Overview

The legislative instrument F2007B00286, enacted on 9 February 2000, is an exemption under subsection 741(1) of the Corporations Law, aimed at providing relief to certain parties involved in the sale of interests in time-sharing schemes. This exemption was issued by the Australian Securities and Investments Commission (ASIC) as a delegate, seeking to address potential regulatory burdens on time-sharing scheme holders and their representatives when making offers for sale not covered by subsections 707(3) and 707(5) of the Law. The policy objective underpinning this exemption is to streamline the sales process for these particular interests, facilitating smoother transactions while maintaining necessary oversight to protect consumers.

Scope and Application

The legislative instrument F2007B00286, dated 9 February 2000 and signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission (ASIC), pertains to a specific exemption under section 741(1) of the Corporations Law. This exemption applies to individuals holding one or more interests in a time-sharing scheme as well as any person acting on their behalf. The exemption is outlined in Schedule A and relates to offers for sale of interests in a time-sharing scheme made by the aforementioned individuals, provided such offers are not subject to subsections 707(3) or 707(5) of the Law. The exemption from section 736 of the Corporations Law is explicitly outlined in Schedule B, targeting the specified scenario of offer for sale. This legislation is applicable nationally as it is under the purview of the Commonwealth and extends to the entities and conduct specified within the schedules, without any further stated exclusions, exemptions, or thresholds beyond those outlined. The application of this Act may be further detailed or extended through subordinate instruments as necessary.

Key Provisions

The Australian Securities and Investments Commission (ASIC) has issued an exemption under subsection 741(1) of the Corporations Law (Law) for certain persons involved in time-sharing schemes. Specifically, Section 741(1) provides that ASIC can exempt individuals or entities from specific sections of the Law, in this case, section 736. Schedule A identifies the exempt persons as holders of one or more interests in a time-sharing scheme and any person acting on behalf of such a holder. Schedule B details the specific circumstances of the exemption, which applies to offers for the sale of interests in time-sharing schemes made by the exempt persons, provided the offer does not fall under subsections 707(3) or 707(5) of the Law. The exemption imposed by this legislative instrument primarily affects holders of time-sharing interests and their agents. These persons are relieved from the obligations and requirements set out in section 736 of the Corporations Law when making offers for the sale of time-sharing interests. The key requirement is that the exemption applies only to offers that do not fall under subsections 707(3) or 707(5), meaning that certain sales practices or conditions specified in those subsections would still apply, and the exemption does not extend to such scenarios. In terms of legal consequences, the legislative instrument itself does not explicitly detail offences, penalties, or consequences for breach. However, any breach of the Corporations Law, including section 736, could lead to various civil or criminal penalties as provided elsewhere in the Law. For instance, contravening section 736 could result in fines or imprisonment, depending on the severity and intent of the breach, as well as any additional provisions related to the specific nature of the contravention. It is important to note that while this legislative instrument exempts certain persons from section 736, any failure to comply with the broader requirements of the Corporations Law could still attract the usual penalties applicable to those sections.