{"id":"F2016L01855","name":"ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107","slug":"asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":95505,"registerId":"commonwealth-F2016L01855-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107","content":"![](image.001.png)\n\nASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107\n\nAbout this compilation\n\nCompilation No. 2\n\nThis is a compilation of ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107 as in force on 5 October 2021. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc477875402)\n\n[1 Name of legislative instrument](#_Toc477875403)\n\n[3 Authority](#_Toc477875404)\n\n[4 Definitions](#_Toc477875405)\n\n[Part 2—Relief for managed investment schemes](#_Toc477875406)\n\n[5 Film investment scheme](#_Toc477875407)\n\n[6 Interests not for money scheme](#_Toc477875408)\n\n[7 Show scheme](#_Toc477875409)\n\n[Endnotes](#_Toc477875410)\n\n[Endnote 1—Instrument history](#_Toc477875411)\n\n[Endnote 2—Amendment history](#_Toc477875412)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107.\n\n3 Authority\n\nThis instrument is made under subsections 601QA(1), 926A(2), 992B(1) and 1020F(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\ncinematograph film has the meaning given by section 10 of the Copyright Act 1968.\n\nfilm investment scheme means a managed investment scheme for the development and/or production of a cinematograph film (including a script or component of such a film), where each offer or issue of interests in the scheme is made to one or more of the following:\n\n(a) Australian Broadcasting Corporation;\n\n(b) Australian Children’s Television Foundation;\n\n(c) Screen Australia;\n\n(d) Film Victoria;\n\n(e) Screen NSW;\n\n(f) Screen Queensland;\n\n(g) South Australian Film Corporation;\n\n(h) Special Broadcasting Service Corporation;\n\n(i) ScreenWest;\n\n(j) a person whose ordinary business is or includes broadcasting or distributing films and who has a right to license or otherwise exploit the copyright to the cinematograph film to which the offer or issue relates; or\n\n(k) in circumstances, other than because of this instrument, that do not require a Product Disclosure Statement to be given.\n\ninterests not for money scheme means a managed investment scheme arising out of a contract or proposed contract under which every interest in the scheme is issued:\n\n(a) to a person (participant) as consideration for or as part of the consideration for any of the following:\n\n(i) personal or professional services to be provided by the participant or, where the participant is not a natural person, by an officer or employee of the participant providing such services in the ordinary course of its business;\n\n(ii) the sale or transfer of or grant of any right to use or exploit present or future intellectual property or know-how of the participant resulting from the labour or efforts of the participant or, where the participant is not a natural person, acquired in the ordinary course of its business;\n\n(iii) the sale or transfer of goods imported, manufactured or produced by the participant in the ordinary course of its business;\n\n(iv) the sale or transfer of, or the entry into or grant of any interest in land where:\n\n(A) the participant; or\n\n(B) a person (other than the issuer or one of its associates) that held an interest in the scheme and from whom the participant has acquired the interest in land;\n\nhas held the interest in land for at least 6 months before any offer of an interest in the scheme was made;\n\n(v) the sale, grant or transfer of any business, or any proprietary interest with respect to a business, owned by the participant for at least 6 months before any offer of an interest in the scheme was made;\n\nwhere:\n\n(vi) no money is to be paid and no financial products are to be transferred by the participant in consideration for the interest or in relation to the grant of the interest, either to the issuer or to any associate of the issuer, unless:\n\n(A) the payment is a fee for services rendered or a reimbursement of incidental expenses; and\n\n(B) the nature of the services or expenses and the applicable cost or means of calculating the applicable cost is separately disclosed to the participant before entering into the contract; and\n\n(vii) any right of the participant under the terms of the contract to terminate the contract or otherwise take action for default is not dependent upon the approval or other action of persons who have entered into similar contracts with the issuer; and\n\n(viii) the interest does not relate to any other managed investment scheme; or\n\n(b) in circumstances, other than because of this instrument, that do not require a Product Disclosure Statement to be given;\n\nbut does not include a scheme if all interests in the scheme have been issued in the circumstances referred to in paragraph (b).\n\noffer includes an invitation to make an offer.\n\nshow scheme means a managed investment scheme for the development and/or production of a cinematograph film, sound recording, work, or live performance (including a script or component of such a film, recording, work, or performance), under which every interest in the scheme is issued:\n\n(a) to a person (participant) as consideration for or as part of the consideration for any of the following:\n\n(i) personal or professional services to be provided by the participant or, where the participant is not a natural person, by an officer or employee of the participant providing such services in the ordinary course of its business; or\n\n(ii) the sale or transfer of or grant of any right to use or exploit present or future intellectual property or know-how of the participant resulting from the labour or efforts of the participant or, where the participant is not a natural person, acquired in the ordinary course of its business;\n\nwhere:\n\n(iii) no money is to be paid and no financial products are to be transferred by the participant in consideration for the interest or in relation to the grant of the interest, either to the issuer or to any associate of the issuer, unless:\n\n(A) the payment is a fee for services rendered or a reimbursement of incidental expenses; and\n\n(B) the nature of the services or expenses and the applicable cost or means of calculating the applicable cost is separately disclosed to the participant before entering into the contract;\n\n(iv) any right of the participant under the terms of the contract to terminate the contract or otherwise take action for default is not dependent upon the approval or other action of persons who have entered into similar contracts with the issuer;\n\n(v) the interest does not relate to any other managed investment scheme; or\n\n(b) in circumstances, other than because of this instrument, that do not require a Product Disclosure Statement to be given.\n\nwork has the meaning given by section 10 of the Copyright Act 1968.\n\nPart 2—Relief for managed investment schemes\n\n5 Film investment scheme\n\nExemptions\n\n(1) A person does not have to comply with subsection 601ED(5) of the Act in relation to a film investment scheme.\n\n(2) A person providing financial services in relation to an interest in a film investment scheme does not have to comply with subsection 911A(1) of the Act.\n\n(3) A person does not have to comply with section 992A and Part 7.9 of the Act in relation to an offer, issue or recommendation to acquire an interest in a film investment scheme.\n\n6 Interests not for money scheme\n\nExemptions\n\n(1) A person does not have to comply with subsection 601ED(5) of the Act in relation to an interests not for money scheme.\n\n(2) A person providing financial services in relation to an interest in an interests not for money scheme does not have to comply with subsection 911A(1) of the Act.\n\n(3) A person does not have to comply with section 992A and Part 7.9 of the Act in relation to an offer, issue or recommendation to acquire an interest in an interests not for money scheme.\n\n7 Show scheme\n\nExemptions\n\n(1) A person does not have to comply with subsection 601ED(5) of the Act in relation to a show scheme.\n\n    (2) A person providing financial services in relation to an interest in a show scheme does not have to comply with subsection 911A(1) of the Act.\n    (3) A person does not have to comply with section 992A and Part 7.9 of the Act in relation to an offer, issue or recommendation to acquire an interest in a show scheme.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2016/1107         | 2/12/2016 (see F2016L01855) | 6/12/2016            |                                                |\n| 2017/65           | 23/3/2017 (see F2017L00284) | 24/3/2017            | -                                              |\n| 2021/799          | 22/9/2021 (see F2021L01310) | 5/10/2021            | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected                                                      | How affected |\n| ----------------------------------------------------------------------- | ------------ |\n| Section 2                                                               | rep. s48D LA |\n| Section 4 (definition of interests not for money scheme, paragraph (b)) | rs. 2017/65  |\n| Subsection 5(3)                                                         | am. 2021/799 |\n| Subsection 6(3)                                                         | am. 2021/799 |\n| Subsection 7(3)                                                         | am. 2021/799 |","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument’s scope has been amended since commencement. Endnote 2 records that the definition of 'interests not for money scheme' (paragraph (b)) was modified by instrument 2017/65, and subsections 5(3), 6(3) and 7(3) (exemptions from section 992A and Part 7.9) were amended by instrument 2021/799, altering which offer/marketing rules are disapplied."},"complexity_factors":["Cross‑references to multiple provisions of the Corporations Act (subsections 601ED(5), 911A(1), section 992A and Part 7.9) mean the instrument operates by negative carve‑outs rather than standalone rules (see ss5–7).","Detailed scheme definitions impose layered conditions (e.g. types of consideration, 6‑month holding requirements for land/business, prohibition on money transfers except specified fees) that require factual assessment to determine applicability (see 'interests not for money scheme' and 'show scheme' definitions).","Phrases such as \"in circumstances, other than because of this instrument, that do not require a Product Disclosure Statement to be given\" create conditional tests referencing external compliance status, increasing interpretive complexity (definitions, paragraphs (b)).","Exemptions attach to different actors (issuers, financial services providers, persons making offers/recommendations), so compliance obligations shift across parties and require coordination (see ss5–7).","Amendment history shows scope changes (2017/65; 2021/799), so legal effect depends on chronological application and tracking amendments (Endnotes 1–2).","Interaction with copyright and industry‑specific bodies (definitions reference Copyright Act terms and named film/screen bodies) creates sectoral overlap and potential dependency on non‑corporations law concepts (definitions of 'cinematograph film' and 'work')."],"plain_english_summary":"This instrument exempts certain film, show and “interests not for money” managed investment schemes from specified obligations in the Corporations Act. Mechanically, it removes the need to provide a product disclosure statement and exempts some financial‑services licensing and offer/marketing rules for those schemes, subject to the instrument’s definitions and conditions (for example, interests issued as payment for services, IP, goods or land and where no money is paid). It affects issuers, service providers and participants by changing who must comply with disclosure and licensing rules."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument appears to maintain its original narrow scope. The amendment history shows only technical updates (repeal of section 2, substitution of paragraph (b) in the interests not for money definition, and amendments to subsections 5(3), 6(3) and 7(3) in 2021). These appear to be refinements rather than expansions of scope. The three scheme categories remain tightly defined and the relief remains conditional on specific non-monetary contribution structures."},"complexity_factors":["Three distinct scheme definitions with overlapping but different eligibility criteria (film vs. general barter vs. creative/show schemes)","Nested conditional logic in definitions — e.g., paragraph (a)(vi)(A) and (B) create sub-conditions within sub-conditions for the 'interests not for money scheme'","Cross-references to external legislation: Copyright Act 1968 (for 'cinematograph film' and 'work'), Corporations Act 2001 (for exemption provisions)","Temporal requirements (6-month holding periods for land and business assets) that require factual verification","Negative exclusions — e.g., 'but does not include a scheme if all interests...' in the 'interests not for money scheme' definition creates an exception to the exception","Defined terms used within defined terms (e.g., 'participant' defined implicitly through usage, 'offer' explicitly defined to include invitations)","Multiple exemption provisions (subsections 601ED(5), 911A(1), section 992A and Part 7.9) that must be read together to understand full effect"],"plain_english_summary":"This instrument grants targeted regulatory relief for three narrow types of managed investment schemes where people receive interests in return for non-cash contributions: certain film funding arrangements, schemes exchanging services/IP/goods/qualified land or businesses for interests, and creative “show” projects.  \n\nIt removes registration, AFS licensing and PDS requirements subject to strict safeguards (no cash-for-interest, independent termination rights, holding‑periods), easing practical compliance for producers, creatives and asset-swap participants."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107","history":"/api/acts/asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107/history","analysis":"/api/acts/asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107/analysis","conflicts":"/api/acts/asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107/conflicts","importantCases":"/api/acts/asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107/important-cases","documents":"/api/acts/asic-corporations-managed-investment-schemes-interests-not-for-money-instrument-2016-1107/documents"}}