Document ID: chunk:federal_register_of_legislation:F2024C00882:schedule:3:p1
Version: federal_register_of_legislation:F2024C00882
Segment Type: schedule
Provision Reference: sch 3 (pt 1/2)
Character Range: 504687–507519

Schedule 3—Modifications—special purpose funding entity
(regulation 25G)

3.1  Subsection 5(1), after definition of contravention
insert
court has the same meaning as it has in Part 4‑3.

3.1A  Subsection 5(1), after definition of examination
insert
exempt special purpose funding entity has the same meaning as in the National Consumer Credit Protection Regulations 2010.

3.2  Subsection 5(1), after definition of function
insert
fund raising special purpose entity means a body corporate or trust that:
 (a) has the sole purpose of raising funds in order to be:
 (i) a credit provider for a credit contract; or
 (ii) a lessor for a consumer lease; and
 (b) raises funds from persons other than natural persons; and
 (c) only engages in credit activities as  a credit provider under a credit contract or a lessor under a consumer lease; and
 (d) does not have any employees; and
 (e) is not a licensee or registered person.

3.3  Subsection 5(1), after definition of registered company auditor
insert
registered person has the meaning given by section 4 of the Transitional Act.

3.4  Subsection 5(1), after definition of representative
insert
securitisation entity means a body corporate or trust that:
 (a) carries on a business consisting of managing by way of a securitisation transaction some or all of the economic risk associated with assets, liabilities or investments (whether the body corporate or trust assumes the risk from another person or creates the risk itself); and
 (b) is an insolvency remote special purpose funding entity according to the criteria of an internationally recognised rating agency that are applicable to the circumstances of the body corporate or trust (regardless of whether the agency has determined that the body corporate or trust satisfies the criteria); and
 (c) raises substantially all of its funds by issuing securitisation products on terms that the funds raised would be applied to the business mentioned in paragraph (a); and
 (d) is a credit provider under a credit contract or  a lessor under a consumer lease.
securitisation product means a debt instrument or an interest in a managed investment scheme (within the meaning of the Corporations Act 2001).
servicing agreement  means an agreement:
 (a) that is between:
 (i) a special purpose funding entity; and
 (ii) a licensee or registered person; and
 (b) under which the licensee or registered person, on behalf of the special purpose funding entity, performs obligations, or exercises the rights of:
 (i) a credit provider in relation to a credit contract or proposed credit contract; or
 (ii) a lessor in relation to a consumer lease or proposed consumer lease; or
 (iii) a mortgagee in relation to a mortgage or proposed mortgage; or
 (iv) a person who is a beneficiary of a guarantee or proposed guarantee in relation to