CHAPTER 8B
-
CORPORATE COLLECTIVE INVESTMENT VEHICLES
History
Ch 8B inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
PART 8B.9
-
SUBORDINATE LEGISLATION RELATING TO CCIVs
History
Pt 8B.9 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
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.
History
S 1243 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1243A
MODIFICATION BY REGULATIONS
1243A(1)
The regulations may modify the operation of this Chapter or any other provisions of this Act in relation to:
(a)
a specified CCIV; or
(b)
a specified class of CCIVs; or
(c)
all CCIVs; or
(d)
a specified class of sub-funds of CCIVs; or
(e)
all sub-funds of a specified class of CCIVs; or
(f)
all sub-funds of all CCIVs.
1243A(2)
Regulations made for the purposes of subsection
(1)
in relation 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.
History
S 1243A inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).