ASIC Class Order [CO 00/1115]
Operators of certain time-sharing schemes
This instrument has effect under s601QA(1)(a) of the Corporations Act 2001.
This compilation was prepared on 29 August 2013 taking into account amendments up to [CO 00/1791]. See the table at the end of this class order.
Prepared by the Australian Securities and Investments Commission.
Australian Securities and Investments Commission
Corporations Law
Paragraph 601QA(1)(a) - Exemption
Under paragraph 601QA(1)(a) of the Corporations Law (the Law) the Australian Securities and Investments Commission (ASIC) hereby exempts each person in the class of persons referred to in Schedule A in the cases referred to in Schedule B from section 601ED of the Law with effect for the duration of the Relief Period on the conditions referred to in Schedule C and for so long as they are met.
Schedule A
The operator of a time-sharing scheme as described in Schedule B
Schedule B
The operation of a time-sharing scheme (Scheme) being a scheme:
(a) which is not a registered scheme;
(b) to which Division 11 of Part 11.2 of the Law applies on 30 June 2000;
(c) in respect of which the operator of the Scheme lodges with ASIC, by no later than 30 June 2000, a notice stating that the operator intends to rely on this Class Order and
(i) that the operator will comply with Condition 2(a) in Schedule C, and specifying the steps which have been taken towards complying with Condition 2(a); or
(ii) the then operator will comply with Condition 2(b) in Schedule C, and specifying the particular exemption in ASIC Summary Policy Statement 160 upon which the operator intends to rely, and the steps which have been taken towards complying with Condition 2(b).
Schedule C
1. The operator must, as far as practicable, comply with the old Law (as defined in section 1451 of the Law) during the Relief Period as if that old Law continued to apply to the Scheme.
2. The operator must either:
(a) take all reasonable steps to have the Scheme registered as soon as possible; or
(b) take all reasonable steps to cause the Scheme to comply with the requirements of one of the exemptions from section 601ED contemplated by ASIC Summary Policy Statement 160, and make application to ASIC for such an exemption prior to the end of the Relief Period.
Interpretation
In this instrument “Relief Period” means the period starting on 1 July 2000 and ending on either 31 March 2001 or the date upon which the Scheme becomes registered, whichever occurs first.
Notes to ASIC Class Order [CO 00/1115]
Note 1
ASIC Class Order [CO 00/1115] (in force under s601QA(1)(a) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.
Table of Instruments
Instrument number | Date of making or FRLI registration | Date of commencement | Application, saving or transitional provisions |
[CO 00/1115] | 7/6/2000 (see F2007B00086) | 7/6/2000 | |
[CO 00/1791] | 6/9/2000 (see F2007B00087) | 6/9/2000 | - |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected | How affected |
Sch B........... | am. [CO 00/1791] |
Sch C........... | am. [CO 00/1791] |
Interpretation...... | am. [CO 00/1791] |
Overview
The ASIC Class Order [CO 00/1115], enacted in 2000 under section 601QA(1)(a) of the Corporations Act 2001, was introduced to address issues surrounding operators of certain time-sharing schemes that were not registered as of 30 June 2000. This legislative instrument, prepared by the Australian Securities and Investments Commission (ASIC), provides exemptions from certain sections of the Corporations Act for operators of specific time-sharing schemes during a defined Relief Period, which runs from 1 July 2000 to either 31 March 2001 or the date the scheme becomes registered, whichever is earlier. The primary policy objective of this Class Order is to offer a transitional relief to operators of time-sharing schemes, allowing them to either register their schemes or apply for exemptions under ASIC Summary Policy Statement 160, while ensuring compliance with the old Law as far as practicable.
Scope and Application
ASIC Class Order [CO 00/1115] applies to the operators of certain time-sharing schemes that are not registered and were subject to Division 11 of Part 11.2 of the Corporations Act 2001 on 30 June 2000. This exemption from section 601ED of the Corporations Act 2001 applies during the Relief Period, which commences on 1 July 2000 and ends on either 31 March 2001 or the date the scheme becomes registered, whichever is earlier. Operators must lodge a notice with ASIC by 30 June 2000, stating their intention to rely on this Class Order and specifying the steps taken towards complying with the conditions set out in Schedule C. Under Schedule C, operators must either take all reasonable steps to register the scheme as soon as practicable or apply for an exemption from ASIC by the end of the Relief Period. This Class Order extends its application through subordinate instruments, as evidenced by the amendments detailed in [CO 00/1791], which were made effective on 6 September 2000.
Key Provisions
The ASIC Class Order [CO 00/1115] provides exemptions from certain provisions of the Corporations Act 2001 for operators of specific time-sharing schemes (section 1(1)). These exemptions are applicable during the Relief Period, defined as starting on 1 July 2000 and ending on either 31 March 2001 or the date upon which the scheme becomes registered, whichever occurs first (Schedule C). The exemption is available for operators of non-registered time-sharing schemes that were subject to Division 11 of Part 11.2 of the Corporations Act 2001 on 30 June 2000 (Schedule B). Operators must lodge a notice with ASIC by 30 June 2000, stating their intention to rely on this Class Order and outlining steps taken towards complying with specific conditions (Schedule B).
The primary obligations imposed on the operators of these time-sharing schemes include complying with the old Corporations Law during the Relief Period as if it continued to apply (Schedule C(1)). Additionally, operators must either take all reasonable steps to have their scheme registered as soon as possible or take all reasonable steps to ensure the scheme complies with one of the exemptions from section 601ED of the Corporations Act 2001, as contemplated by ASIC Summary Policy Statement 160, and apply for such an exemption to ASIC before the end of the Relief Period (Schedule C(2)).
Failure to comply with the conditions outlined in the Class Order may result in significant consequences. While the specific offences, penalties, or civil/criminal consequences are not detailed within this Class Order, breaches of the Corporations Act 2001 can result in severe penalties. These may include fines, imprisonment, or both, depending on the nature and severity of the breach. The maximum penalties can vary widely based on the specific section of the Act that has been contravened.