Commonwealth legislation

ASIC Class Order [CO 07/189]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

5/10 complexity

This class order lets operators of serviced apartments, hotels, motels or resort rental pools skip registering their arrangement as a managed investment scheme when participating units are legally prevented from being used as private homes.

The exemption only applies where the scheme’s interests already qualify under ASIC’s Pro Forma 187 for relief from certain consumer-protection rules — reducing registration cost and compliance for commercial accommodation operators but limiting investor protections.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 07/189].

Corporations Act 2001—Paragraph 601QA(1)

Corporations Act 2001—Paragraph 601QA(1)(a)—Exemption

Enabling legislation

The Australian Securities and Investments Commission (ASIC) makes this instrument under paragraph 601QA(1)(a) of the Corporations Act 2001 (the Act).

Title

This instrument is ASIC Class Order [CO 07/189].

Commencement

This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Exemption

A person who operates a managed investment scheme which involves an owner of real property that may not lawfully be used as a residence, in the owner’s discretion, making that real property available for use by a person as part of a serviced apartment, hotel, motel or resort complex, does not have to comply with section 601ED of the Act. This exemption only applies where the interests in the scheme are exempt from:

(a) Part 7.6 of the Act (other than Divisions 4 and 8); and

(b) section 992AA of the Act; and

because of an instrument in substantially the same terms as ASIC Pro Forma 187 (as at the date the instrument was made).

Dated this 30th day of March 2007

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Corporations Act 2001—Paragraph 601QA(1) Corporations Act 2001—Paragraph 601QA(1)(a)—Exemption