Federal Register of Legislation - Australian Government

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Other as amended, taking into account amendments up to ASIC Corporations (Amendment) Instrument 2017/580
Administered by: Treasury
Registered 21 Jul 2017
Start Date 04 Jul 2017
Table of contents.

ASIC Corporations (School Enrolment Deposits) Instrument 2016/812

 

About this compilation

 

Compilation No. 1

 

This is a compilation of ASIC Corporations (School Enrolment Deposits) Instrument 2016/812 as in force on 4 July 2017. It includes any commenced amendment affecting the legislative instrument to that date.

 

This compilation was prepared by the Australian Securities and Investments Commission.

 

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

 

 



Part 1—Preliminary

1        Name of legislative instrument

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

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 (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 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 made under section 926A of the Act.

 


Endnotes

Endnote 1—Instrument history

Instrument number

Date of FRL registration

Date of commencement

Application, saving or transitional provisions

2016/812

28/9/2016 (see F2016L01536)

29/9/2016

 

2017/580

3/7/2017 (see F2017L00871)

4/7/2017

-

Endnote 2—Amendment history

ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted

Provision affected 

How affected

Section 2

rep. s48D LA

Subsection 5(2) (note)

am. 2017/580