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Other as made
This instrument gives class exemption from certain fundraising, debenture and licensing requirements for school enrolment deposits, as well as exemption from the requirements for the operation of managed investment schemes involving school enrolment deposits.
Administered by: Treasury
Registered 28 Sep 2016
Tabling HistoryDate
Tabled HR10-Oct-2016
Tabled Senate10-Oct-2016
Table of contents.

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ASIC Corporations (School Enrolment Deposits) Instrument 2016/812

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 22 September 2016

 

 

Stephen Yen

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (School Enrolment Deposits) Instrument 2016/812.

2        Commencement

This instrument commences on the same day as the ASIC Corporations (Repeal) Instrument 2016/819.

3        Authority

This instrument is made under paragraphs 601QA(1)(a), 741(1)(a), 926A(2)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

4        Interpretation

In this instrument:

Act means the Corporations Act 2001.

school means an establishment in which children are given formal primary or secondary education.

school enrolment debenture means a debenture that is issued because a person deposits money with a person operating a school where:

(a)     the making of the deposit is required as a condition of the enrolment of a child in the school; and

(b)     the debenture is incidental to that enrolment.

school enrolment deposit scheme means a managed investment scheme in relation to which:

(a)     the acquisition of an interest in the scheme is required as a condition of the enrolment of a child in a school; and

(b)     each interest in the scheme is incidental to that enrolment.

 


Part 2—Exemption

5        School enrolment deposits

Fundraising and managed investments exemptions

(1)     A person who operates a school does not have to comply with any of the following:

(a)     subsection 601ED(5) of the Act in relation to the operation of a school enrolment deposit scheme;

(b)     Parts 6D.2 and 6D.3 of the Act in relation to an offer for the issue of a school enrolment debenture;

Note:    This also means that the person will not be required to enter into a trust deed under section 283AA of the Act.

(c)     992AA of the Act in relation to an interest in a school enrolment deposit scheme;

(d)     Part 7.9 of the Act in relation to an interest in a school enrolment deposit scheme.

Licensing exemption

(2)     A person providing financial services in relation to a school enrolment deposit scheme or a school enrolment debenture does not have to comply with subsection 911A(1) of the Act for the provision of those services.

Note:    ASIC Corporations (Effect of Licensing Exemptions) Instrument 2015/1115 provides relief from subsection 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption under section 926A of the Act.