Document ID: chunk:federal_register_of_legislation:F2022N00121:body:0:p1
Version: federal_register_of_legislation:F2022N00121
Segment Type: other
Provision Reference: 
Character Range: 0–3004

ASIC Corporations (Law Societies—Statutory Deposit Accounts and Public Purpose Funds) Instrument 2022/436
I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 31 May 2022

Rhys Bollen

Contents

Part 1—Preliminary
1 Name of notifiable instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 Statutory deposit accounts and public purpose fund exemptions
6 Where the exemptions apply
7 NSW Public Purpose Fund exemption

Part 1—Preliminary

1 Name of notifiable instrument
This is the ASIC Corporations (Law Societies—Statutory Deposit Accounts and Public Purpose Funds) Instrument 2022/436.

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 subsection 926A(2) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
eligible legal body means each of the following:
(a) The Law Society of New South Wales;
(b) The Law Society of the Australian Capital Territory;
(c) The Law Society of Tasmania;
(d) The Law Society of Western Australia Inc.;
(e) the trustees of the NSW Public Purpose Fund.
       NSW Public Purpose Fund means the fund established under Division 2 of Part 5 of the Legal Profession Uniform Application Act 2014 (NSW).
       The Law Society of Tasmania means the body corporate continued in existence by section 618 of the Legal Profession Act 2007 (Tas.).
       The Law Society of the Australian Capital Territory means the body corporate continued in existence under section 576 of the Legal Profession Act 2006 (ACT).
       The Law Society of Western Australia Inc. means the body corporate incorporated under the Associations Incorporation Act 2015 (WA) that is referred to in section 3 of the Legal Profession Act 2008 (WA).

       Part 2—Exemption

5 Statutory deposit accounts and public purpose fund exemptions
    An eligible legal body does not have to comply with subsection 911A(1) of the Act for the provision of a financial service where:
       (a) the service consists of either or both of the following:
           (i) providing custodial or depository services;
           (ii) dealing in financial products; and
       (b) the service is provided to the extent reasonably necessary:
           (i) in respect of The Law Society of New South Wales—for the purpose of holding, investing and repaying money in accordance with Part 5 of the Legal Profession Uniform Law Application Act 2014 (NSW); and
           (ii) in respect of The Law Society of the Australian Capital Territory—for the purposes of the society performing its functions under Division 3.1.4 of Part 3.1 of the Legal Profession Act 2006 (ACT); and
           (iii) in respect of The Law Society of Tasmania—for the purposes of the society performing its functions under sections 355