Document ID: chunk:federal_register_of_legislation:F2022C01225:body:0:p2
Version: federal_register_of_legislation:F2022C01225
Segment Type: other
Provision Reference: 
Character Range: 2761–5628

(i) have or may have claims against the company arising out of the same or similar circumstances; and
                (ii) wholly or substantially fund their legal costs under conditional costs agreements;".

Part 3—Exemption

6 Licensing

    A person does not have to comply with subsection 911A(1) or 911B(1) of the Act for the provision of a financial service in relation to:

        (a) an interest in a managed investment scheme (a conditional cost litigation scheme) that is a scheme for participating in and conducting legal proceedings, where the members of the scheme:

            (i) have or may have an entitlement to a remedy arising out of the same or similar circumstances; and

            (ii) wholly or substantially fund their legal costs under conditional costs agreements; or

        (b) an interest in a managed investment scheme (a conditional cost proof of debt scheme) that is a scheme for proving claims against a company under Division 6 of Part 5.6 of the Act (including the preparation and lodgement of the proofs) where the members of the scheme:

            (i) have or may have claims against the company arising out of the same or similar circumstances; and

            (ii) wholly or substantially fund their legal costs under conditional costs agreements; or

        (c) an arrangement (a funding product), or an interest (a funding product) in an arrangement of either of the following kind, to the extent that the arrangement or interest is a financial product other than an interest in a conditional cost litigation scheme or conditional cost proof of debt scheme:

            (i) an arrangement for participating in and conducting legal proceedings brought by or on behalf of a person where the person's legal costs are wholly or substantially funded under a conditional cost agreement;

            (ii) an arrangement for proving claims made by a person against a company under Division 6 of Part 5.6 of the Act (including the preparation and lodgement of the proofs) where the person's legal costs are wholly or substantially funded under a conditional cost agreement.

7 Hawking

    A person does not have to comply with subsection 992A of the Act in relation to:

        (a) an interest in a conditional cost litigation scheme; or

        (b) an interest in a conditional cost proof of debt scheme; or

        (c) a funding product.

8 Financial product disclosure

    A person does not have to comply with Part 7.9 of the Act in relation to:

        (a) an interest in a conditional cost litigation scheme; or

        (b) an interest in a conditional cost proof of debt scheme; or

        (c) a funding product.

Part 4—Application and transitional

9 Application

    For the avoidance of doubt, the declaration in section 5 does not have effect for the purposes of section 601MB of the Act in relation to