ASIC Template (Amending or Repealing Legislative Instruments

Schedule 1—Amendments

ASIC Class Order [CO 13/762]

1 Subparagraph 6(c) (notional paragraph 1013DAB(8)(a))

Omit all the words after “accessible securities”, substitute:

“:

(i) for an acquisition of shares resulting from a CSF offer—subsection (8H) is satisfied; and

(ii) otherwise—subsection (8A) or (8E) is satisfied; and”.

2 Subparagraph 6(c) (after notional subsection 1013DAB(8G))

Insert:

“(8H) This subsection is satisfied if the responsible entity reasonably believes that:

(a) the member:

(i) has accessed the platform of a CSF intermediary containing the CSF offer document for the CSF offer and the responsible entity has no reason to believe the document is defective as at the time of the acquisition of the shares; and

(ii) has completed the acknowledgement that would be required under paragraph 738ZA(3)(b) if the member had applied as a retail client; and

(iii) was able to use the relevant communication facility for the CSF offer provided under subsection 738ZA(5); and

(iv) was able to withdraw the direction within 5 business days after it was made; and

(v) has not been provided with financial assistance in relation to the CSF offer by any of the following:

(A) a person referred to in subsection 738ZE(1); or

(B) the responsible entity; or

(vi) has not in total paid for, or become liable to pay for, or given directions under an IDPS, an IDPS-like scheme or a nominee and custody service for the acquisition of, shares under a CSF offer of the company making the CSF offer that together exceed the cap on investment in paragraph 738ZC(1)(b); or

(b) the member would have acquired the shares as a wholesale client if the member had acquired the shares directly under the CSF offer.”.

3 Subparagraph 6(c) (notional subsection 1013DAB(19), paragraph (b) of the definition of defective)

Omit “.”; substitute:

“; and

ASIC Class Order [CO 13/763]

4 Paragraph 6 (notional paragraph 912AD(26)(a))

Omit all the words after “accessible securities”, substitute:

“:

(i) for an acquisition of shares resulting from a CSF offer—subsection (26H) is satisfied; and

(ii) otherwise—subsection (26A) or (26E) is satisfied; and”.

5 Paragraph 6 (after notional subsection 912AD(26G))

Insert:

“(26H) This subsection is satisfied if the licensee reasonably believes that:

(a) the client:

(i) has accessed the platform of a CSF intermediary containing the CSF offer document for the CSF offer and the licensee has no reason to believe the document is defective as at the time of the acquisition of the shares; and

(ii) has completed the acknowledgement that would be required under paragraph 738ZA(3)(b) if the client had applied as a retail client; and

(iii) was able to use the relevant communication facility for the CSF offer provided under subsection 738ZA(5); and

(iv) was able to withdraw the direction within 5 business days after it was made; and

(v) has not been provided with financial assistance in relation to the CSF offer by:

(A) a person referred to in subsection 738ZE(1); or

(B) the licensee; or

(b) the client would have acquired the shares as a wholesale client if the client had acquired the shares directly under the CSF offer.”.

6 Paragraph 6 (notional subsection 912AD(42), paragraph (b) of the definition of defective)

Omit “.”; substitute:

“; and

ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156

7 Section 8 (notional subsection 912AE(3))

Omit all the words after “unless:”, substitute:

“(a) for an acquisition of shares resulting from a CSF offer—subsection (3A) is satisfied; and

(b) otherwise:

(i) both of the following are satisfied:

(A) the licensee reasonably believes that the client has been given a disclosure document for the accessible securities that would have been required had the accessible securities been offered to the client directly at the time of the acquisition of the accessible securities;

(B) the licensee has no reason to believe that the disclosure document is defective as if it were prepared at that time; or

(ii) the licensee reasonably believes that the accessible securities could lawfully have been offered and issued or sold, as the case may be, to the client directly without the client being required to be given a disclosure document other than because of subsection 708(1).”.

8 Section 8 (after notional subsection 912AE(3))

Insert:

“(3A) This subsection is satisfied if the licensee reasonably believes that:

(a) the client:

(ii) has completed the acknowledgement that would be required under paragraph 738ZA(3)(b) if the client had applied as a retail client; and

(iii) was able to use the relevant communication facility for the CSF offer provided under subsection 738ZA(5); and

(iv) was able to withdraw the direction within 5 business days after it was made; and

(v) has not been provided with financial assistance in relation to the CSF offer by:

(A) a person referred to in subsection 738ZE(1); or

(B) the licensee; or

(b) the client would have acquired the shares as a wholesale client if the client had acquired the shares directly under the CSF offer.”.

9 Section 8 (notional subsection 912AE(10), paragraph (b) of the definition of defective)

Omit “.”; substitute:

“; and