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CORPORATIONS ACT 2001 - SECT 1243

ASIC's power to make exemption and modification orders

             (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.



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