Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 926A(2)(c) — Variation
 
 
Enabling legislation
 
1.      The Australian Securities and Investments Commission makes this instrument under paragraph 926A(2)(c) of the Corporations Act 2001 (the Act).
 
Title
 
2.      This instrument is ASIC Class Order [CO 12/1295].
 
Commencement
 
3.      This instrument commences on the later of:
 
(a)           the date it is registered under the Legislative Instruments Act 2003; and
 
(b)          1 November 2012.
 
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/.
 
Variation
 
4.      ASIC Class Order [CO 11/1140] is varied by, in paragraph 4, in notional section 912AA of the Act:
 
(a)           in paragraph (5)(a) (introductory words), after “if subsection (7) applies”, inserting “or the licensee does not operate any registered schemes as a responsible entity”;
(b)          in subparagraph (5)(a)(ii), after “IDPSs”, inserting “(if any)”;
 
(c)           in subsection (7) (introductory words), after “operated by the licensee”, inserting “as a responsible entity”;
 
(d)          in subparagraph (7)(a)(i), after “$5 million NTA”, inserting “or a sub-custodian appointed by such a custodian”;
 
(e)           in paragraph (7)(c):
 
(i)        in subparagraph (iii), after “under paragraph (5)(a)”, inserting “or a sub-custodian appointed by such a custodian”;
(ii)               in subparagraph (iv), after “a custodian”, inserting “or a sub-custodian appointed by the custodian”;
 
(f)           in subparagraph (8)(a)(ii), omitting “subsection (7)” and substituting “it”;
 
(g)          in paragraph (8)(b), omitting “subsection (7)” and substituting “it”;
 
(h)          in subsection (11), in the definition of adjusted liabilities:
 
(i)        in paragraph (d) (introductory words), after “assets that are encumbered”, inserting “(other than assets that are encumbered merely to support a guarantee provided by the licensee)”;
 
(ii)       omitting paragraph (e) and substituting:
 
“(e)      plus the maximum potential liability of any guarantee provided by the licensee other than a:
 
(i)     guarantee limited to an amount recoverable out of any scheme property (and in the case of a scheme which is not registered, out of any contributions, money, property or income that would be scheme property if the scheme were registered) of a managed investment scheme operated by the licensee; or
 
(ii)   guarantee of the obligations of another member of a stapled group, except where the licensee is the responsible entity of a registered scheme that is not part of the stapled group.”;
 
(i)            in subsection (11), in the definition of average RE revenue:
 
(i)                 in paragraph (b) (introductory words), omitting “of operation of” and substituting “in which it is authorised to operate”;
 
(ii)               in paragraph (c) (introductory words), omitting “of operation of” and substituting “in which it is authorised to operate”;
 
(iii)             in subparagraph (c)(ii), after “second financial year” inserting “in which it is authorised to operate a registered scheme as a responsible entity”;
 
(j)            in subsection (11), in paragraph (g) of the definition of special custody assets, omitting “twice annually” and substituting “once every 6 months”;
 
(k)          in subsection (11), in the definition of stapled issuer, after “prescribed financial market”, inserting “or under the constitution of the entity or under the terms of issue”;
 
(l)            in subsection (11), in paragraph (c) of the definition of value of scheme property, after “any IDPS property”, inserting “not counted under paragraphs (a) or (b)”.
 
Dated this 25th day of September 2012
 
 
 
 
 
Signed by Stephen Yen PSM
as a delegate of the Australian Securities and Investments Commission