Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 341(1) — Order  
Enabling provision
  1.         The Australian Securities and Investments Commission (ASIC) makes this order under subsection 341(1) of the Corporations Act 2001 (the Act).  
Title
  2.         This order is ASIC Class Order [CO 05/642].  
Commencement
  3.         This order 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/.   Financial reporting relief where securities are stapled   4.         A company (the reporting group member), registered scheme (the reporting group member) or disclosing entity (the reporting group member) which is a stapled issuer does not have to comply with subsection 292(1), section 302 and subsection 314(1) of the Act in relation to a financial report (the relevant report) and a concise report (the relevant report) for a financial year (the relevant period) or half-year (the relevant period) to the extent that:   (a)        sections 295, 303 or subsection 314(2) of the Act prevent the inclusion in the relevant report of the single entity or consolidated financial statements and directors’ declaration of other entities (the other reporting group members) that are stapled issuers in the same stapled group as the reporting group member; and   (b)        section 297 or 305 of the Act requires:   (i)         where the reporting group member or one of the other reporting group members controls all other entities in the stapled group—the inclusion of combined financial statements covering all entities in the stapled group in the relevant report; and   (ii)        otherwise—the inclusion of combined financial statements covering all entities in the stapled group in the notes to the single entity or consolidated financial statements of the reporting group member for the relevant period.   Where relief is available   5.         This relief is available only where all of the following apply:   (a)        the other reporting group members but no other entities were stapled issuers in the same stapled group as the reporting group member at the end of the relevant period and at all times from the end of that period to the date on which the directors’ report required by subsection 298(1) or 306(1) is signed by the directors of the reporting group member;   (b)        all of the other reporting group members are required to prepare financial reports for the relevant period in accordance with Chapter 2M of the Act;   (c)        all of the other reporting group members rely on this order for the relevant period;   (d)        one of the following applies:   (i)         the single entity and consolidated financial statements of the reporting group member and all other reporting group members are presented in adjacent columns in the relevant report;   (ii)                financial statements are presented as follows in separate sections of the relevant report:   (A)       in the first section—the consolidated financial statements that cover all entities in the stapled group and the single entity financial statements of the reporting group member that controls all of the entities in the stapled group; and   (B)       in the second section in adjacent columns—all other single entity and consolidated financial statements of the reporting group member and all other reporting group members; or   (iii)       in the case of a financial report for a half-year or a concise report—one of the sets of financial statements permitted under subparagraphs (i) or (ii) (excluding any single entity financial statement that is not required under the accounting standard applicable to the report) is presented in adjacent columns in the relevant report where, if the set includes consolidated financial statements covering all of the entities in the stapled group, those financial statements are presented first;   (e)        the relevant report contains a summary of the effect of this order.   Transitional—years beginning before 1 January 2005
  6.         The relief in paragraph 4 applies in relation to a relevant period beginning before 1 January 2005 as if:   (a)        except where one of the reporting group members in the stapled group controls all other entities in the stapled group—the relief also permitted the inclusion in the relevant report for the period, of combined financial statements covering all entities in the stapled group;   (b)        subparagraph 5(d)(i) also required the presentation in the relevant report of any combined financial statements for the relevant period covering all entities in the stapled group in one of the adjacent columns;   (c)        subparagraph 5(d)(ii)(A) included an alternative permitting the presentation in the first section of the relevant report of combined financial statements for the relevant period covering all entities in the stapled group;    (d)        where combined financial statements are presented in the first section of the relevant report—subparagraph 5(d)(ii)(B) required the presentation of  the single entity and consolidated financial statements of the reporting group member and all other reporting group members;   (e)        the reference in subparagraph 5(d)(iii) to a set of financial statements permitted under subparagraphs 5(d)(i) or (ii) were a reference to a set of financial statements that would be permitted under that subparagraph as affected by this paragraph;   (f)         subparagraph 5(d)(iii) required any combined financial statements to be presented first; and   (g)        paragraph 5 included a requirement that the reporting group member and its officers give the directors and auditors of the other reporting group members such assistance, access to records, information and explanations as they reasonably require in order to form an opinion on any combined financial statements of the stapled group.  
Interpretation
  7.         In this order:   combined financial statements means in relation to two or more entities, financial statements covering the entities prepared in accordance with Urgent Issues Group Abstract 13 “The Presentation of the Financial Report of Entities Whose Securities are “Stapled””.   control has the same meaning as in accounting standard AASB 1024 “Consolidated Accounts” for financial years or half-years commencing before 1 January 2005 and has the same meaning as in accounting standard AASB 127 “Consolidated and Separate Financial Statements” for financial years or half-years commencing on or after that date.   stapled group means the group of entities consisting of:   (a)        a stapled issuer and each other stapled issuer a security of which under the terms on which it is traded on a prescribed financial market must be transferred with a security of the first-mentioned stapled issuer; and   (b)        all other entities controlled by the stapled issuers referred to in paragraph (a).   stapled issuer means an entity a security of which under the terms on which it is traded on a prescribed financial market, must be transferred together with a security of one or more other entities.     Dated this 29th day of July 2005         Signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission