Corporations Service Update: Two New ASIC Class Orders added

New CO 12/415 relating to Australian Securities and Investments Commission Corporations Act 2001 — Paragraph 1020F(1)(c) — Declaration and New Co 12/417 relating to Australian Securities and Investments Commission Corporations Act 2001 — Paragraph 951B(1)(c) — Declarationis are now available for subscribers to the Corporations Point-In-Time Service.

The purpose of Class Order 12/415 is to prospectively reinstate the effect of the original class order. The purpose of the original class order and this class order is to allow in-use information to be provided to ASIC in a manner that reduces the administrative burden for the trustees of superannuation funds with large numbers of essentially identical products that would otherwise require the lodgement of a separate in-use notice for each product.

Enabling Legislation: Corporations Act 2001 (No. 50): 1020F(1)(c)
Issued Date: 2 May 2012 Commencement Date: 2 May 2012   The purpose of Class Order 12/417 is to prospectively reinstate the effect of the original class order. The purpose of the original class order and this class order is to reduce the potential for a significantly increased compliance burden in having to provide customised information in an FSG in a time critical situation, without reducing the level of information provided to retail clients to assist them to decide whether to acquire a financial service. Enabling Legislation: Corporations Act 2001 (No. 50): 951B(1)(c)
Issued Date: 2 May 2012 Commencement Date: 2 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.