CHAPTER 5C
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MANAGED INVESTMENT SCHEMES
PART 5C.11
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EXEMPTIONS AND MODIFICATIONS
SECTION 601QA
ASIC
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S POWER TO MAKE EXEMPTION AND MODIFICATION ORDERS
CCH Note:
Section 601QA is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
601QA(1)
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)
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)
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)
The exemption or declaration must be in writing and ASIC must publish notice of it in the
Gazette
.
601QA(5)
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 Act or the regulations as they apply to references in:
(i)
this Chapter; or
(ii)
regulations made for the purposes of this Chapter; and
(ba)
section
253LA
as that section applies in relation to the operation of:
(i)
this Chapter; or
(ii)
regulations made for the purposes of this Chapter; and
(c)
the provisions of Division 11 of Part 11.2 of the old Corporations Law of each State or Territory in this jurisdiction, to the extent they continue to have effect because of section
1408
of this Act; and
(d)
if regulations for the purposes of subsection
1408(3)
deal with a matter or matters dealt with in those provisions
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the regulations that so deal with the matter or matters.
History
S 601QA(5) amended by No 69 of 2023, s 3, Sch 2[96] and
[
114] (effective 15 September 2023).
SECTION 601QB
601QB
MODIFICATION BY REGULATIONS
CCH Note:
Section 601QB is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
The regulations may modify the operation of this Chapter or any other provisions of this Act relating to securities in relation to:
(a)
a managed investment scheme; or
(b)
all managed investment schemes of a specified class.