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.

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.