Document ID: chunk:federal_register_of_legislation:F2023C00839:body:0:p1
Version: federal_register_of_legislation:F2023C00839
Segment Type: other
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Character Range: 0–3027

ASIC Corporations (Managed investment product consideration) Instrument 2015/847

About this compilation

Compilation No. 5

This is a compilation of ASIC Corporations (Managed investment product consideration) Instrument 2015/847 as in force on 12 September 2023. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declarations
5 Amount of consideration to acquire interest
6 Statements to be included in Product Disclosure Statement
Part 3—Exemption
7 Equality of treatment
Part 4—Application
8 Application
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This instrument is the ASIC Corporations (Managed investment product consideration) Instrument 2015/847.

3 Authority
This instrument is made under subsections 601QA(1) and 1020F(1) of the Corporations Act 2001 (the Act).

4 Definitions
In this instrument:

       wholesale client has the meaning given by section 761G of the Act.

Part 2—Declarations

5 Amount of consideration to acquire interest
Chapter 5C of the Act applies to a responsible entity (except a responsible entity of a time-sharing scheme) as if provisions of that Chapter were modified or varied as follows:
(a) in section 601GA:
(i) in paragraph (1)(a) before "the" (first occurring), insert "except as provided by sections 601GAA and 601GAB,"; and
(ii) in subsection (4) omit "must:", substitute "must, subject to section 601GAC:"; and
(b) after section 601GA insert:

           "601GAA Constitutional provisions about the amount of consideration for the acquisition of interests
(1) The constitution of a registered scheme does not have to make adequate provision for the amount of the consideration that is to be paid to acquire an interest in the scheme to the extent that it contains provisions that have the effect of enabling the responsible entity to set the acquisition price of interests in any of the circumstances set out in subsections (2) to (9).

           Placements

(2) The responsible entity may set the amount of the consideration to acquire interests where all of the following apply:
(a) the interests are in a class of interests that are quoted on:
(i) the financial market operated by ASX Limited; or
(ii) an approved foreign market;
                  and the quotation of interests in that class is not suspended;
(b) interests are not issued to:
(i) the responsible entity; or
(ii) an associate of the responsible entity unless the issue is covered by subsection (12) or (13);
(c) either:
(i) the issue, together with any related issue in the previous year does not, immediately before the issue, comprise more than