ASIC (Amendment, Repeal and Transitional) Instrument 2017/839

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 22 September 2017

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Schedules

5 Definitions

Schedule 1—Amendments

ASIC Class Order [CO 13/1409]

ASIC Class Order [CO 13/1410]

Schedule 2—Repeals

ASIC Class Order [CO 03/1110]

ASIC Class Order [CO 03/1111]

ASIC Class Order [CO 03/1112]

Schedule 3—Savings

Transitional continuation of relief given by repealed ASIC Class Orders

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC (Amendment, Repeal and Transitional) Instrument 2017/839.

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 paragraphs 601QA(1)(a), 601QA(1)(b), 926A(2)(c), 992B(1)(a) and 992B(1)(c) of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 Definitions

In this instrument:

Act means the Corporations Act 2001.

Schedule 1—Amendments

ASIC Class Order [CO 13/1409]

1 Paragraph 4 (notional subparagraph 601FCAA(1)(a)(iii) of the Act)

Omit the notional subparagraph.

ASIC Class Order [CO 13/1410]

2 Paragraph 4 (notional paragraph 912AAC(3)(c) of the Act)

Omit the notional paragraph, substitute:

“(c)    the property is held under an arrangement in relation to which an exemption from paragraph 981B(1)(c) or 984B(1)(a) applies because of Schedule 3 to the ASIC (Amendment, Repeal and Transitional) Instrument 2017/839;

Note:  Schedule 3 to the ASIC (Amendment, Repeal and Transitional) Instrument 2017/839 continues in force the exemptions under ASIC Class Order [CO 03/1110] and ASIC Class Order [CO 03/1112] (as in force immediately before their repeal) until 30 September 2018.”.

Schedule 2—Repeals

ASIC Class Order [CO 03/1110]

1 The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/1111]

2 The whole of the instrument

Repeal the instrument.

ASIC Class Order [CO 03/1112]

3 The whole of the instrument

Repeal the instrument.

Schedule 3—Savings

Transitional continuation of relief given by repealed ASIC Class Orders

1 Transitional relief

(1) An exemption specified in ASIC Class Order [CO 03/1110] or ASIC Class Order [CO 03/1112] (each as in force immediately before its repeal) continues to apply by force of this item in the circumstances and on the conditions specified in relation to the exemption.

(2) A declaration specified in ASIC Class Order [CO 03/1112] (as in force immediately before its repeal) continues to apply by force of this item in the circumstances specified in relation to the declaration.

(3) Subitems (1) and (2) have effect until 30 September 2018.