ASIC Corporations (School Enrolment Deposits) Instrument 2016/812
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ASIC Corporations (School Enrolment Deposits) Instrument 2016/812
About this compilation
Compilation No. 2
This is a compilation of ASIC Corporations (School Enrolment Deposits) Instrument 2016/812 as in force on 5 October 2021. It includes any commenced amendment affecting the legislative instrument to that date.
This compilation was prepared by the Australian Securities and Investments Commission.
The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.
Contents
1 Name of legislative instrument
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (School Enrolment Deposits) Instrument 2016/812.
3 Authority
This instrument is made under paragraphs 601QA(1)(a), 741(1)(a), 926A(2)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.
4 Interpretation
In this instrument:
Act means the Corporations Act 2001.
school means an establishment in which children are given formal primary or secondary education.
school enrolment debenture means a debenture that is issued because a person deposits money with a person operating a school where:
(a) the making of the deposit is required as a condition of the enrolment of a child in the school; and
(b) the debenture is incidental to that enrolment.
school enrolment deposit scheme means a managed investment scheme in relation to which:
(a) the acquisition of an interest in the scheme is required as a condition of the enrolment of a child in a school; and
(b) each interest in the scheme is incidental to that enrolment.
Part 2—Exemption
5 School enrolment deposits
Fundraising and managed investments exemptions
(1) A person who operates a school does not have to comply with any of the following:
(a) subsection 601ED(5) of the Act in relation to the operation of a school enrolment deposit scheme;
(b) Parts 6D.2 and 6D.3 of the Act in relation to an offer for the issue of a school enrolment debenture;
Note: This also means that the person will not be required to enter into a trust deed under section 283AA of the Act.
(c) 992A of the Act in relation to a school enrolment debenture or an interest in a school enrolment deposit scheme;
(d) Part 7.9 of the Act in relation to an interest in a school enrolment deposit scheme.
Licensing exemption
(2) A person providing financial services in relation to a school enrolment deposit scheme or a school enrolment debenture does not have to comply with subsection 911A(1) of the Act for the provision of those services.
Note: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption made under section 926A of the Act.
Endnotes
Endnote 1—Instrument history
| Instrument number | Date of FRL registration | Date of commencement | Application, saving or transitional provisions |
|---|---|---|---|
| 2016/812 | 28/9/2016 (see F2016L01536) | 29/9/2016 | |
| 2017/580 | 3/7/2017 (see F2017L00871) | 4/7/2017 | - |
| 2021/799 | 22/9/2021 (see F2021L01310) | 5/10/2021 | - |
Endnote 2—Amendment history
Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted
| Provision affected | How affected |
|---|---|
| Section 2 | rep. s48D LA |
| Paragraph 5(1)(c) | am. 2021/799 |
| Subsection 5(2) (note) | am. 2017/580 |