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ASIC Class Order [CO 05/835]

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Australian Securities and Investments Commission Corporations Act — Paragraphs 911A(2)(l) and 951B(1)(a) — Exemptions  
Enabling legislation
  1.            The Australian Securities and Investments Commission grants the exemptions set out in this instrument under paragraphs 911A(2)(l) and 951B(1)(a) of the Corporations Act 2001 (the Act).  
Title
  2.            This instrument is ASIC Class Order [CO 05/835].  
Commencement
  3.            This instrument commences on the later of:   (a)     the date of its gazettal; 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, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
Exemption for unlicensed issuers providing general financial product advice on financial products in advertisements
4.            An issuer of a financial product or class of financial products does not have to hold an Australian financial services licence for providing financial product advice where all of the following apply:   (a)     the advice is only general advice in relation to the financial product or class of financial products;   (b)     the advice is in the form of advertising of the financial product or class of financial products:   (i)       on a billboard or a poster; or   (ii)       in the media;   (c)     the advertisement indicates that a person should consider whether or not the product or a product in the class of products is appropriate for the person.   Note: The advertisement may also need to comply with: (a)     in the case where the financial product or a financial product in the class is a security—subsection 734(5) or (6) of the Act; or (b)     in any other case—subsection 1018A(1) or (2) of the Act.
Exemption for licensed issuers providing general financial product advice in relation to securities in advertisements
5.            An issuer of securities that is a financial services licensee does not have to give a Financial Services Guide under subsection 941A(1) of the Act in relation to providing financial product advice where all of the following apply:   (a)          the advice is only general advice in relation to the securities;   (b)         the advice is in the form of advertising an offer or intended offer of the securities:   (i)       on a billboard or a poster; or   (ii)       in the media;   (c)          the offer or intended offer of the securities needs a disclosure document;   (d)         the advertisement indicates that a person should consider whether or not the securities are appropriate for the person.   Note:  The advertisement may also need to comply with subsections 734(5) or (6) of the Act.  
Interpretation
  6.           In this instrument:   financial product advice has the meaning given by section 766B of the Act.   general advice has the meaning given by subsection 766B(4) of the Act.   issuer has a meaning affected by subsection 761E(4) of the Act.   media has the meaning given by subregulation 7.6.01(7) of the Corporations Regulations 2001.   offer has a meaning affected by subsection 700(2) of the Act.   Dated this 31st day of August 2005         Signed by Stephen Yen PSM as a delegate of the Australian Securities and Investments Commission