Document ID: chunk:federal_register_of_legislation:F2021C01032:front:0:p1
Version: federal_register_of_legislation:F2021C01032
Segment Type: other
Provision Reference: 
Character Range: 0–3017

ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857 as in force on 5 October 2021. 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—Exemptions
5 Mortgage investment schemes with no more than 20 investors
6 Registering a scheme in relation to individual mortgage loans
7 Small industry-supervised mortgage investment schemes
Part 3—Declaration
8 Withdrawal rights for registered mortgage investment schemes
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857.

3 Authority
This instrument is made under subsections 601QA(1), 926A(2), 992B(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
mortgage investment scheme means a managed investment scheme that has, or is likely to have, at least 50% of non-cash assets invested in mortgage loans, and 100% of assets invested in mortgage loans or in an account with an Australian ADI.
mortgage loan means a loan secured by a mortgage over real property.

       Part 2—Exemptions

5 Mortgage investment schemes with no more than 20 investors

Registration relief
(1) An operator of a mortgage investment scheme does not have to comply with subsection 601ED(5) of the Act in relation to the operation of the scheme.

Licensing relief
(2) An operator of a mortgage investment scheme does not have to comply with the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of financial services in relation to interests in the scheme.
           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.
(3) A person (other than a person to whom subsection (2) applies) does not have to comply with the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of financial services in relation to interests in a mortgage investment scheme in relation to which paragraphs (7)(a) to 7(c) appear to be satisfied except where the person is aware, or ought reasonably to be aware, that those paragraphs are not satisfied in relation to the