Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 601QA(1)(a) and 911A(2)(l) — Variation
 
 
Enabling legislation
 
1.       The Australian Securities and Investments Commission makes this instrument under paragraphs 601QA(1)(a) and 911A(2)(l) of the Corporations Act 2001.
Title
2.       This instrument is ASIC Class Order [CO 10/177].

Commencement
 
3.       This instrument commences on the later of:
 
(a)      the date it is registered under the Legislative Instruments Act 2003; and
 
(b)     the date of its gazettal.
                       
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, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.
 
Variation
 
4.       ASIC Class Order [CO 08/1] is varied as follows:
 
(a)     in subparagraph 4(c) omit “paragraph (b).”, substitute “subparagraph (b).”;  
 
(b)     in paragraph 5:
 
(i)      in sub-subparagraph (a)(i) omit “a risk management scheme;”, substitute “the risk management scheme;”;
 
(ii)     omit subparagraph (aa), substitute:   
 
“(aa)  where the body is a financial services licensee or the authorised representative of such a licensee—the only persons who will be covered by the risk management product or issued an interest in the risk management scheme are officers or employees of the body or their relatives;”;
 
(c)     omit sub-subparagraph 6(a)(i), substitute:
 
“(i)     a payment from a person who is covered by the risk management product where:
 
(A)    the amount of the payment is separately identified in dollars from any other amounts payable by the person to the body to become or remain a member of the body in a written request for payment or written statement of the amount payable given by the body to the person; and
 
(B)     an equivalent amount is to be paid by the body to the issuer of the product;”;
 
(d)     in paragraph 10:
 
(i)      in subparagraph (b) omit “unless substantially similar cover applies or will apply for the period (or remainder of the period) represented to the person; and”, substitute:
 
“unless either:
 
(iii)     the risk management product has been issued to the person and the terms of the product require the issuer of the product to give the person notice, before cancellation or non-renewal of the product, that the product will be cancelled or not renewed; or      
 
(iv)     substantially similar cover applies or will apply for the period (or remainder of the period) represented to the person; and”;  
                
(ii)     in subparagraph (e):
 
(A)    omit sub-subparagraph (iii), substitute:
 
“(iii)   information about any amount payable by the person to obtain the cover under the product unless such an amount cannot be separately identified in dollars from any other amounts payable by the person to the body to become or remain a member of the body; and”;
 
(B)     in sub-subparagraph (v) before “a statement” insert “where the body is neither a financial services licensee nor the authorised representative of such a licensee—”;
 
(iii)     in subparagraph (f):
 
(A)    omit “(A)”, substitute “(i)”;
 
(B)     in sub-subparagraph (i) omit “30 June 2010;”, substitute “31 December 2010;”;
 
(C)    omit “(B)”, substitute “(ii)”;
 
(D)    in sub-subparagraph (ii) omit “30 June 2011.”, substitute “31 December 2011.”.
 
 
Dated this 28th day of June 2010
 
 
 
 
Signed by Stephen Yen PSM
as a delegate of the Australian Securities and Investments Commission