Document ID: chunk:federal_register_of_legislation:F2022N00118:body:0:p1
Version: federal_register_of_legislation:F2022N00118
Segment Type: other
Provision Reference: 
Character Range: 0–3063

ASIC Corporations (Foreign Financial Services Provider—Queensland Fidelity and Indemnity Schemes) Instrument 2022/437
I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 31 May 2022

Rhys Bollen

Contents

Part 1—Preliminary
1 Name of notifiable instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 Queensland fidelity and indemnity scheme exemptions
6 Conditions

Part 1—Preliminary

1 Name of notifiable instrument
This is the ASIC Corporations (Foreign Financial Services Provider—Queensland Fidelity and Indemnity Schemes) Instrument 2022/437.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

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

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
captive insurer has the meaning given by section 2 of the Insurance Act 1966 (Singapore).
Lexon means Lexon Insurance Pte Limited ARBN 098 964 740.
Licence: see paragraph 5(2)(a).
MAS means the Monetary Authority of Singapore.
overseas regulatory authority means a foreign regulatory authority (other than MAS) which regulates financial services and which is established by or for the purposes of a foreign government or legislative body.
Queensland fidelity or indemnity scheme means the professional indemnity insurance arrangements made pursuant to the Queensland Law Society Indemnity Rule and which Lexon is permitted to provide under the Licence and the associated scheme providing that insurance.
Queensland Law Society means the Queensland Law Society Incorporated, being the body established under subsection 4(1) of the Queensland Law Society Act 1952 (Qld), and continued in existence by section 508 of the Legal Profession Act 2004 (Qld), and continued in existence under section 679 of the Legal Profession Act 2007 (Qld).
Queensland Law Society Indemnity Rule means the Queensland Law Society Indemnity Rule 2005 made by the Council of the Queensland Law Society under sections 226(2)(1) and 227 of the Legal Profession Act 2004 (Qld) and the replacement of those provisions by sections 231 and 232 of the Legal Profession Act 2007 (Qld).
Singaporean regulatory requirements means the rules that apply in relation to the financial services including any applicable legislation, instruments made under that legislation and any relevant policies or other documents (however described) issued by MAS.

       Part 2—Exemption

5 Queensland fidelity and indemnity scheme exemptions
(1) Lexon does not have to comply with any of the following:
(a) section 601ED(5) of the Act in relation to the operation of a managed investment scheme that is or arises from the Queensland fidelity or indemnity scheme;
(b) Divisions 2 to 5 of Part 7.9 and section 992A of the Act in relation to a financial product that arises from