Corporations Act 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.8 - EXEMPTIONS AND MODIFICATIONS  

SECTION 1217   ASIC ' S POWER TO MAKE EXEMPTIONS AND DECLARE MODIFICATIONS ETC. IN RELATION TO THIS CHAPTER  

Exemptions and declarations on application of this Chapter

1217(1)    
ASIC may:

(a) exempt an entity from a provision of this Chapter; or

(b) declare that this Chapter applies to an entity as if specified provisions were omitted, modified or varied as specified in the declaration.

1217(2)    
The exemption or declaration may:

(a) apply to all or specified provisions of this Chapter; and

(b) apply to all entities, a specified class of entities or a specified entity; and

(c) apply to all passport funds, a specified class of passport funds or a specified passport fund; and

(d) relate to any other matter generally or as specified.

Imposition of conditions on exemption

1217(3)    
An exemption may apply unconditionally or subject to specified conditions.

1217(4)    
An entity to whom a condition specified in an exemption applies must comply with the condition.

1217(5)    
The Court may order the entity 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 entities or passport funds

1217(6)    
An exemption or declaration that relates to all entities, a specified class of entities, all passport funds or a specified class of passport funds, must be made by legislative instrument.

Exemptions and declarations relating to specified entities or passport funds

1217(7)    
An exemption or declaration that relates to a specified entity or a specified passport fund must be made by notifiable instrument.

1217(8)    
ASIC must also:

(a) give a copy of an exemption or declaration that relates to a specified entity to the entity; and

(b) give a copy of an exemption or declaration that relates to a specified passport fund to the operator of the fund.

ASIC must do so as soon as is reasonably practicable after the exemption or declaration is made.

Definitions

1217(9)   
In this section:

provisions of this Chapter
include:

(a) regulations made for the purposes of this Chapter; and

(b) definitions in this Act or the regulations as they apply to references in:

(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter.

SECTION 1217A   ASIC ' S POWER TO MAKE EXEMPTIONS AND DECLARE MODIFICATIONS ETC. IN RELATION TO THE PASSPORT RULES  

Exemptions and declaration on Passport Rules

(1)    
ASIC may:

(a) exempt an entity from a provision of the Passport Rules for this jurisdiction; or

(b) declare that the Passport Rules for this jurisdiction apply to an entity as if specified provisions were omitted, modified or varied as specified in the declaration.

(2)    
The exemption or declaration may:

(a) apply to all or specified provisions of the Passport Rules for this jurisdiction; and

(b) apply to all entities, a specified class of entities or a specified entity; and

(c) apply to all passport funds, a specified class of passport funds or a specified passport fund; and

(d) relate to any other matter generally or as specified.

(3)    
However:

(a) ASIC may only give an exemption or make a declaration under subsection (1) in relation to an Australian passport fund if each host regulator for the fund has agreed to the exemption being given or the declaration being made; and

(b) ASIC may only give an exemption or make a declaration under subsection (1) in relation to a foreign passport fund if the home regulator for the fund has granted an equivalent exemption or made a similar omission, modification or variation of the Passport Rules for the home economy for the fund.

Imposition of conditions on exemption

(4)    
An exemption may apply unconditionally or subject to specified conditions.

(5)    
An entity to whom a condition specified in an exemption applies must comply with the condition.

(6)    
The Court may order the entity 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 entities or passport funds

(7)    
An exemption or declaration that relates to all entities, a specified class of entities, all passport funds or a specified class of passport funds, must be made by legislative instrument.

Exemptions and declarations relating to specified entities or passport funds

(8)    
An exemption or declaration that relates to a specified entity or a specified passport fund must be made by notifiable instrument.

(9)    
ASIC must also:

(a) give a copy of an exemption or declaration that relates to a specified entity to the entity; and

(b) give a copy of an exemption or declaration that relates to a specified passport fund to the operator of the fund.

ASIC must do so as soon as is reasonably practicable after the exemption or declaration is made.

SECTION 1217B  

1217B   EXEMPTIONS AND MODIFICATION BY REGULATIONS  

The regulations may:

(a)    exempt from all or specified provisions of the Corporations legislation (which includes this Chapter and the Passport Rules for this jurisdiction):

(i) a passport fund, all passport funds of a specified class or all passport funds; or

(ii) an entity, all entities of a specified class or all entities, in relation to a passport fund, all passport funds of a specified class or all passport funds;

(b)    provide that the Corporations legislation (which includes this Chapter and the Passport Rules for this jurisdiction) applies in relation to:

(i) a passport fund, all passport funds of a specified class or all passport funds; or

(ii) an entity, all entities of a specified class or all entities, in relation to a passport fund, all passport funds of a specified class or all passport funds;

as if specified provisions of the Corporations legislation were omitted, modified or varied as specified in the regulations.