Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 951B(1)(a) — Exemption
 
Enabling legislation
1.       The Australian Securities and Investments Commission makes this instrument under paragraph 951B(1)(a) of the Corporations Act 2001 (the Act).
Title
2.       This instrument is ASIC Class Order [CO 07/447].
Commencement
3.       This instrument commences on 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, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.
Exemption
4.         A financial services licensee (the providing entity) or an authorised representative (the providing entity) of a financial service licensee does not have to comply with section 946C of the Act to the extent that it requires the providing entity to give a person (the client) a Statement of Advice any earlier than 30 days after providing personal advice (the urgent advice) relating to a superannuation product to the client.
5.         The exemption in paragraph 4 may only be relied on where all of the following apply:
(a)        before 1 July 2007, the client expressly instructs that they require the urgent advice to be provided immediately or before that date;
(b)        the urgent advice is provided before 1 July 2007; and
(c)        if the urgent advice is or includes a recommendation to acquire a financial product and section 1019B may apply to the acquisition—the providing entity gives the client in writing a statement:
(i)         explaining the nature of the rights that the client may have under section 1019B if they acquire the product; and
(ii)        indicating that the client may not receive a Statement of Advice in relation to the urgent advice until after those rights have expired.
Condition
6.         A providing entity that relies on the exemption in paragraph 4 must take all reasonable steps to give the client a Statement of Advice in relation to the urgent advice as soon as practicable.
Interpretation
7.         In this instrument:
authorised representative has the same meaning as in section 761A of the Act.
personal advice has the meaning given by subsection 766B(3) of the Act.
Statement of Advice has the same meaning as in section 761A of the Act.
 
Dated this 18th day of June 2007
 
 
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission