ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150

ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150

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

Compilation No. 4 

Compilation date: 26 September 2024

Includes amendments: F2024L01209

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150 that shows the text of the law as amended and in force on 26/09/2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary..................................................4

1 Name of legislative instrument...........................................4

3 Authority............................................................4

4 Definitions..........................................................4

Part 2—Exemptions..................................................5

5 Financial services and managed investment scheme relief for employee redundancy schemes              5

Endnotes...........................................................6

Endnote 1—About the endnotes..............................................6

Endnote 2—Abbreviation key...............................................7

Endnote 3—Legislation history..............................................8

Endnote 4—Amendment history.............................................9

Part 1—Preliminary

1 Name of legislative instrument

This instrument is the ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150.

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 (the Act).

4 Definitions

In this instrument:

employee redundancy scheme is a scheme to which employers may make, or are required by an award or agreement to make, contributions where the primary objective of the scheme is to fund redundancy entitlements and other entitlements, incidental to employment, for employees of the employers.

Part 2—Exemptions

5 Financial services and managed investment scheme relief for employee redundancy schemes

Licensing

(1) A person does not have to comply with subsection 911A(1) of the Act where they provide financial services in relation to interests in an employee redundancy scheme.

Managed investments and associated provisions

(2) A person who operates or promotes an employee redundancy scheme does not have to comply with sections 601ED and 992A and Part 7.9 of the Act in relation to:

(a) making offers for the issue of an interest in; or

(b) making recommendations to acquire an interest in; or

(c) making offers to arrange the issue of interests in; or

(d) operating;

an employee redundancy scheme.

Sunset date

(3) The exemptions in subsections (1) and (2) apply until the start of 1 April 2026.

Condition

(4)  A person who relies on any of the exemptions in subsections (1) and (2) in relation to an employee redundancy fund must notify ASIC in writing of its reliance on the exemption and the name of the fund by the later of:

(a) 31 October 2024; and

(b) one month after the day the person first relies on the exemption in relation to the fund.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history