Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p10
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 10/11)
Character Range: 44534–47574

the applicant;
                     (iv) any income earned on the deposit money (less deductions of any fees and disbursements properly chargeable against the income);
                     (v) any amounts paid under a contract with a related finance provider; and
                  (c) ensure that any amount it requires to be paid by an applicant for the acquisition of an interest in the scheme (including any amount paid under a contract with a related finance provider) is no more than 30% in value of the price payable for the interest, if the property development or part of the property development has not been completed to the stage at which it is ready for occupation.
           Points-based programs
              (19) A licensee that is the responsible entity of a registered time-sharing scheme that operates a points-based program must:

                  (a) ensure that issues of interests in the scheme only occur where the responsible entity is satisfied on reasonable grounds that existing members of the scheme (if any) will continue to have access to the benefits of the scheme that they would reasonably expect to have based on:
(i) the Product Disclosure Statements for an interest in the scheme that were in use at the times the interests were acquired by the existing members; and
(ii) advertisements and promotional material for an interest in the scheme that were in use at the times the existing member acquired interests in the scheme; and
(b) establish and maintain compliance measures that ensure, as far as is reasonably practical, that:

                     (i) for an allocation points-based program:
(A) the pricing of the points issued to members is in accordance with the scheme's constitution and the Product Disclosure Statement for an interest in the scheme; and
(B) the total number of points issued to members for scheme accommodation is in accordance with the scheme's constitution; and
(C) the allocation of periodic points to each member occurs in accordance with the scheme's constitution and the relevant Product Disclosure Statement.
                     (ii) for a PAYG points-based program:
(A) the price paid for interests (including in relation to PAYG points) is in accordance with the scheme's constitution and the Product Disclosure Statement for an interest in the scheme; and
(B) the total number of PAYG points issued to members is in accordance with the scheme's constitution; and
(C) PAYG points are redeemed for the use of scheme property at the time the points are purchased.
           Deemed compliance with licence conditions
              (20) A licensee referred to in subsection (1) or (2) that complies with the subsections specified in column 2 of the table below has the effect specified in column 3 of the table.

      Deemed compliance with licence conditions
Item                                             Column 2                                   Column 3
                                                 A licensee who complies with:              is taken to