ASIC Class Order [CO 13/1534]

Link to law: https://www.comlaw.gov.au/Details/F2013L02077

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 1020F(1) — Exemptions
 
Enabling legislation
 
1.       The Australian Securities and Investments Commission makes this instrument under subsection 1020F(1) of the Corporations Act 2001 (the Act).
 
Title
 
2.       This instrument is ASIC Class Order [CO 13/1534].
 
Commencement
 
3.       This instrument commences on the day it is registered under the Legislative Instruments Act 2003.
 
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, section 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.
 
First exemption
 
Deferral of amendments affecting PDS and periodic statement disclosure
 
4.       A trustee of a regulated superannuation fund (other than a self-managed superannuation fund) does not have to comply with regulations made for the purposes of:
 
(a)     Division 2 of Part 7.9 of the Act (Product Disclosure Statements); or
 
(b)     section 1017D of the Act (periodic statements);
 
to the extent those regulations were amended or made by items 7 to 68 and 70 to 86 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013.
 
5.       This first exemption only applies in relation to:
 
(a)     Product Disclosure Statements given before 1 July 2014; and
 
(b)     periodic statements given under section 1017D of the Act in relation to reporting periods ending before 1 July 2014.
 
Second Exemption
 
Latest product dashboard in periodic statement
 
6.       A trustee of a regulated superannuation fund (other than a self-managed superannuation fund) that is required to make publicly available a product dashboard for the investment option, under section 1017BA of the Act, does not have to comply with section 1017D of the Act to the extent that provision requires the trustee to comply with paragraph 7.9.20(1)(o) of the Corporations Regulations 2001.
 
7.       This second exemption only applies in relation to periodic statements given under section 1017D of the Act in relation to reporting periods ending before 1 January 2015.
 
Condition
 
8.       A trustee that is relying on the second exemption must include in, or in a document accompanying, the periodic statement:
 
(a)     a website address for the latest product dashboard for the investment option; and
 
(b)     a statement to the effect that the latest product dashboard for the investment option can be found at the website address.
 
Interpretation
 
9.       In this instrument:
 
regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
 
self-managed superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
 
 
 
 
Dated this 5th day of December 2013
 
 
 
Signed by Grant Moodie
as a delegate of the Australian Securities and Investments Commission