Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 02/0151]

Authoritative Version
CO 02/0151 Orders/ASIC Class Orders as made
This Class Order gives class exemption from certain fundraising, debenture and licensing requirements of the Corporations Act 2001 for school enrolment deposits. This ASIC Class Order also gives exemption from the requirements of the Corporations Act for the operation of managed investment schemes involving school enrolment deposits. This Class Order also revokes ASIC Class Order [CO 00/232].
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 19/02/2002.
Registered 14 Feb 2007
Gazetted 19 Feb 2002
Date of repeal 29 Sep 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/819
Table of contents.

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 283GA(1)(a), 601QA (1)(a), 741(1)(a), 911A(2)(l), 992B(1)(a) and 1020F(1)(a) — Revocation and Exemption

 

1.         Under paragraphs 283GA(1)(a), 601QA(1)(a) and 741(1)(a) of the Corporations Act 2001 (the “Act”), the Australian Securities and Investments Commission (“ASIC”) hereby revokes Class Order [00/232].

 

2.         Under paragraphs 283GA(1)(a), 601QA(1)(a), 741(1)(a), 992B(1)(a) and 1020F(1)(a) of the Act, ASIC hereby exempts the class of persons mentioned in Schedule A in the case mentioned in Schedule B from Chapters 2L, 5C and 6D, sections 992A and 992AA and Part 7.9 of the Act.

 

3.         Under paragraph 911A(2)(l) of the Act, ASIC hereby exempts all persons from the requirement to hold an Australian financial services licence for the provision of financial services in relation to the financial products referred to in Schedule B.

 

 

SCHEDULE A

 

A person who conducts an establishment (“school”) in which children are given formal primary or secondary education, and the officers, employees and agents of the school.

 

SCHEDULE B

 

Any of the following:

 

(a)        a deposit of money with a school or with a person conducting a school;

 

(b)       the operation of a managed investment scheme by a school or by a person conducting a school;

 

(c)        the making of offers to receive deposits of money or to issue or arrange the issue of interests in a scheme, and the issue of such interests;

 

(d)       the issue of forms of application in relation to such deposits or interests; and

 

(e)        a recommendation to acquire any financial product mentioned above,

 

where:

 

(e)        the making of the deposit or the subscription for an interest in the managed investment scheme is required as a condition of the enrolment of a child in the school; and

 

(f)         each interest in the deposit or managed investment scheme is merely incidental to that enrolment.

 

Commencement

This instrument takes effect on the commencement of Schedule 1 to the Financial Services Reform Act 2001.

 

Dated the 7th day of February 2002

 

 

 

 

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission