ASIC Corporations (School Enrolment Deposits) Instrument 2016/812

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 22 September 2016

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Interpretation

Part 2—Exemption

5 School enrolment deposits

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (School Enrolment Deposits) Instrument 2016/812.

2 Commencement

This instrument commences on the same day as the ASIC Corporations (Repeal) Instrument 2016/819.

3 Authority

This instrument is made under paragraphs 601QA(1)(a), 741(1)(a), 926A(2)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

4 Interpretation

In this instrument:

Act means the Corporations Act 2001.

school means an establishment in which children are given formal primary or secondary education.

school enrolment debenture means a debenture that is issued because a person deposits money with a person operating a school where:

(a) the making of the deposit is required as a condition of the enrolment of a child in the school; and

(b) the debenture is incidental to that enrolment.

school enrolment deposit scheme means a managed investment scheme in relation to which:

(a) the acquisition of an interest in the scheme is required as a condition of the enrolment of a child in a school; and

(b) each interest in the scheme is incidental to that enrolment.

Part 2—Exemption

5 School enrolment deposits

Fundraising and managed investments exemptions

(1) A person who operates a school does not have to comply with any of the following:

(a) subsection 601ED(5) of the Act in relation to the operation of a school enrolment deposit scheme;

(b) Parts 6D.2 and 6D.3 of the Act in relation to an offer for the issue of a school enrolment debenture;

Note:  This also means that the person will not be required to enter into a trust deed under section 283AA of the Act.

(c) 992AA of the Act in relation to an interest in a school enrolment deposit scheme;

(d) Part 7.9 of the Act in relation to an interest in a school enrolment deposit scheme.

Licensing exemption

(2)  A person providing financial services in relation to a school enrolment deposit scheme or a school enrolment debenture does not have to comply with subsection 911A(1) of the Act for the provision of those services.

Note:  ASIC Corporations (Effect of Licensing Exemptions) Instrument 2015/1115 provides relief from subsection 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.