Document ID: chunk:federal_register_of_legislation:F2023C00095:body:0:p7
Version: federal_register_of_legislation:F2023C00095
Segment Type: other
Provision Reference: 
Character Range: 15385–18206

than 45 days after the giving of the notice; and

       (f) must ensure that if an eligible participant has discontinued their participation in the contribution plan, any contributions (other than contributions in the form of future gross (before-tax) salary or wages or from a loan from the body or an associated body corporate to an eligible participant) under the terms of the contribution plan that have not been used to acquire underlying eligible products, are repaid to or as directed by the participant as soon as practicable after the participant has discontinued their participation in the contribution plan (such repayment including any accumulated interest (if any), less any tax).

Loans

    22. A listed body or an associated body corporate making an offer of an eligible product under an employee incentive scheme that involves a loan from the body or an associated body corporate to an eligible participant to acquire the product:

       (a) must ensure that the loan is not provided to acquire options or incentive rights; and

       (b) must ensure that under the terms of the loan:

           (i) no fees or interest is payable; and

           (ii) either:

              (A) the lender has no recourse against the participant in relation to the repayment of the loan; or

              (B) the recourse of the lender against the participant in relation to the repayment of the loan is limited to forfeiture of the eligible products issued or transferred to, or held on behalf of, the participant in connection with the scheme.

ASIC power to request documents

    23. A body relying on this instrument must, if requested by ASIC and in accordance with the request, make available to ASIC the offer document and all other accompanying information or documents given to eligible participants in connection with the offer.

    Exclusion

    24.  This instrument does not apply to any person to whom ASIC has given, and not withdrawn, a written notice that specifies that the person is excluded from relying on this instrument.

Transitional arrangements

    25. The exemptions made under, and the conditions imposed by, ASIC Class Order [CO 03/184] as in force immediately before the day of its revocation are, with effect from the date of revocation, made under and imposed by this paragraph.

    26. The exemptions made under, and the conditions imposed by, an individual instrument of relief granted by ASIC which is in terms similar to ASIC Class Order [CO 03/184] and which makes provision in relation to any matter by applying, adopting or incorporating, with or without modification, any of the provisions of the class order, are, with effect from the date of revocation of the class order, made under and imposed by this paragraph.

    27. The declaration made by ASIC Class Order [CO