Document ID: chunk:federal_register_of_legislation:F2021C01045:body:0:p6
Version: federal_register_of_legislation:F2021C01045
Segment Type: other
Provision Reference: 
Character Range: 12108–14843

interest in the scheme as a retail client, a written statement for the reporting period which details any transactions in relation to the investor's interest in the scheme.
       (4) If the operator is managing the letting of the strata units, the manager must operate the scheme in accordance with the agreement referred to in paragraph 5(2)(h).
       (5) In subsection (3), a reporting period is a period not exceeding 1 year, set by the operator in accordance with the following:
(a) the first reporting period starts when the investor and the operator enter into the agreement referred to in paragraph 5(2)(h);
(b) each subsequent reporting period starts at the end of the preceding reporting period;
(c) if the investor withdraws from participation in the Scheme, the period starting at the end of the preceding reporting period and ending when the investor withdraws from participation in the Scheme is a reporting period.
       (6) This section does not apply to an operator who only operates the scheme as a promoter developer

7 Breach reporting condition for operators other than promoter developers
           (1) An operator that becomes aware of matters that gives the operator reason to believe that the operator has failed in a material respect to comply with the conditions in section 6 must give full particulars of the failure to ASIC in writing within 15 business days after becoming so aware.
(2) This section does not apply to an operator who only operates the scheme as a promoter developer.

8 Exemption for a real estate (selling) agent from the requirement to hold an Australian financial services licence
(1) A real estate (selling) agent does not have to comply with subsection 911A(1) of the Act to the extent that it requires the agent to hold a financial services licence for the provision of the following financial services in relation to interests in a strata scheme that the agent reasonably believes is covered by section 5:
(a) general advice;
(b) arranging for the operator of the scheme to issue an interest in the scheme;
(c) arranging for an investor in the scheme (other than the operator of the scheme) to sell an interest in the scheme.

           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.
(2) This exemption does not apply if the agent:
(a) is a financial services licensee or a representative of a financial services licensee; or
(b) is the operator of a strata scheme; or
(c) is an excluded person.