Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.2 - REGISTRATION OF CCIVs  

Division 1 - Registering a CCIV  

Subdivision D - Retail CCIVs and wholesale CCIVs  

SECTION 1222L   NOTIFYING ASIC OF STATUS AS A RETAIL CCIV OR WHOLESALE CCIV  

1222L(1)    
For the purposes of paragraph 1222J(1)(b) , a CCIV is notified as a retail CCIV if:

(a)    the most recent notice lodged with ASIC under this section is a notice that the CCIV is, or wishes to be, a retail CCIV; or

(b)    both:

(i) the notice required by subsection 1222A(4) to be lodged with the application to register the CCIV stated that the CCIV was to be a retail CCIV; and

(ii) the CCIV has not lodged a notice with ASIC under this section stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.

1222L(2)    
Subject to this section, a CCIV may at any time:

(a)    lodge with ASIC a notice in the prescribed form stating that the CCIV is, or wishes to be, a retail CCIV; or

(b)    lodge with ASIC a notice in the prescribed form stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.

Note: A CCIV that lodges a notice under paragraph (2)(b) will be a retail CCIV despite the notice if it is not eligible to be a wholesale CCIV because it passes the retail CCIV test: see section 1222J . Lodging a notice under paragraph (2)(b) in this situation is an offence: see subsection (7) .

When a retail CCIV notice must be lodged

1222L(3)    
A CCIV must lodge a notice under paragraph (2)(a) if, because of the operation of paragraph 1222J(1)(a) (about the retail CCIV test), the CCIV becomes a retail CCIV.

1222L(4)    
A notice required by subsection (3) must be lodged within 2 business days of the CCIV becoming a retail CCIV.

1222L(5)    
An offence based on subsection (3) is an offence of strict liability.

1222L(6)    
In any proceedings against a person for an offence based on subsection (3) , it is a defence if at the relevant time the person did not know, and could not reasonably be expected to have known, that the CCIV satisfied the retail CCIV test.

Note: A defendant bears an evidential burden in relation to the matter in this subsection: see subsection 13.3(3) of the Criminal Code .

When a wholesale CCIV notice must not be lodged

1222L(7)    
A CCIV commits an offence if:

(a)    the CCIV lodges a notice under paragraph (2)(b) ; and

(b)    the CCIV satisfies the retail CCIV test.

1222L(8)    
An offence based on subsection (7) is an offence of strict liability.