Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 02/185]

Authoritative Version
CO 02/185 Orders/ASIC Class Orders as made
This Class Order exempts serviced strata schemes from the managed investment, sharehawking and financial product disclosure provisions of the Corporations Act 2001 if all the interests in the scheme are held by persons that have purchased or agreed to purchase strata units in the complex for $500,000 or more. This Class Order also revokes ASIC Class Order [CO 00/191].
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 26 February 2002.
Registered 04 Mar 2008
Gazetted 26 Feb 2002
Date of repeal 28 Sep 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/898

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 601QA(1)(a), 741(1)(a), 992B(1)(a) and 1020F(1)(a) — Revocation and Exemption

 

1.         Under paragraphs 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 [00/191].

2.         Under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) of the Act, ASIC hereby exempts:

(a)        each person who operates a scheme referred to in the Schedule from:

(i)         section 601ED of the Act in relation to the operation of the scheme; and

(ii)        sections 992A and 992AA in relation to an offer to issue or sell an interest in the scheme; and

(b)        each regulated person from Part 7.9 of the Act in relation to an offer to issue or sell or to arrange the issue, or the issue of, an interest in a scheme referred to in the Schedule or a recommendation to acquire such an interest.

 

SCHEDULE

 

A managed investment scheme:

 

(a)        which involves owners of strata title units, community title interests or similar real property interests at the one real property location, making their units or interests in real property available to a manager for use as part of a serviced apartment, hotel, motel or resort complex; and

(b)        where all offers of interests in the scheme are only made to persons who:

(i)         own or have agreed to purchase a unit or interest in the real property purchased for an amount; or

(ii)        are being offered a unit or interest in the real property for an amount,

 

of not less than $500,000 (which amount may include any amounts paid for any associated chattels, costs and expenses).

 

 

Commencement

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


 

Dated this 16th day of February 2002

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission