Document ID: chunk:federal_register_of_legislation:F2022C01225:body:0:p1
Version: federal_register_of_legislation:F2022C01225
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Character Range: 0–3030

ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38 as in force on 16 December 2022. 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—Declaration
5 Definition of managed investment scheme
Part 3—Exemption
6 Licensing
7 Hawking
8 Financial product disclosure
Part 4—Application and transitional
9 Application
10 Transitional
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38.

3 Authority
This instrument is made under subsections 601QA(1), 926A(2), 992B(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
conditional costs agreement means an agreement of the kind defined as a conditional costs agreement in section 181 of Schedule 1 (Legal Profession Uniform Law) to the Legal Profession Uniform Law Application Act 2014 of the State of Victoria as in force on 17 January 2020 whether or not in that State or for the purposes of that Act.

       Part 2—Declaration

5 Definition of managed investment scheme
    Chapter 5C of the Act applies to all persons as if section 9 of the Act were modified or varied as follows:
(a) after the definition of condition, insert:
"conditional costs agreement means an agreement of the kind defined as a conditional costs agreement in section 181 of Schedule 1 (Legal Profession Uniform Law) to the Legal Profession Uniform Law Application Act 2014 of the State of Victoria as at 17 January 2020 whether or not in that State or for the purposes of that Act.";
(b) in the definition of managed investment scheme, after paragraph (mb) insert:
            "(mba) a scheme for participating in and conducting legal proceedings where the members of the scheme:
                (i) have or may have an entitlement to a remedy arising out of the same or similar circumstances; and
                (ii) wholly or substantially fund their legal costs under conditional costs agreements;
            (mbb) a scheme for proving claims against a company under Division 6 of Part 5.6 (including the preparation and lodgement of the proofs) where the members of the scheme:
                (i) have or may have claims against the company arising out of the same or similar circumstances; and
                (ii) wholly or substantially fund their legal costs under conditional costs agreements;".

Part 3—Exemption

6 Licensing

    A person does not have to