Document ID: chunk:federal_register_of_legislation:F2021C01032:front:0:p2
Version: federal_register_of_legislation:F2021C01032
Segment Type: other
Provision Reference: 
Character Range: 2780–5367

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 scheme.

Hawking relief
(4) An operator of a mortgage investment scheme does not have to comply with section 992A of the Act in relation to an offer of an interest in the scheme to a person in the course of, or because of, an unsolicited contact with the person.

Financial product disclosure relief
(5) An operator of a mortgage investment scheme does not have to comply with Part 7.9 of the Act in relation to any of the following:
(a) a recommendation to acquire an interest in the scheme;
(b) an offer to issue or sell an interest in the scheme;
(c) the issue or sale of an interest in the scheme.
(6) A person (other than a person to whom subsection (5) applies) does not have to comply with Part 7.9 of the Act in relation to either of the following:
(a) a recommendation to acquire an interest in a mortgage investment scheme;
(b) an offer to arrange the issue of an interest 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 scheme.

Where exemptions apply
(7) The exemptions in subsections (1), (2), (4), and (5) are only available where all of the following are satisfied:
(a) the scheme, together with any other managed investment scheme operated by the operator or by an associate of the operator that has assets invested in mortgage loans, has no more than 20 members; and
(b) the operator, and any associate of the operator, does not operate a mortgage investment scheme registered under section 601EB of the Act; and
(c)  except for the scheme, together with any other managed investment scheme referred to in paragraph (a), or any managed investment scheme that forms part of those schemes, the operator is not in the business of promoting managed investment schemes.

6 Registering a scheme in relation to individual mortgage loans

Registration relief
    An operator of a mortgage investment scheme registered under section 601EB of the Act does not have to comply with subsection 601ED(5) of the Act to the extent that it would require the operator to register a scheme in relation to each mortgage loan in relation to which the scheme operates.

       Note: See also the declaration relating to withdrawal rights in section 8 of this instrument.