ASIC Class Order [CO 12/794]

Link to law:

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 926A(2)(c) — Declaration
Enabling legislation
1.       The Australian Securities and Investments Commission makes this instrument under paragraph 926A(2)(c) of the Corporations Act 2001 (the Act).
2.       This instrument is ASIC Class Order [CO 12/794].
3.       This instrument commences on the later of:
(a)     1 July 2012; and
(b)     the date 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
4.       Part 7.6 of the Act (other than Divisions 4 and 8) applies in relation to a carbon unit, an Australian carbon credit unit or an eligible international emissions unit as if provisions of that Part were modified or varied as follows:
(a)     after subsection 911A(5D), insert:
“(5DA)  A person is exempt from subsections (5C) and (5D) if the person provides the financial service as representative of a person covered by paragraph (5C)(a) or (b).”;
(b)     omit paragraph 911B(1)(e), substitute:
“(e)   if the principal (rather than the provider) provided the service, the principal would not need an Australian financial services licence because:
(i)      the provision of the service would be exempt under subsection 911A(2); or
(ii)     the principal is a person covered by paragraph 911A(5C)(b).”.
5.       The declaration in paragraph 4 ends on the day mentioned in paragraph 911A(5B)(b) of the Act.
Note:   Subsections 911A(5B), (5C) and (5D) of the Act are notionally inserted into the Act by regulation 7.6.02AGA of the Corporations Regulations 2001.
Dated this 22nd day of June 2012
Signed by Stephen Yen PSM
as a delegate of the Australian Securities and Investments Commission