraph (a), substitute:
“(a) the combined revenue of the group for the Relevant Financial Year is $25 million, or any other amount prescribed for the purposes of paragraph 45A(2)(a) of the Act, or more;”; and
(ii) in paragraph (b)—omit “$5 million”, substitute “$12.5 million, or any other amount prescribed for the purposes of paragraph 45A(2)(b) of the Act,”;
(d) in the definition of “Relevant Financial Year” omit “and”; and
(e) after the definition of “Relevant Financial Year” insert:
“ “revenue” means the revenue calculated in accordance with accounting standards in force at the end of the Relevant Financial Year as if all of the entities were reporting entities (even if a standard does not otherwise apply to some or all of the entities concerned in respect of that, or any, financial year); and”.
Revocations
7. ASIC Class Orders [CO 05/83] and [CO 05/910] are revoked.
Dated this 10th day of July 2007
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission