Document ID: chunk:federal_register_of_legislation:F2021C01043:body:0:p4
Version: federal_register_of_legislation:F2021C01043
Segment Type: other
Provision Reference: 
Character Range: 7986–10999

to an interest in a managed investment scheme.

Licensing exemption for wholesale charitable investment fundraiser
(2) A charitable investment fundraiser that is a wholesale charitable investment fundraiser does not have to comply with subsection 911A(1) of the Act for the provision of any of the following financial services:

           (a) issuing a debenture or an interest in a managed investment scheme;

           (b) dealing (other than by way of issue) in financial products where the dealing is:

              (i) on behalf of any holder of an interest in a managed investment scheme issued by the charitable investment fundraiser; and

              (ii) in the course of operating the scheme;

           (c) providing a custodial or depository service where the service is provided:

              (i) by holding a financial product, or a beneficial interest in a financial product on trust for or on behalf of any holder of an interest in a managed investment scheme issued by the charitable investment fundraiser; and

              (ii) in the course of operating the scheme;

           (d) providing general advice that is included in an offer document for debentures or interests in a managed investment 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 made under section 926A of the Act.
       Where the exemptions apply
(3) The exemptions in subsections (1) and (2) apply to a charitable investment fundraiser where the following requirements are satisfied:

       Acceptance requirement for identification statement
           (a) the fundraiser has had accepted, for the purposes of this instrument, a statement (identification statement) that relates to the debenture or interest in the managed investment scheme by:
(i) ASIC, and ASIC has not notified the fundraiser in writing that ASIC has revoked the acceptance; or
(ii) a sponsor, and the sponsor has not notified the fundraiser in writing that it has revoked the acceptance;
Breach reporting requirement

           (b) if the fundraiser becomes aware of a matter that gives it reason to believe that it has failed or is likely to fail to comply with a condition in section 7:
              (i) the fundraiser has given full particulars of the matter to ASIC in writing within 15 business days of becoming aware of it; or
              (ii) the charitable investment fundraiser has received written notification from ASIC that the exemptions in subsections (1) and (2) continue to apply despite the fundraiser not having given ASIC full particulars of the matter in accordance with subparagraph (i); or
              (iii) the fundraiser has been notified in writing by ASIC that breaches of that kind need not be notified under subparagraph (i), and ASIC