Document ID: chunk:federal_register_of_legislation:F2017C00585:body:0:p1
Version: federal_register_of_legislation:F2017C00585
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ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272 as in force on 4 July 2017. 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—Exemption
5 Exemption from the requirement to hold an Australian financial services licence
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272.

3 Authority
This instrument is made under paragraph 926A(2)(a) of the Act.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
debt instrument means a chose in action that includes an undertaking by a person to repay as a debt money deposited with or lent to the person.
securitisation product means:
(a) a debt instrument; or
           (b) an interest in a managed investment scheme.

       Part 2—Exemption

5 Exemption from the requirement to hold an Australian financial services licence

Services covered by exemption
(1) A body corporate (the securitisation entity) that:
(a) carries on a business (the securitisation business) that consists of managing by way of a securitisation transaction some or all of the economic risk associated with assets, liabilities or investments (whether the body assumes the risk from another person or creates the risk itself); and
(b) reasonably believes that it is an insolvency-remote special purpose entity according to criteria of an internationally recognised rating agency that are applicable to the entity's circumstances; and
(c) raises all or substantially all of its funds by issuing securitisation products on terms that the funds raised would be applied in the securitisation business;
does not have to comply with subsection 911A(1) of the Act to the extent it requires the securitisation entity to hold an Australian financial services licence for the provision of a financial service in the course of the securitisation business.
Note: The characteristics of a securitisation entity specified in paragraphs (a) to (c) are based on paragraphs 820–39(3)(a) and (c) and subsection 820–39(4) of the Income Tax Assessment Act 1997. An explanation of the operation of those provisions is set out at paragraphs 1.8 to 1.12 of the Explanatory Memorandum to the Taxation Laws Amendment Bill (No 5) 2003.
Further requirements for relying on the licensing exemption
(2)  The exemption applies where any of the following are satisfied:
           (a) the service consists of issuing a securitisation product