Document ID: chunk:federal_register_of_legislation:F2021C01045:body:0:p10
Version: federal_register_of_legislation:F2021C01045
Segment Type: other
Provision Reference: 
Character Range: 21893–24705

in which the investment-based financial product is an interest;
(C) an associate of the issuer or promoter.
           Note:  Subregulation 7.1.18(3) of the Corporations Regulations 2001 applies for the purposes of the definition of retail client in section 761A of the Act.".
(2) Subsection (1) applies in relation to a strata scheme where the price for the provision of each interest in the scheme is at least $500,000.
(3) For subsection (2), the price for the provision of an interest in the scheme is the price that would be determined for the purposes of paragraph 761G(10)(a) of the Act if subregulation 7.1.18(3) of the Corporations Regulations 2001 were modified or varied by, after paragraph (a), inserting:
           "(aa)  subject to paragraph (b) and subregulation (4), includes the higher of:
(i) any amount paid or payable for real property or furniture, fittings and equipment acquired or purchased with the investment-based financial product; and
(ii) the highest amount paid or payable for that real property or furniture, fittings and equipment acquired or purchased with that real property on a previous acquisition or purchase of the real property by a person who is not any of the following:
(A) the issuer of the investment-based financial product;
(B)  a promoter of a managed investment scheme in which the investment-based financial product is an interest;
(C) an associate of the issuer or promoter.".

Part 5—Transitional

14 Schemes covered by ASIC Class Orders [CO 02/245], [CO 02/303] and [CO 02/304]
(1) This section applies in relation to a strata scheme that was operated or purportedly was operated in reliance on ASIC Class Order [CO 02/245] (the old class order), [CO 02/303] (the old class order) or ASIC Class Order [CO 02/304] (the old class order) immediately before their repeal.
(2) The relevant old class order as in force immediately before its repeal continues to apply in relation to the scheme.  The exemption (including any related conditions) in the relevant old class from the requirement to hold an Australian financial services licence that is expressed to be made under paragraph 911A(2)(l) has effect under section 926A of the Act instead.

           Note:  ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption made under section 926A of the Act.
(3) Part 2 does not apply in relation to the scheme.

15 Schemes covered by ASIC Class Order [CO 07/189]
(1) This section applies in relation to a strata scheme that was operated or purportedly was operated in reliance on ASIC Class Order [CO 07/189] (the old class order)