Section 1243 — Corporations Act 2001: ASIC’s power to make exemption and modification orders

(1) This section applies in relation to the following (the CCIV provisions): (a) Part 8B.2 (registration of CCIVs); (b) Part 8B.3 (corporate governance of CCIVs); (c) sections 1230J and 1230K (about redemptions for non-liquid sub-funds); (d) Division 4 of Part 8B.4 (financial reports and audits of CCIVs); (e) Division 9 of Part 8B.6 (deregistration and transfer of registration); (f) Part 8B.7 (control, financial services and disclosure). (2) ASIC may do either or both of the following: (a) exempt from all or specified provisions of the CCIV provisions: (i) a specified CCIV, a specified class of CCIVs or all CCIVs; or (ii) a specified class of sub-funds of CCIVs, all sub-funds of a specified class of CCIVs, or all sub-funds of all CCIVs; or (iii) a specified entity, a specified class of entities or all entities, in relation to a specified CCIV, a specified class of CCIVs or all CCIVs; or (iv) a specified entity, a specified class of entities or all entities, in relation to a specified class of sub-funds of CCIVs, all sub-funds of a specified class of CCIVs, or all sub-funds of all CCIVs; (b) declare that the CCIV provisions apply in relation to: (i) a specified CCIV, a specified class of CCIVs or all CCIVs; or (ii) a specified class of sub-funds of CCIVs, all sub-funds of a specified class of CCIVs, or all sub-funds of all CCIVs; or (iii) a specified entity, a specified class of entities or all entities, in relation to a specified CCIV, a specified class of CCIVs or all CCIVs; or (iv) a specified entity, a specified class of entities or all entities, in relation to a specified class of sub-funds of CCIVs, all sub-funds of a specified class of CCIVs, or all sub-funds of all CCIVs; as if specified provisions were omitted, modified or varied as specified in the declaration. (3) The exemption or declaration may: (a) relate to a specified security, a specified class of securities or all securities; and (b) relate to any other matter generally or as specified. (4) 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. Exemptions and declarations relating to all or a class of persons (5) An exemption or declaration must be made by legislative instrument if it relates to: (a) all CCIVs, a specified class of CCIVs, or 2 or more specified CCIVs; or (b) all sub-funds of all CCIVs, all sub-funds of a specified class of CCIVs, or a specified class of sub-funds of CCIVs; or (c) all entities, a specified class of entities, or 2 or more specified entities. Exemptions and declarations relating to specified persons (6) Subject to subsection (5), an exemption or declaration must be made by notifiable instrument if it relates to a specified CCIV or specified entity. (7) An exemption or declaration that relates to a specified CCIV may apply to the CCIV in respect of a specified sub-fund, a specified class of sub-funds or all sub-funds of the CCIV. (8) An exemption or declaration that relates to a specified entity may apply to the entity in respect of a specified sub-fund, a specified class of sub-funds or all sub-funds of a specified CCIV. (9) ASIC must also give a copy of an exemption or declaration that relates to a specified CCIV or a specified entity to the CCIV or entity. ASIC must do so as soon as is reasonably practicable after the exemption or declaration is made.