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BFCSA: ASIC and more Class Orders Exemptions 2009. Is anyone watching what ASIC is doing and in whose interests?

Posted by on in Consumers Fight Back
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Government designs laws to protect Consumers of superannuation products.  ASIC then waters down the effect of those laws to help out Industry mates.  See Coonan announcement 2004 and then ASIC Class Orders and complex changes = dog's breakfast.  Which dodo gave ASIC these powers?


Helen Coonan

Minister for Revenue and Assistant Treasurer

26 November 2001 - 17 July 2004

Media Release of 21/06/2004   C053/04  21 June 2004 



The Government has successfully negotiated an agreement with the Australian Democrats to give employees the right to choose their own superannuation fund, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said following the Prime Minister’s announcement today.

“The Government announced its intentions to provide choice of funds to employees in 1996 but for eight years employees have been denied this basic right,” Senator Coonan said.

“Substantial national benefits will flow from the introduction of choice of funds. Choice of fund will increase competition and efficiency in the superannuation industry, leading to improved returns on superannuation savings and placing downward pressure on fund administration charges.

“Choice of Fund builds on the Government’s significant and far reaching reforms of the superannuation system. Backed by an education campaign, simple and effective fee disclosure and a push for improved financial literacy for consumers, Choice hands back control of their super savings to Australian workers.

“As part of the Choice of Fund legislation the Government will establish a five person advisory committee to formulate an education campaign for Choice and the Government will commit a further $2 million to a consumer information centre. This is on top of the $14 million already earmarked for education campaigns for the introduction of Choice.

“The Government will also regulate against super funds providing ‘kick backs’ to employers or unions and one of the Government’s regulatory watchdogs will monitor and report on super fees and charges for at least five years to allow the Government to assess the impact of the Choice of Fund legislation and the Government’s fee comparison and disclosure model.

“If an employee does not choose their own super fund, an employer will be required to pay super contributions into a fund that offers life insurance cover. The Government will consult with industry before prescribing the characteristics and minimum level of insurance in regulations.

“The standard choice form for employees will also include a strong and clear warning that employees should give serious consideration to the impact on their insurance arrangements of choosing a new fund.

“Lack of choice cements the current 'set and forget' mentality that many Australians have towards their retirement. Being involved in decisions about where their superannuation contributions are paid will encourage employees to start considering their retirement income goals sooner rather than later.

“I commend the Australian Democrats for agreeing to support this long denied right to employees. Legislation to give effect to the agreement is expected to receive passage in Parliament during the current sittings.”

C 04/671    Notation:  This class order was published in the Australian Securities and Investments Gazetts on 13 July 2004     Administered by Treasury$file/co09-465.pdf

ASIC Class Order [CO 09/465]
Variation of Class Orders [CO 04/671] and [CO 05/26]
Issued 15/6/2009
Registered on Federal Register of Legislative Instruments 18/6/2009
Effective 18/6/2009 (date of registration)
Related documents: [AD 09/110], [CO 09/425], [RG 125] and [REP 159]
Class Order [CO 09/465] varies other ASIC relief instruments (such as Class Order [CO 05/26] and Class Order [CO 04/671) to reflect our updated relief for share and interest purchase plans as contained in Class Order [CO 09/425] Share and interest purchase plans.
[CO 09/465] amends Class Order [CO 04/671] Disclosure for on-sale of securities and other financial products so that on-sale relief is available where shares or interests are issued without disclosure and in reliance on CO 09/425.
[CO 09/465] amends Class Order [CO 05/26] Constitutional provisions about the consideration to acquire interests so that responsible entities of managed investment schemes may set the price of interests to be issued under interest purchase plans on certain conditions.
This instrument has effect under s601QA(1), s741(1) and 1020F(1) of the Corporations Act 2001.
Prepared by the Australian Securities and Investments Commission. Australian Securities and Investments Commission
Corporations Act 2001 – Subsections 601QA(1), 741(1) and 1020F(1) – Variation
Enabling provisions
1. The Australian Securities and Investments Commission makes this instrument under subsections 601QA(1), 741(1) and 1020F(1) of the Corporations Act 2001.
2. This instrument is ASIC Class Order [CO 09/465].
3. This instrument commences:
© Australian Securities and Investments Commission June 2009

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(a) on the date it is registered under the Legislative Instruments Act 2003; or
(b) immediately after the commencement of ASIC Class Order [CO 09/425], whichever is later.
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
ASIC Class Order [CO 04/671]
4. ASIC Class Order [CO 04/671] is varied by, in Schedule D, in paragraph (1) of “Category 2: Share purchase plans and interest purchase plans” omitting “[CO 02/831] or [CO 02/832]; or” and substituting “[CO 02/831] [CO 02/832] or [CO 09/425]; or”. ASIC Class Order [CO 05/26]

5. ASIC Class Order [CO 05/26] is varied, in subparagraph 4(b), as follows:   [BIGGER DOG's BREAKFAST]

a) omit subsection 601GAA(4) (including the heading to that subsection), substitute: “Interest purchase plans
(4) The responsible entity may set the issue price of interests issued in accordance with ASIC Class Order [CO 09/425].”;
(b) in subsection 601GAA(9) omit “Subsections (2) to (5)”, substitute “Subsections (2), (3), (5)”;
(c) in paragraph 601GAA(9)(a) omit “(4)(a), (4)(d),”;
(d) in paragraph 601GAA(9)(aa) omit “market; and”, substitute “market.”;
(e) omit paragraph 601GAA(9)(b);
(f) omit subsection 601GAA(10) (not including the heading to that subsection); and
(g) in subsection 601GAA(12) omit “subsection (4) or (5)”, substitute “subsection (5)”.
© Australian Securities and Investments Commission June 2009


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Dated this 15th day of June 2009
Signed by John Price as a delegate of the Australian Securities and Investments Commission

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