Document ID: chunk:federal_register_of_legislation:F2023C00840:body:0:p5
Version: federal_register_of_legislation:F2023C00840
Segment Type: other
Provision Reference: 
Character Range: 10624–13265

Sections 912AAC and 912AAD of the Act (as notionally inserted by ASIC Class Order [CO 13/1410]) set out standards that apply to a licensee in relation to the provision of a custodial or depository service by the licensee or a person engaged by the licensee. The exclusion of the requirements of notional subsections 912AC(4) to (7) of the Act in paragraph (b) means that the trustee will not have to comply with the net tangible assets requirement.
(2) The trustee must take all reasonable steps to ensure that no interests in the scheme are acquired by a person as a retail client.
           Note: The scheme will not be a wholesale equity scheme (and the exemption in section 5 will not be available) if any interests are issued to a person as a retail client: definition of wholesale equity scheme.

8 Exclusion from reliance

       The exemption in section 5 does not apply to a person if ASIC has given a notice in writing to the person that they may not rely on that exemption and ASIC has not withdrawn that notice in writing.

Part 3—Transitional

9 ASIC Class Order [CO 07/74]
(1) If a trustee relied on the old class order immediately before its repeal and the repeal did not occur at the end of the financial year of the trustee, the old class order continues to apply in relation to the trustee, despite its repeal, until the end of that financial year. The exemption (including any related conditions) in the old class order from the requirement to hold an Australian financial services licence that is expressed to be made under paragraph 911A(2)(l) of the Act 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 under section 926A of the Act.
(2) If a trustee relied on the old class order immediately before its repeal and then relies on the exemption in section 5:
           (a) in addition to the condition in section 7, the exemption in section 5 is subject to a condition that the trustee must lodge with ASIC a report referred to in sub-subparagraph 5(c)(iii) of the old class order that:
              (i) relates to the period commencing on the date referred to in sub-subparagraph 5(c)(iii)(A) or (B) of the old class order (as applicable) and ending on the day that the old class order ceases to apply in relation to the trustee; and
               (ii) is lodged no later than 3 months after the end of the