Document ID: chunk:federal_register_of_legislation:F2018L01699:body:0:p1
Version: federal_register_of_legislation:F2018L01699
Segment Type: other
Provision Reference: 
Character Range: 0–2968

ASIC Corporations (ASIC Close Down Period) Instrument 2018/1034
I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 7 December 2018

Anthony Graham

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Registration of managed investment scheme
6 Exposure period—disclosure documents
7 Exposure period—Product Disclosure Statements

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (ASIC Close Down Period) Instrument 2018/1034.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under subsections 601QA(1), 741(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
responsible person has the meaning given by subsection 1013A(3) of the Act.

       Part 2—Declaration

5 Registration of managed investment scheme
    Chapter 5C of the Act applies to all persons as if section 601EB were modified or varied as follows:
(a) after "14 days" insert "(or if subsection (1A) applies—21 days)";
(b) after subsection (1) insert:
            "(1A) This subsection applies if the application is lodged during a period commencing at 5 pm on the last business day before 11 December of a calendar year and ending at 9 am on the first business day after 1 January of the next calendar year.
                Note: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.".

6 Exposure period—disclosure documents
    Chapter 6D of the Act applies to all persons as if subsection 727(3) of the Act were omitted and substituted with the following subsection:

     "Non-quoted securities—waiting period after lodgment before processing applications for securities
         (3) A person must not accept an application for, or issue or transfer, non‑quoted securities offered under a disclosure document until whichever of the following periods is applicable has ended:
(a) if the disclosure document is lodged during a period commencing at 5 pm on the last business day before 18 December of a calendar year and ending at 9 am on the first business day after 1 January of the next calendar year—the period of 14 days after lodgment of the disclosure document; and
(b) otherwise—the period of 7 days after lodgment of the disclosure document.
         ASIC may extend the period mentioned in paragraph (b) by notice in writing to the person offering the securities. The period as extended must end no more than 14 days after lodgment.
            Note: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.".

7 Exposure period—Product Disclosure Statements
    Part 7.9