Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:1_1243:p1
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 1 cl 1243 (pt 1/2)
Character Range: 330243–332898

1243  ASIC's power to make exemption and modification orders
 (1) This section applies in relation to the following (the CCIV provisions):
 (a) Part 8B.2 (registration of CCIVs);
 (b) Part 8B.3 (corporate governance of CCIVs);
 (c) sections 1230J and 1230K (about redemptions for non‑liquid sub‑funds);
 (d) Division 4 of Part 8B.4 (financial reports and audits of CCIVs);
 (e) Division 9 of Part 8B.6 (deregistration and transfer of registration);
 (f) Part 8B.7 (control, financial services and disclosure).
 (2) ASIC may do either or both of the following:
 (a) exempt from all or specified provisions of the CCIV provisions:
 (i) a specified CCIV, a specified class of CCIVs or all CCIVs; or
 (ii) a specified class of sub‑funds of CCIVs, all sub‑funds of a specified class of CCIVs, or all sub‑funds of all CCIVs; or
 (iii) a specified entity, a specified class of entities or all entities, in relation to a specified CCIV, a specified class of CCIVs or all CCIVs; or
 (iv) a specified entity, a specified class of entities or all entities, in relation to a specified class of sub‑funds of CCIVs, all sub‑funds of a specified class of CCIVs, or all sub‑funds of all CCIVs;
 (b) declare that the CCIV provisions apply in relation to:
 (i) a specified CCIV, a specified class of CCIVs or all CCIVs; or
 (ii) a specified class of sub‑funds of CCIVs, all sub‑funds of a specified class of CCIVs, or all sub‑funds of all CCIVs; or
 (iii) a specified entity, a specified class of entities or all entities, in relation to a specified CCIV, a specified class of CCIVs or all CCIVs; or
 (iv) a specified entity, a specified class of entities or all entities, in relation to a specified class of sub‑funds of CCIVs, all sub‑funds of a specified class of CCIVs, or all sub‑funds of all CCIVs;
  as if specified provisions were omitted, modified or varied as specified in the declaration.
 (3) The exemption or declaration may:
 (a) relate to a specified security, a specified class of securities or all securities; and
 (b) relate to any other matter generally or as specified.
 (4) An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

Exemptions and declarations relating to all or a class of persons
 (5) An exemption or declaration must be made by legislative instrument if it relates to:
 (a) all CCIVs, a specified class of CCIVs, or 2 or more specified CCIVs; or
 (b) all sub‑funds of all CCIVs, all sub‑funds