Document ID: chunk:federal_register_of_legislation:F2017L00898:body:0:p1
Version: federal_register_of_legislation:F2017L00898
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ASIC Corporations (Credit Union Member Shares) Instrument 2017/616
I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Date: 5 July 2017

Stephen Yen

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemptions
5 Exemptions from the requirement to hold an Australian financial services licence and financial services disclosure requirements
6 Requirement to confirm member share transactions

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Credit Union Member Shares) Instrument 2017/616.

2 Commencement
This instrument commences on the same day as the ASIC Corporations (Repeal) Instrument 2017/621.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under paragraphs 926A(2)(a), 951B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
Eligible Company means a company that:
         (a)     is registered under clause 3 of Schedule 4 to the Act; and
          (b)       on 1 July 1999 was permitted to use the expression 'credit union', 'credit society', or 'credit co-operative' under section 66 of the Banking Act 1959.
member share has the meaning given in regulation 12.8.03 of the Corporations Regulations 2001.

       Part 2—Exemptions

    5        Exemptions from the requirement to hold an Australian financial services licence and financial services disclosure requirements
    Services covered by exemption
(1) An Eligible Company does not have to comply with subsection 911A(1) of the Act to the extent it requires the Eligible Company to hold an Australian financial services licence for the provision of financial product advice to a member or prospective member of the Eligible Company in relation to the issue of member shares.
(2) An Eligible Company providing financial services by providing financial product advice to a member or prospective member of the Eligible Company in relation to the issue of member shares does not have to comply with Divisions 2, 3 and 4 of Part 7.7 of the Act in relation to those services.
Where exemptions apply
(3) The exemptions in subsections (1) and (2) apply where the aggregate amount paid or to be paid by the member or prospective member for:
          (a) all member shares then held by the member; and
          (b) all member shares proposed for issue to the member or prospective member,
 does not exceed $50.

    6 Requirement to confirm member share transactions
Exemption
(1)  An Eligible Company does not have to comply with section 1017F of the Act in relation to the confirmation of a transaction that is:
          (a) an issue of member shares; or
          (b) the redemption of member shares.
Condition
(2) An Eligible Company which relies on the exemption in subsection (1) must include in each periodic statement