Corporations Service Update: New ASIC Class Order added

New CO 12/543 relating to Australian Securities and Investments Commission Corporations Act 2001 – Subsection 741(1) – Variation is now available for subscribers to the Corporations Point-In-Time Service.

The purpose of Class Order 12/543 is to extend the minimum subscription requirement by a further six months given the release of the Australian Government discussion paper on developing the retail corporate bond market. The minimum subscription requirement will lapse on 12 November 2012 unless ASIC renews it.

The Order also has the purpose of ensuring that bodies who offer vanilla bonds under the modified disclosure rules refer in the prospectus to the current ASIC consumer website – MoneySmart – which has replaced the former FIDO website, so as to encourage retail investors to obtain a copy of the guide for investing in retail corporate bonds from the MoneySmart website.

 

Enabling Legislation: Corporations Act 2001 (No. 50): 741 (1)
Issued Date: 14 May 2012 Commencement Date: 14 May 2012   Subscribers can find more detail in the Explanatory Statement provided with the Order. If you are not a subscriber contact us to find out more about our products or apply for a free trial.