CORPORATIONS ACT 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.8 - EXEMPTIONS AND MODIFICATIONS  

SECTION 1217   ASIC ' S POWER TO MAKE EXEMPTIONS AND DECLARE MODIFICATIONS ETC. IN RELATION TO THIS CHAPTER  

Exemptions and declarations on application of this Chapter

1217(1)  
ASIC may:


(a) exempt an entity from a provision of this Chapter; or


(b) declare that this Chapter applies to an entity as if specified provisions were omitted, modified or varied as specified in the declaration.

1217(2)  
The exemption or declaration may:


(a) apply to all or specified provisions of this Chapter; and


(b) apply to all entities, a specified class of entities or a specified entity; and


(c) apply to all passport funds, a specified class of passport funds or a specified passport fund; and


(d) relate to any other matter generally or as specified. Imposition of conditions on exemption

1217(3)  
An exemption may apply unconditionally or subject to specified conditions.

1217(4)  
An entity to whom a condition specified in an exemption applies must comply with the condition.

1217(5)  
The Court may order the entity 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 entities or passport funds

1217(6)  
An exemption or declaration that relates to all entities, a specified class of entities, all passport funds or a specified class of passport funds, must be made by legislative instrument. Exemptions and declarations relating to specified entities or passport funds

1217(7)  
An exemption or declaration that relates to a specified entity or a specified passport fund must be made by notifiable instrument.

1217(8)  
ASIC must also:


(a) give a copy of an exemption or declaration that relates to a specified entity to the entity; and


(b) give a copy of an exemption or declaration that relates to a specified passport fund to the operator of the fund.

ASIC must do so as soon as is reasonably practicable after the exemption or declaration is made.

Definitions

1217(9)  
In this section:

provisions of this Chapter
include:


(a) regulations made for the purposes of this Chapter; and


(b) definitions in this Act or the regulations as they apply to references in:


(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter.


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