Document ID: chunk:federal_register_of_legislation:F2022N00122:body:0:p1
Version: federal_register_of_legislation:F2022N00122
Segment Type: other
Provision Reference: 
Character Range: 0–2972

ASIC Corporations (Law Societies—Fidelity and Indemnity Schemes) Instrument 2022/435
I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 31 May 2022

Rhys Bollen

Contents

Part 1—Preliminary
1 Name of notifiable instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 Fidelity and Indemnity Schemes
6 Conditions

Part 1—Preliminary

1 Name of notifiable instrument
This is the ASIC Corporations (Law Societies—Fidelity and Indemnity Schemes) Instrument 2022/435.

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 paragraph 601QA(1)(a), 926A(2)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
eligible law society means each of the following:
(a) Queensland Law Society Incorporated;
(b) The Law Society of New South Wales;
(c) The Law Society of South Australia;
(d) The Law Society of the Australian Capital Territory;
(e) The Law Society of Tasmania;
(f) The Law Society of Western Australia Inc.;
(g) Law Institute of Victoria Limited ACN 075 475 731.
eligible legal body means each of the following:
(a) an eligible law society;
(b) the Legal Contribution Trust established by section 5 of the Legal Contribution Trust Act 1967 (WA) and continued in existence by Division 5 of Part 12 of the Legal Profession Act 2008 (WA);
(c) SMIF Management Pty Ltd ACN 003 326 618.
fidelity or indemnity scheme means each of the following:
(a) the Solicitors' Fidelity Fund of the Australian Capital Territory established by section 320 of the Legal Profession Act 2006 (ACT);
(b) professional indemnity insurance arrangements under Part 3.3 of the Legal Profession Act 2006 (ACT);
(c) the Legal Practitioners Fidelity Fund under Part 9 of the Legal Profession Uniform Law Application Act 2014 (NSW);
(d) insurance arrangements made under Division 1 of Part 8 of the Legal Profession Uniform Law Application Act 2014 (NSW);
(e) the Legal Practitioners' Fidelity Guarantee Fund established by section 12 of the Queensland Law Society Act 1952 (Qld) and continued in existence by section 359 of the Legal Profession Act 2007 (Qld);
(f) the Law Claims Levy Fund established by rule 8 of the Queensland Law Society (Indemnity) Amendment Rule (No. 1) 1996 and continued in existence by rule 17 of the Queensland Law Society  Indemnity Rule 2005;
(g) professional indemnity insurance arrangements under the Queensland Law Society Indemnity Rule;
(h) the Legal Practitioners Fidelity Fund (formerly known as the legal practitioners' guarantee fund) required to be maintained by section 57 of the Legal Practitioners Act 1981 (SA);
(i) the scheme providing professional indemnity insurance established under section 52 of