Document ID: chunk:federal_register_of_legislation:F2022L01686:body:0:p1
Version: federal_register_of_legislation:F2022L01686
Segment Type: other
Provision Reference: 
Character Range: 0–3303

ASIC Corporations (Employee Share Schemes) Instrument 2022/1021
I, Claire LaBouchardiere, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 16 December 2022

Claire LaBouchardiere

Contents

Part 1—Preliminary
1 Name of legislative instrument.....................................
2 Commencement................................................
3 Authority.....................................................
4 Definitions....................................................
Part 2—Declaration
5 Salary sacrifice arrangements......................................
6 Issue Cap.....................................................
7 Financial information prepared under a foreign standard................
8 Period of disclosure.............................................
9 Regulatory relief for certain subsequent sale offers of ESS interests........
Part 3—Repeal
10 Repeal........................................................

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Employee Share Schemes) Instrument 2022/1021.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au

3 Authority
This instrument is made under subsection 1100ZK(2) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

Part 2—Declaration

5 Salary sacrifice arrangements
    Division 1A of Part 7.12 of the Act applies in relation to all persons as if section 1100T were omitted and substituted with:
    "1100T Meaning of ESS contribution plan
(1) An ESS contribution plan, for an offer for the issue or sale of ESS interests, means a plan with terms that:
(a) allow an ESS participant to make regular contributions for the purpose of acquiring the ESS interests under the offer; and
(b) provide that, before the participant acquires ESS interests under the offer, the contributions are held on trust in an account with an Australian ADI that is kept solely for that purpose; and
           Note: The contributions of more than one participant may be held in the same account.
(c) allow the participant to elect to discontinue the contributions at any time; and
(d) provide that, if the participant so elects:
              (i) any contributions will cease, and any contributions made after the election will be repaid to the participant, within 45 days of the election; and
              (ii) the amount of the contributions standing, at the time when the election is made, to the credit of the account for the participant, and any interest on that amount, will be repaid to the participant within 45 days of the election; and
(e) require the participant to agree in writing to the terms of the plan before participating in the plan; and
(f) meet any requirements prescribed in the regulations for the purposes of this paragraph.
(2) For the purposes of this section, contribution means payments, deductions or other contributions from one or more of the following:
(a) gross (before tax) wages or salary;
(b) net (after tax) wages or salary;
(c) other monies.
(3) Paragraphs (1)(b) and (d) do not apply to:
(a) future gross (before tax) wages