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Schedule 2—Corporate collective investment vehicles: other amendments of the Corporations Act 2001

Schedule 2 Corporate collective investment vehicles: other amendments of the Corporations Act 2001

   

Corporations Act 2001

1  Section 9 (definition of affairs )

Repeal the definition, substitute:

affairs :

                     (a)  in relation to a body corporate (other than a CCIV)—has, in the provisions referred to in section 53, a meaning affected by that section; and

                     (b)  in relation to a body corporate that is a CCIV—has, in the provisions referred to in section 53AAA, a meaning affected by that section.

2  Section 9

Insert:

ARFN (short for Australian Registered Fund Number) is the number given by ASIC to a sub-fund of a CCIV on registration of the sub-fund (see subsection 1222S(3)).

3  Section 9 (definition of assets )

Repeal the definition, substitute:

assets :

                     (a)  in relation to a financial services licensee—means all the licensee’s assets (whether or not used in connection with the licensee’s Australian financial services licence); and

                     (b)  in relation to a sub-fund of a CCIV—has the meaning given by section 1233H.

4  Section 9 (definition of Australian passport fund )

Repeal the definition, substitute:

Australian passport fund means:

                     (a)  a registered scheme that is registered as a passport fund under Part 8A.3; or

                     (b)  a sub-fund of a retail CCIV that is registered as a passport fund under Part 8A.3.

5  Section 9

Insert:

CCIV : see corporate collective investment vehicle .

6  Section 9 (after paragraph (a) of the definition of Chapter 5 body corporate )

Insert:

                    (aa)  that is a CCIV of which one or more sub-funds is being wound up; or

7  Section 9 (definition of class )

Repeal the definition, substitute:

class has:

                     (a)  in relation to shares in a CCIV—a meaning affected by sections 57 and 1230A; and

                     (b)  in relation to shares (other than shares in a CCIV) or interests in a managed investment scheme—a meaning affected by section 57; and

                     (c)  when used in relation to securities for the purposes of Chapter 6, 6A or 6C—a meaning affected by subsection 605(2).

8  Section 9 (at the end of the definition of contributory )

Add:

             ; and (d)  in relation to a sub-fund of a CCIV—a person who is a contributory of the CCIV under paragraph (a), if the person is liable as mentioned in subparagraph (a)(i) as a member or past member of the sub-fund, or is a holder of shares referable to the sub-fund.

9  Section 9

Insert:

corporate collective investment vehicle or CCIV means a company that is registered as a corporate collective investment vehicle under this Act.

corporate director of a CCIV has the meaning given by subsection 1224(3).

creditor of a sub-fund of a CCIV means a creditor of the CCIV, if the debt or claim is, to any extent, a liability of the sub-fund.

10  Section 9 (definition of entity )

Omit “and 8A”, substitute “, 8A and 8B,”.

11  Section 9 (paragraph (a) of the definition of expectation )

After “managed investment scheme”, insert “or a sub-fund of a CCIV”.

12  Section 9 (definition of extraordinary resolution )

After “registered scheme”, insert “, a CCIV or a sub-fund of a CCIV”.

13  Section 9 (definition of financial benefit )

Omit “Chapter 2E”, substitute “Chapters 2E and 8B”.

14  Section 9 (definition of insolvent )

Repeal the definition, substitute:

insolvent :

                     (a)  in relation to a person—has the meaning given by subsection 95A(2); and

                     (b)  in relation to a sub-fund of a CCIV—has the meaning given by subsection 1231A(3).

15  Section 9

Insert:

liabilities , in relation to a sub-fund of a CCIV, has the meaning given by section 1233L.

16  Section 9 (definition of listed )

Repeal the definition, substitute:

listed :

                     (a)  a company, managed investment scheme or other body is listed if it is included in the official list of a prescribed financial market operated in this jurisdiction; and

                     (b)  a retail CCIV that is not listed because of paragraph (a) is listed if:

                              (i)  the retail CCIV has only one sub-fund; and

                             (ii)  that sub-fund is included in the official list of a prescribed financial market operated in this jurisdiction; and

                     (c)  a sub-fund of a retail CCIV is listed if:

                              (i)  the sub-fund is included in the official list of a prescribed financial market operated in this jurisdiction; or

                             (ii)  the retail CCIV is listed because of paragraph (a).

17  Section 9 (before paragraph (e) of the definition of member )

Insert:

                     (c)  in relation to a sub-fund of a CCIV—means a person who is a member under subsection 1222Q(3); or

18  Section 9 (definition of officer of a corporation)

After “of a corporation” (first occurring), insert “(other than a CCIV)”.

19  Section 9

Insert:

officer of a corporation that is a CCIV has the meaning given by section 1224B.

20  Section 9 (at the end of the definition of professional investor )

Add:

Note:          A CCIV can also be a professional investor, see section 1241K.

21  Section 9 (definition of public company )

After “a proprietary company”, insert “or a CCIV”.

22  Section 9

Insert:

redeemable share , in a CCIV, has the meaning given by subsection 1230B(4).

referable :

                     (a)  in relation to a sub-fund, and a share in a CCIV—has the meaning given by subsection 1230(1); and

                     (b)  in relation to a sub-fund, and a class of shares in a CCIV—has the meaning given by subsection 1230A(2); and

                     (c)  in relation to a sub-fund, and a debenture issued by a CCIV—has the meaning given by subsection 1231N(1).

23  Section 9 (definition of registered office )

Omit “in relation to a body corporate, means the body’s registered office”, substitute “in relation to a company or registered body, means the registered office of the company or body”.

24  Section 9 (paragraph (a) of the definition of related party )

Repeal the paragraph, substitute:

                     (a)  when used in Chapter 2E (other than in relation to a CCIV) has the meaning given by section 228; and

                    (aa)  when used in Chapters 2E and 8B, in relation to a CCIV, has the meaning given by section 1227E; and

25  Section 9

Insert:

retail CCIV has the meaning given by subsection 1222J(1).

26  Section 9 (definition of solvent )

Repeal the definition, substitute:

solvent :

                     (a)  in relation to a person—has the meaning given by subsection 95A(1); and

                     (b)  in relation to a sub-fund of a CCIV—has the meaning given by subsection 1231A(2).

27  Section 9 (paragraph (b) of the definition of special resolution )

After “registered scheme”, insert “, a CCIV or a sub-fund of a CCIV”.

28  Section 9

Insert:

sub-fund , of a CCIV, has the meaning given by subsection 1222Q(1).

wholesale CCIV has the meaning given by subsection 1222J(2).

29  Section 51E (definition of secured creditor )

Repeal the definition, substitute:

secured creditor :

                     (a)  of a corporation means a creditor of the corporation, if the debt owing to the creditor is secured by a security interest; and

                     (b)  of a sub-fund of a CCIV means a secured creditor of the CCIV, if the debt owing to the creditor is, to any extent, a liability of the sub-fund.

30  At the end of section 51F

Add:

References to property of a sub-fund of a CCIV

             (3)  A reference in a provision of this Act to property of a sub-fund of a CCIV (including a substituted reference provided for by Part 8B.6) is a reference to something that is:

                     (a)  property of the CCIV (within the meaning of the provision); and

                     (b)  an asset of the sub-fund of the CCIV.

Note:          For assets of a sub-fund of a CCIV, see section 1233H.

31  Section 53 (heading)

Repeal the heading, substitute:

53   Affairs of a body corporate (other than a CCIV)

32  Section 53

After “body corporate” (first occurring), insert “(other than a CCIV)”.

33  After section 53

Insert:

53AAA   Affairs of a CCIV

             (1)  For the purposes of the provisions referred to in subsection (3), the affairs of a body corporate that is a CCIV include anything that would be included in the affairs of a body corporate under section 53.

             (2)  In applying paragraph 53(d) to the CCIV:

                     (a)  disregard subparagraphs (ii) and (iia); and

                     (b)  treat the reference in subparagraph (iv) to the body as instead being a reference to a sub-fund of the CCIV; and

                     (c)  treat the reference to a liquidator or provisional liquidator of the body as instead being a reference to a liquidator or provisional liquidator of a sub-fund of the CCIV.

             (3)  The provisions for subsection (1) are the following:

                     (a)  a provision referred to in section 53;

                     (b)  a provision prescribed for the purposes of section 53;

                     (c)  section 1222 (about requirements for registration as a CCIV);

                     (d)  section 1224F (about who can be the director of a CCIV);

                     (e)  section 1224J (about corporate director must operate the CCIV);

                      (f)  section 1237V (about Court order imposing liability on unlicensed person operating CCIV);

                     (g)  section 1241C (about extra kinds of financial services relating to CCIVs);

                     (h)  section 1241E (about when conduct does not constitute providing a custodial or depository service in relation to a CCIV);

                      (i)  section 1241F (about Australian financial services licences to conduct the affairs of a CCIV);

                      (j)  section 1241L (about financial services disclosure does not apply to conducting the affairs of CCIVs);

                     (k)  a provision of this Act prescribed by the regulations for the purposes of this paragraph.

34  Paragraph 53AA(a)

After “53”, insert “or 53AAA”.

35  At the end of subsection 57(1)

Add:

Note:          A CCIV must have a minimum of one class of shares per sub-fund: see section 1230A.

36  Section 64A

Omit “and 8A”, substitute “, 8A and 8B”.

37  At the end of subsection 92(4)

Add:

Note:          However, in Chapter 6D, securities does not include securities in a CCIV: see section 1240G.

38  At the end of section 111AF

Add:

             (3)  Securities (except debentures) in a class of securities of a CCIV are ED securities if 100 or more people hold securities in that class as a result of offers that gave rise to obligations to give Product Disclosure Statements (whether or not all in the same terms) under Chapter 7 (as that Chapter applies to those securities under Division 4 of Part 8B.7).

39  At the end of subsection 111AR(1)

Add:

                   ; (e)  Division 4 of Part 8B.4 as it applies to disclosing entities;

                      (f)  Division 2 of Part 8B.7 as it applies to disclosing entities.

40  Subsection 117(1) (note)

Omit “Note”, substitute “Note 1”.

41  At the end of subsection 117(1)

Add:

Note 2:       For modifications applicable to applications to register a CCIV, see section 1222A.

42  Subsection 118(1) (note)

Omit “Note”, substitute “Note 1”.

43  At the end of subsection 118(1)

Add:

Note 2:       For modifications applicable to applications to register a CCIV, see section 1222C.

44  At the end of subsection 120(1)

Add:

Note:          For the equivalent provision for a CCIV, see section 1222D.

45  Subsection 124(1) (note)

Omit “Note”, substitute “Note 1”.

46  At the end of subsection 124(1)

Add:

Note 2:       A CCIV’s power to issue shares is affected by sections 1230 and 1230B.

47  At the end of subsection 127(1)

Add:

Note 3:       Because a CCIV has no natural person directors and no company secretary, it executes documents through the directors and company secretary of its corporate director: see section 1223.

48  Subsection 127(2) (note)

Omit “Note”, substitute “Note 1”.

49  At the end of subsection 127(2)

Add:

Note 2:       Because a CCIV has no natural person directors and no company secretary, it executes documents through the directors and company secretary of its corporate director: see section 1223.

50  At the end of subsection 135(1)

Add:

Note 3:       Paragraph (a) does not apply for CCIVs: see section 1223A.

51  Subsection 136(1) (note)

Omit “Note”, substitute “Note 1”.

52  At the end of subsection 136(1)

Add:

Note 2:       Section 1223B applies instead of this section in relation to the constitution of a CCIV (see also subsection 1223D(6)).

53  At the end of subsection 169(3)

Add:

Note 3:       A CCIV’s register must also show the sub-funds relevant to each share: see subsection 1222ZB(1).

54  At the end of subsection 170(1)

Add:

Note:          A CCIV’s register must also show the sub-funds relevant to each share or option: see subsection 1222ZB(2).

55  Subsection 171(1) (note)

Omit “Note”, substitute “Note 1”.

56  At the end of subsection 171(1)

Add:

Note 2:       A CCIV’s register must also show the sub-funds relevant to each debenture: see subsection 1222ZB(3).

57  At the end of subsection 179(1)

Add:

Note:          For a CCIV, there are additional duties: see Divisions 2 and 3 of Part 8B.3.

58  Division 1 of Part 2D.1 (after the heading)

Insert:

Note:       This Division applies in relation to CCIVs in a modified form: see sections 1224C.

59  At the end of subsection 188(1)

Add:

Note 3:       This subsection has an extended operation in relation to the secretary of a corporate director of a CCIV: see sections 1225A and 1225B.

60  Division 2 of Part 2D.1 (after the heading)

Insert:

Note:       This Division applies in relation to CCIVs in a modified form: see sections 1225C and 1224K.

61  Subsection 198D(1) (note)

Omit “Note”, substitute “Note 1”.

62  At the end of subsection 198D(1)

Add:

Note 2:       If the company is a CCIV, section 1224L applies instead of this section.

63  Subsection 198F(1) (note)

Omit “Note”, substitute “Note 1”.

64  At the end of subsection 198F(1)

Add:

Note 2:       This section also applies to a director of a corporate director of a CCIV: see section 1225D.

65  At the end of subsection 198G(1)

Add:

Note:          For a CCIV, section 1224Q applies instead of this section.

66  At the end of subsection 199A(1)

Add:

Note:          This section is modified for the director of a wholesale CCIV: see subsection 1224D(7). This section has an extended operation in relation to officers and auditors of the corporate director of a CCIV: see section 1225E.

67  At the end of subsection 199B(1)

Add:

Note:          This section has an extended operation in relation to officers and auditors of the corporate director of a CCIV: see section 1225E.

68  At the end of subsection 200B(1)

Add:

Note 4:       This section has a modified operation in relation to CCIVs: see section 1224ZD.

69  At the end of subsection 200C(1)

Add:

Note:          This section has a modified operation in relation to CCIVs: see section 1224ZD.

70  Part 2D.3 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1224E.

71  Part 2D.4 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1224E.

72  Part 2D.5 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1224E.

73  Part 2D.6 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1224E.

74  Part 2D.7 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1224E.

75  Part 2D.8 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1224E.

76  Chapter 2E (after the heading)

Insert:

Note:       This Chapter applies to a CCIV with modifications: see Division 5 of Part 8B.3.

77  At the end of subsection 208(1)

Add:

Note 3:       This section applies to a CCIV in a modified form: see section 1227A.

78  At the end of subsection 209(2)

Add:

Note 3:       This section has an extended operation in relation to a retail CCIV: see section 1227A.

79  Section 232 (note)

Repeal the note, substitute:

Note 1:       For affairs , see sections 53 and 53AAA.

Note 2:       The effect of paragraph (d) is extended in relation to a sub-fund of a CCIV: see section 1227F.

80  At the end of subsection 233(1)

Add:

Note:          If the company is a CCIV there are modifications for paragraphs (1)(a) and (h) (see section 1227G and Part 8B.6).

81  At the end of subsection 233(3)

Add:

Note:          If the company is a CCIV the reference to section 136 is modified (see subsection 1227G(2)).

82  Subsection 237(4) (note)

Omit “Note”, substitute “Note 1”.

83  At the end of subsection 237(4)

Add:

Note 2:       For who is a third party of a CCIV, see section 1227H.

84  At the end of subsection 246B(1)

Add:

Note:          A CCIV must have a minimum of 1 class of shares per sub-fund: see section 1230A.

85  At the end of subsection 246B(2)

Add:

Note:          This subsection applies to a CCIV in a modified form: see section 1227J.

86  At the end of subsection 246F(3)

Add:

Note:          This subsection also applies to a CCIV: see section 1227L.

87  Part 2G.1 (after the heading)

Insert:

Note:       Section 1228 applies instead of this Part in relation to a CCIV.

88  Part 2G.2 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV or its members. Instead, section 1228A applies a modified version of Part 2G.4.

89  Part 2G.3 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV or its members. Instead, section 1228A applies a modified version of Part 2G.4.

90  Part 2G.4 (after the heading)

Insert:

Note:       Section 1228A applies a modified version of this Part in relation to a CCIV. Section 1228B applies a modified version of this Part in relation to a sub-fund of a CCIV.

91  At the end of subsection 254B(1)

Add:

Note 5:       A CCIV may issue a share only if the share is referable to a sub-fund of the CCIV (see section 1230).

92  Subsection 254G(1) (note)

Omit “Note”, substitute “Note 1”.

93  At the end of subsection 254G(1)

Add:

Note 2:       Section 1230C applies to a CCIV instead of this section.

94  Subsection 254H(1) (note)

Omit “Note”, substitute “Note 1”.

95  At the end of subsection 254H(1)

Add:

Note 2:       Section 1230C applies to a CCIV instead of this section.

96  Part 2H.2 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1230D.

97  At the end of subsection 254N(1)

Add:

Note:          This section does not apply to a CCIV: see section 1230L.

98  At the end of subsection 254T(1)

Add:

Note 3:       Section 1230M applies to a CCIV instead of this section.

99  At the end of subsection 254W(1)

Add:

Note:          Section 1230N is about dividend rights in a CCIV.

100  Part 2H.6 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1230P.

101  Chapter 2J (after the heading)

Insert:

Note:       This Chapter is modified for CCIVs: see Division 2 of Part 8B.4.

102  Division 1 of Part 2J.1 (after the heading)

Insert:

Note:       This Division does not apply to a CCIV: see subsection 1231A(5).

103  Division 2 of Part 2J.1 (after the heading)

Insert:

Note:       This Division does not apply to a CCIV: see subsection 1231C(6).

104  Division 3 of Part 2J.1 (after the heading)

Insert:

Note:       This Division applies to a CCIV with modifications: see section 1231H.

105  Part 2J.2 (after the heading)

Insert:

Note:       This Part applies to a CCIV with modifications: see sections 1231J and 1231K.

106  Subsection 259B(1) (note)

Omit “Note”, substitute “Note 1”.

107  At the end of subsection 259B(1)

Add:

Note 2:       Subsection (3) does not apply to a CCIV: see section 1231K.

108  Part 2J.3 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV: see section 1231L.

109  Part 2M.1 (after the heading)

Insert:

Note:       This Chapter applies to CCIVs with modifications: see Division 4 of Part 8B.4.

110  Subsection 286(1) (note)

Repeal the note, substitute:

Note 1:       Section 9 defines financial records .

Note 2:       Section 1232A extends this section to keeping financial records for sub-funds of retail and wholesale CCIVs, and applies this Part accordingly.

111  At the end of subsection 290(1)

Add:

Note:          Section 1232B extends this section to the directors of the corporate director of a retail or wholesale CCIV.

112  Division 1 of Part 2M.3 (after the heading)

Insert:

Note:       This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4.

113  Subsection 292(1) (note)

Repeal the note, substitute:

Note 1:       This Chapter only applies to disclosing entities incorporated or formed in Australia (see subsection 285(2)).

Note 2:       Section 1232C extends this section to preparing annual financial reports and directors’ reports for sub-funds of retail CCIVs, and applies this Division accordingly.

114  At the end of subsection 295(5)

Add:

Note:          Section 1228 deals with directors’ resolutions for CCIVs.

115  At the end of subsection 298(2)

Add:

Note:          Section 1228 deals with directors’ resolutions for CCIVs.

116  At the end of subsection 300(1)

Add:

Note:          This section applies to sub-funds of retail CCIVs in a modified form: see section 1232E.

117  At the end of subsection 300(13)

Add:

Note:          This subsection applies to sub-funds of retail CCIVs in a modified form: see section 1232E.

118  At the end of section 302

Add:

Note 4:       Section 1232F extends this section to preparing half-year financial reports and directors’ reports for sub-funds of retail CCIVs (if there are ED securities referable to the sub-fund), and applies this Division accordingly.

119  At the end of subsection 303(5)

Add:

Note:          Section 1228 deals with directors’ resolutions for CCIVs.

120  At the end of subsection 306(1)

Add:

Note:          This subsection applies to sub-funds of retail CCIVs in a modified form: see subsection 1232F(6).

121  At the end of subsection 306(3)

Add:

Note:          Section 1228 deals with directors’ resolutions for CCIVs.

122  Division 3 of Part 2M.3 (after the heading)

Insert:

Note:       This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G.

123  At the end of section 307

Add:

Note:          This section applies to sub-funds of retail CCIVs in a modified form: see section 1232G.

124  At the end of subsection 311(4)

Add:

Note:          This subsection applies to sub-funds of retail CCIVs in a modified form: see section 1232G.

125  Division 4 of Part 2M.3 (after the heading)

Insert:

Note:       This Division applies to reports relating to sub-funds of retail CCIVs in a modified form: see section 1232H.

126  At the end of subsection 314(1)

Add:

Note:          This section applies to sub-funds of retail CCIVs in a modified form: see section 1232H.

127  At the end of subsection 315(3)

Add:

Note:          Section 1232J applies this subsection to retail CCIVs in relation to their sub-funds.

128  At the end of subsection 317(1)

Add:

Note 4:       This section does not apply to retail CCIVs: see section 1232K.

129  At the end of subsection 318(1)

Add:

Note:          This section applies to sub-funds of retail CCIVs in a modified form: see section 1232L.

130  Subsection 322(3) (note)

Omit “Note”, substitute “Note 1”.

131  At the end of subsection 322(3)

Add:

Note 2:       This section applies to sub-funds of retail CCIVs in a modified form: see section 1232M.

132  At the end of subsection 324CD(2) (after the table)

Add:

Note:          This subsection applies in relation to retail CCIVs in a modified form: see section 1232N.

133  Subdivision B of Division 3 of Part 2M.4 (after the heading)

Insert:

Note:       This Subdivision applies in relation to retail CCIVs in a modified form: see section 1232P.

134  At the end of subsection 324CL(1)

Add:

Note:          This section applies in relation to retail CCIVs in a modified form: see section 1232Q.

135  Division 6 of Part 2M.4 (after the heading)

Insert:

Note:       This Division does not apply in relation to a CCIV. Instead, section 1232R applies a modified version of Division 7 to a retail CCIV.

136  Division 7 of Part 2M.4 (after the heading)

Insert:

Note:       Section 1232R applies a modified version of this Division in relation to a retail CCIV.

137  Subsection 344(1) (note)

Omit “Note”, substitute “Note 1”.

138  At the end of subsection 344(1)

Add:

Note 2:       This subsection has an extended operation in relation to a retail CCIV: see section 1232T.

139  At the end of subsection 344(2)

Add:

Note:          This subsection has an extended operation in relation to a retail CCIV: see section 1232T.

140  Part 2N.3 (after the heading)

Insert:

Note:       This Part does not apply to CCIVs: see subsection 1232U(1).

141  At the end of subsection 348C(1)

Add:

Note:          This section does not apply to CCIVs: see subsection 1232U(2).

142  Part 5.1 (after the heading)

Insert:

Note:       This Part applies to CCIVs with modifications: see Division 2 of Part 8B.6.

143  Part 5.2 (after the heading)

Insert:

Note:       This Part applies to CCIVs with modifications: see Division 3 of Part 8B.6.

144  Part 5.3A (after the heading)

Insert:

Note:       This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6.

145  Part 5.3B (after the heading)

Insert:

Note:       This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6.

146  Part 5.4 (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6.

147  Part 5.4A (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6.

148  Part 5.4B (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6.

149  Part 5.4C (after the heading)

Insert:

Note:       This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 5 of Part 8B.6.

150  Part 5.5 (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6.

151  Part 5.6 (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6.

152  At the end of subsection 530C(1)

Add:

Note:          This section applies to a CCIV in a modified form: see section 1237Z.

153  Part 5.7B (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 3 of Part 8B.6 (for provisions relating to Division 2B), Division 5 of Part 8B.6 (for provisions relating to Divisions 2 and 2A) and Division 6 of Part 8B.6 (for provisions relating to Divisions 3, 4, 5 and 6).

154  Part 5.8 (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 7 of Part 8B.6.

155  At the end of subsection 596(1)

Add:

Note:          This section applies to a CCIV in a modified form: see section 1238F.

156  Part 5.9 (after the heading)

Insert:

Note:       This Part applies to a sub-fund of a CCIV in a modified form: see Division 8 of Part 8B.6.

157  At the end of section 596A

Add:

Note:          This section applies to a CCIV in a modified form: see section 1237U.

158  Part 5A.1 (after the heading)

Insert:

Note 1:    This Part applies to the deregistration of CCIVs with modifications: see Subdivision A of Division 9 of Part 8B.6.

Note 2:    For the deregistration of sub-funds of CCIVs, see Subdivision A of Division 9 of Part 8B.6.

159  Part 5A.2 (after the heading)

Insert:

Note:       This Part does not apply to a CCIV or a sub-fund of a CCIV: see Subdivision B of Division 9 of Part 8B.6.

160  Chapter 6 (after the heading)

Insert:

Note:       This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7.

161  Section 660A (note)

Omit “Note”, substitute “Note 1”.

162  At the end of section 660A

Add:

Note 2:       This Chapter only applies to the acquisition of securities in a CCIV if the CCIV is a listed company: see section 1240E.

163  At the end of subsection 675(2)

Add:

Note 5:       Subsection (2) has a modified operation in relation to securities in a CCIV: see section 1240F.

164  At the end of subsection 700(1)

Add:

Note:          In this Chapter, subject to subsection 1240H(6), securities also does not include a security in a CCIV: see section 1240G.

165  Chapter 7 (after the heading)

Insert:

Note:       This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7.

166  Section 761A (paragraph (a) of the definition of financial services law )

Omit “or 8A”, substitute “, 8A or 8B”.

167  After paragraph 766A(1)(d)

Insert:

                   (da)  operate the business and conduct the affairs of a CCIV; or

168  Paragraph 766C(4)(c)

After “body corporate”, insert “(other than a CCIV)”.

169  After paragraph 766C(4)(c)

Insert:

                    (ca)  a CCIV;

170  Subsection 1212(1)

Repeal the subsection, substitute:

             (1)  A person may lodge an application with ASIC to have a scheme or sub-fund in an item in column 1 of the following table (a collective investment fund ) registered as a passport fund if the person is the entity mentioned in the corresponding item in column 2 of the table (the proposed operator of the fund).

 

Who may apply to be a passport fund

Item

Column 1

Collective investment fund

Column 2

Proposed operator

1

a managed investment scheme that is a registered scheme

the responsible entity of the scheme

2

a managed investment scheme in respect of which an application for registration under section 601EB has been made

the proposed responsible entity of the scheme

3

a sub-fund of a retail CCIV

the corporate director of the CCIV

 

171  Paragraph 1212(2)(b)

Omit “responsible entity for the scheme”, substitute “proposed operator of the collective investment fund”.

172  Subparagraph 1212(2)(b)(i)

Omit “responsible entity”, substitute “proposed operator”.

173  Subparagraph 1212(2)(b)(ii)

Omit “scheme”, substitute “fund”.

174  Subsection 1212(3)

Omit “scheme is registered as an Australian”, substitute “fund is registered as a”.

175  Section 1212A (heading)

Repeal the heading, substitute:

1212A   Registration of Australian passport funds

176  Subsection 1212A(1)

Omit “a registered scheme”, substitute “a collective investment fund that is a registered scheme or a sub-fund of a retail CCIV”.

177  Paragraph 1212A(1)(a)

Omit “responsible entity for the scheme”, substitute “proposed operator of the fund”.

178  Paragraph 1212A(1)(b)

Omit “scheme”, substitute “fund”.

179  Subsection 1212A(2)

Omit “A registered scheme”, substitute “A collective investment fund”.

180  Section 1212B

Omit “registered scheme”, substitute “collective investment fund”.

181  Section 1212B

Omit “scheme’s”, substitute “fund’s”.

182  Subsection 1213B(3)

After “managed investment schemes”, insert “, or CCIVs,”.

183  At the end of subsection 1272B(1)

Add:

Note:          This subsection has a modified operation in relation to CCIVs: see section 1242.

184  At the end of subsection 1274(2)

Add:

Note:          This subsection applies in relation to CCIVs with modifications: see section 1242A.

185  At the end of subsection 1300(2A)

Add:

Note:          This section applies to a CCIV as if the CCIV were a proprietary company: see section 1242B.

186  At the end of subsection 1307(1)

Add:

Note:          This subsection applies in relation to CCIVs with modifications: see section 1242C.

187  At the end of subsections 1309(1) and (2)

Add:

Note:          This subsection applies in relation to CCIVs with modifications: see section 1242D.

188  At the end of subsections 1309(9) and (10)

Add:

Note:          This subsection applies in relation to information given to CCIVs with modifications: see section 1242D.

189  Before paragraph 1311(1A)(e)

Insert:

                   (de)  Chapter 8B;

190  At the end of subsection 1317(1)

Add:

Note:          This section applies in relation to a defendant who is a CCIV with modifications: see section 1242D.

191  Part 9.4AAA (after the heading)

Insert:

Note:       This Part applies in relation to CCIVs with modifications: see 1242E.

192  In the appropriate position in subsection 1317E(3)

Insert:

subsection 1224D(1)

duties owed by director of a CCIV

corporation/scheme

subsection 1224D(2)

duties owed by director of a retail CCIV

corporation/scheme

subsection 1224D(4)

duties owed by director of a wholesale CCIV

corporation/scheme

subsection 1224P(2)

acquisition of share in CCIV by corporate director of retail CCIV

corporation/scheme

subsection 1225(1)

duties owed by officers of corporate director of retail CCIV

corporation/scheme

subsection 1225F(1)

duties owed by employees of corporate director of retail CCIV

corporation/scheme

subsection 1230F(5)

share redemption requirements for CCIVs

corporation/scheme

subsection 1230S(4)

cross-investment restrictions or requirements for CCIVs

corporation/scheme

subsection 1231B(4)

unauthorised reduction of share capital by a CCIV

corporation/scheme

subsection 1231J(5)

directly acquiring own shares

corporation/scheme

subsections 1234J(1), (2) and (3)

holding of sub-fund assets of a CCIV

corporation/scheme

193  At the end of subsection 1322(1)

Add:

Note:          This section applies in relation to CCIVs with modifications: see section 1242F.

194  Sections 1324A and 1324B

Omit “or Part 7.10”, substitute “, Part 7.10 or Chapter 8B”.

195  Subsection 1325(7) (at the end of the definition of section 1325 order provision )

Add:

              ; and (j)  a provision of Chapter 8B.

196  At the end of section 1351

Add:

Note:          Subsection (4) applies in relation to CCIVs with modifications: see section 1242G.

197  At the end of subsection 70-35(3) of Schedule 2

Add:

Note:          This subsection does not apply for a winding up of a sub-fund of a CCIV: see section 1237P.

198  At the end of subsection 70-35(4) of Schedule 2

Add:

Note:          This subsection does not apply for a winding up of a sub-fund of a CCIV: see section 1237P.

199  In the appropriate position in Schedule 3

Insert:

Subsection 1222L(3)

20 penalty units

Subsection 1222L(7)

20 penalty units

Subsection 1222W(1)

30 penalty units

Subsection 1222Z(2)

120 penalty units

Subsection 1223B(3)

20 penalty units

Subsection 1223C(4)

20 penalty units

Subsection 1223C(5)

20 penalty units

Subsection 1223D(3)

20 penalty units

Subsection 1224(1)

2 years imprisonment

Subsection 1224(5)

2 years imprisonment

Subsection 1224A(1)

2 years imprisonment

Subsection 1224A(2)

2 years imprisonment

Subsection 1224G(4)

2 years imprisonment

Subsection 1224G(5)

20 penalty units

Subsection 1224G(6)

60 penalty units

Subsection 1224P(3)

(a) for an individual—5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate—20,000 penalty units

Subsection 1224Q(4)

30 penalty units

Subsection 1224Q(5)

20 penalty units

Subsection 1224T(3)

20 penalty units

Subsection 1224U(4)

20 penalty units

Subsection 1224V(3)

20 penalty units

Subsection 1224W(2)

20 penalty units

Subsection 1224W(8)

20 penalty units

Subsection 1224Z(1)

20 penalty units

Subsection 1225(2)

5 years imprisonment

Subsection 1225F(2)

5 years imprisonment

Subsection 1226(3)

20 penalty units

Subsection 1226C(2)

60 penalty units

Subsection 1226D(3)

20 penalty units

Subsection 1226D(4)

20 penalty units

Subsection 1226E(3)

20 penalty units

Subsection 1226F(1)

20 penalty units

Subsection 1226G(1)

20 penalty units

Subsection 1226G(3)

60 penalty units

Subsection 1226G(4)

20 penalty units

Subsection 1226H(6)

1 year imprisonment

Paragraph 1226J(1)(a)

20 penalty units

Subsection 1226K(1)

20 penalty units

Subsection 1228D(4)

20 penalty units

Subsection 1230F(4)

(a) for an individual—5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate—20,000 penalty units

Subsection 1230G(1)

20 penalty units

Subsection 1230G(2)

20 penalty units

Subsection 1230G(3)

20 penalty units

Subsection 1230J(5)

20 penalty units

Subsection 1230J(8)

20 penalty units

Subsection 1230M(1)

2 years imprisonment

Subsection 1230S(3)

(a) for an individual—5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate—20,000 penalty units

Subsection 1231B(3)

(a) for an individual—5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate—20,000 penalty units

Subsection 1231J(6)

(a) for an individual—5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate—20,000 penalty units

Subsection 1233B(4)

2 years imprisonment

Subsection 1233B(5)

60 penalty units

Subsection 1233C(2)

60 penalty units

Subsection 1233D(5)

2 years imprisonment

Subsection 1233D(6)

60 penalty units

Subsection 1233E(5)

2 years imprisonment

Subsection 1233E(6)

60 penalty units

Subsection 1233F(4)

20 penalty units

Subsection 1233G(3)

2 years imprisonment

Subsection 1233G(4)

60 penalty units

Subsection 1233J(6)

2 years imprisonment

Subsection 1233K(5)

2 years imprisonment

Subsection 1233M(6)

2 years imprisonment

Subsection 1233N(5)

2 years imprisonment

Subsection 1233P(3)

20 penalty units

Subsection 1234F(3)

2 years imprisonment

Subsection 1234F(4)

60 penalty units

Subsections 1234J(1), (2) and (3)

60 penalty units

Subsection 1237P(4)

50 penalty units

Subsection 1239D(3)

20 penalty units

Subsection 1239L(1)

20 penalty units

Subsection 1240H(1)

5 years imprisonment

Subsection 1240H(2)

5 years imprisonment