Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.9 - SUBORDINATE LEGISLATION RELATING TO CCIVs  

SECTION 1243   ASIC ' S POWER TO MAKE EXEMPTION AND MODIFICATION ORDERS  

1243(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).

1243(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.

1243(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.

1243(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

1243(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

1243(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.

1243(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.

1243(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.

1243(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.