THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

PART 5C.11 - EXEMPTIONS AND MODIFICATIONS

SECTION 601QA   ASIC'S POWER TO MAKE EXEMPTION AND MODIFICATION ORDERS  

601QA(1)  (ASIC exemption)  

ASIC may:

(a)  exempt a person from a provision of this Chapter; or

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

Without limiting this, ASIC may declare that this Chapter applies to a person as if section 601HA included a requirement for scheme property to be held by a person other than the responsible entity as the responsible entity's agent.

601QA(2)  (Application of exemption)  

The exemption or declaration may:

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

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

(c)  relate to all securities, specified securities or a specified class of securities; and

(d)  relate to any other matter generally or as specified.

601QA(3)  [Conditions]  

An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

601QA(4)  [Writing and publication]  

The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette.

601QA(5)  [Definition]  

For the purposes of this section, the provisions of this Chapter include:

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

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

(i) this Chapter; or

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

(c)  Division 11 of Part 11.2.