Document ID: chunk:federal_register_of_legislation:F2023L01221:body:0:p1
Version: federal_register_of_legislation:F2023L01221
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ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price for Interests in Managed Investment Schemes) Instrument 2023/693
I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 8 September 2023

Leah Sciacca

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Amount of consideration to acquire interest or to be paid upon withdrawal
6 Discretions affecting the amount of consideration to acquire interests and payments for withdrawal
7 Disclosure of information about discretions
8 Application
Part 3—Repeal
9 Repeal

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.

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) and 1020F(1) of Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

Part 2—Declaration

5 Amount of consideration to acquire interest or to be paid upon withdrawal
Chapter 5C of the Act applies to a responsible entity as if provisions of that Chapter were modified or varied by:
(a) in section 601GA:
              (i)  in paragraph (1)(a) before "the", inserting "except as provided by sections 601GAD and 601GAE,"; and
              (ii) in subsection (4) omit "must:", substituting "must, subject to section 601GAF:"; and

           (b)  after section 601GAC inserting:

           "601GAD Constitutional provisions about the amount of the consideration for the acquisition of interests

               (1)  The constitution of a registered scheme does not have to make adequate provision for the amount of the consideration that is to be paid to acquire an interest in the scheme to the extent that it contains provisions that have the effect of enabling the responsible entity to set the acquisition price of interests in any of the circumstances set out in subsections (2) to (9).

               Placements

(2) The responsible entity may set the amount of the consideration to acquire interests where:
(a) the interests are in a class of interests that are quoted on:
(i) the financial market operated by ASX; or
(ii)  an approved foreign market
and the quotation of interests in that class is not suspended; and
(b) except where the interests are in a class of interests quoted on the financial market operated by ASX, either of the following applies:
(i) the issue, together with any related issue in the previous year does not, immediately before the issue, comprise more than 15% of the interests in that class; or
(ii) all of the following apply:
(A) members who hold interests