Document ID: chunk:federal_register_of_legislation:F2021C01045:body:0:p1
Version: federal_register_of_legislation:F2021C01045
Segment Type: other
Provision Reference: 
Character Range: 0–2949

ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869 as in force on 5 October 2021. 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—Exemptions for management rights schemes
5 Exemption for operators from requirement to register the scheme, hold a financial services licence and the share hawking provisions
6 General conditions on operators other than promoter developers
7 Breach reporting condition for operators other than promoter developers
8 Exemption for a real estate (selling) agent from the requirement to hold an Australian financial services licence
9 Exemption for other persons from the prohibition on hawking
10 Procedures for transferring management rights
Part 3—Relief for registered schemes
11 Valuation of property of registered serviced apartment schemes
12 Consequential modification of compliance plan requirements
Part 4—Relief for strata schemes
13 Strata scheme where all strata units acquired for at least $500,000
Part 5—Transitional
14 Schemes covered by ASIC Class Orders [CO 02/245], [CO 02/303] and [CO 02/304]
15 Schemes covered by ASIC Class Order [CO 07/189]
16 Schemes covered by ASIC Pro Forma 186
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869.

3 Authority
This instrument is made under subsections 601QA(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions
Act means Corporations Act 2001.
excluded person means a person who has been notified in writing by ASIC that the person is excluded from relying on this instrument and that notice has not been withdrawn.
FFE Fund means a fund established for an investor consisting of money paid by the investor and any interest accrued on that money, to be used from time to time in accordance with the agreement referred to in paragraph 5(2)(h) for the replacement, repair or refurbishment of furniture, fittings and equipment of the strata unit made available by the investor for use as part of a strata scheme.
independent real estate agent means, in relation to a strata scheme, a person:
(a) who is licensed under a law of a State or Territory in this jurisdiction to lease real property; and
(b) who is not the operator of the scheme or an associate of the operator of the scheme.
investor means in relation to