Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies in relation to the following (the CCIV provisions ):
(a) Part 8B.2 (registration of CCIVs);
(b) Part 8B.3 (corporate governance of CCIVs);
(c) sections 1230J and 1230K (about redemptions for non - liquid sub - funds);
(d) Division 4 of Part 8B.4 (financial reports and audits of CCIVs);
(e) Division 9 of Part 8B.6 (deregistration and transfer of registration);
(f) Part 8B.7 (control, financial services and disclosure).
(2) ASIC may do either or both of the following:
(a) exempt from all or specified provisions of the CCIV provisions:
(i) a specified CCIV, a specified class of CCIVs or all CCIVs; or
(ii) a specified class of sub - funds of CCIVs, all sub - funds of a specified class of CCIVs, or all sub - funds of all CCIVs; or
(iii) a specified entity, a specified class of entities or all entities, in relation to a specified CCIV, a specified class of CCIVs or all CCIVs; or
(iv) a specified entity, a specified class of entities or all entities, in relation to a specified class of sub - funds of CCIVs, all sub - funds of a specified class of CCIVs, or all sub - funds of all CCIVs;
(b) declare that the CCIV provisions apply in relation to:
(i) a specified CCIV, a specified class of CCIVs or all CCIVs; or
(ii) a specified class of sub - funds of CCIVs, all sub - funds of a specified class of CCIVs, or all sub - funds of all CCIVs; or
(iii) a specified entity, a specified class of entities or all entities, in relation to a specified CCIV, a specified class of CCIVs or all CCIVs; or
(iv) a specified entity, a specified class of entities or all entities, in relation to a specified class of sub - funds of CCIVs, all sub - funds of a specified class of CCIVs, or all sub - funds of all CCIVs;
as if specified provisions were omitted, modified or varied as specified in the declaration.
(3) The exemption or declaration may:
(a) relate to a specified security, a specified class of securities or all securities; and
(b) relate to any other matter generally or as specified.
(4) An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
Exemptions and declarations relating to all or a class of persons
(5) An exemption or declaration must be made by legislative instrument if it relates to:
(a) all CCIVs, a specified class of CCIVs, or 2 or more specified CCIVs; or
(b) all sub - funds of all CCIVs, all sub - funds of a specified class of CCIVs, or a specified class of sub - funds of CCIVs; or
(c) all entities, a specified class of entities, or 2 or more specified entities.
Exemptions and declarations relating to specified persons
(6) Subject to subsection (5), an exemption or declaration must be made by notifiable instrument if it relates to a specified CCIV or specified entity.
(7) An exemption or declaration that relates to a specified CCIV may apply to the CCIV in respect of a specified sub - fund, a specified class of sub - funds or all sub - funds of the CCIV.
(8) An exemption or declaration that relates to a specified entity may apply to the entity in respect of a specified sub - fund, a specified class of sub - funds or all sub - funds of a specified CCIV.
(9) ASIC must also give a copy of an exemption or declaration
that relates to a specified CCIV or a specified entity to the CCIV or entity.
ASIC must do so as soon as is reasonably practicable after the exemption or
declaration is made.