Document ID: chunk:federal_register_of_legislation:F2024C00938:body:0:p2
Version: federal_register_of_legislation:F2024C00938
Segment Type: other
Provision Reference: 
Character Range: 3410–6356

5 Financial services and managed investment scheme relief for employee redundancy schemes

Licensing
(1) A person does not have to comply with subsection 911A(1) of the Act where they provide financial services in relation to interests in an employee redundancy scheme.

Managed investments and associated provisions
(2) A person who operates or promotes an employee redundancy scheme does not have to comply with sections 601ED and 992A and Part 7.9 of the Act in relation to:
(a) making offers for the issue of an interest in; or
(b) making recommendations to acquire an interest in; or
(c) making offers to arrange the issue of interests in; or
(d) operating;
an employee redundancy scheme.
Sunset date
(3) The exemptions in subsections (1) and (2) apply until the start of 1 April 2026.
Condition
(4)  A person who relies on any of the exemptions in subsections (1) and (2) in relation to an employee redundancy fund must notify ASIC in writing of its reliance on the exemption and the name of the fund by the later of:
           (a) 31 October 2024; and
           (b) one month after the day the person first relies on the exemption in relation to the fund.

Endnotes

Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted                          orig = original
am = amended                                    par = paragraph(s)/subparagraph(s)
amdt