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

Administered by Department of the Treasury

Legislation au F2015L02021 Not in force Legislative Instrument

Legislation content

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

ad = added or inserted

orig = original

am = amended

par = paragraph(s)/subparagraph(s)

amdt = amendment

/sub‑subparagraph(s)

c = clause(s)

pres = present

C[x] = Compilation No. x

prev = previous

Ch = Chapter(s)

(prev…) = previously

def = definition(s)

Pt = Part(s)

Dict = Dictionary

r = regulation(s)/rule(s)

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expires/expired or ceases/ceased to have

rep = repealed

Effect

rs = repealed and substituted

F = Federal Register of Legislation

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LA = Legislation Act 2003

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

o = order(s)

commenced or to be commenced

Ord = Ordinance

 

 

Endnote 3—Legislation history

Name

Registration

Commencement

Application, saving and transitional provisions

2015/1150

16/12/2015 (see F2015L02021)

17/12/2015

 

2018/825

24/9/2018 (see F2018L01335)

25/9/2018

-

2021/767

8/9/2021 (see F2021L01245)

9/9/2021

-

2021/799

22/9/2021 (see F2021L01310)

5/10/2021

-

2024/618

25/9/2024 (see F2024L01209)

26/9/2024

-

 

Endnote 4—Amendment history

Provision affected

How affected

Section 2

rep. s48D LA

Section 5

am. 2018/825

Subsection 5(2)

am. 2021/799

Subsection 5(3)

am. 2021/767

Subsection 5(3)

am. 2024/618

Subsection 5(4)

ad. 2024/618

 

 

 

Overview

The ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150, enacted under the Corporations Act 2001, aims to provide relief for employee redundancy schemes by exempting certain financial services and managed investment scheme activities from specific licensing and compliance requirements. This legislative instrument was introduced to facilitate smoother operations for businesses and financial entities involved in managing employee redundancy funds, addressing gaps in regulatory oversight that could otherwise hinder efficient fund administration. The instrument was made by the Australian Securities and Investments Commission (ASIC) and applies until 1 April 2026. It requires entities to notify ASIC of their reliance on the exemptions by 31 October 2024 or one month after first using the exemption, whichever is later. The policy objective is to support the operational efficiency of employee redundancy funds while ensuring that relevant authorities are informed of the exemption usage.

Scope and Application

The ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150, as amended, provides specific exemptions under the Corporations Act 2001 for certain financial services related to employee redundancy schemes. This instrument applies to individuals and entities that offer financial services or manage investments concerning interests in employee redundancy schemes, which are schemes where employers contribute to fund redundancy and other employment-related entitlements for employees. The exemptions apply until the start of 1 April 2026, after which compliance with the relevant sections of the Corporations Act will be mandatory again. Persons relying on these exemptions must notify the Australian Securities and Investments Commission (ASIC) in writing of their reliance and provide the name of the fund by the later of 31 October 2024 or one month after the person first relies on the exemption for the fund. This legislative instrument is part of the Commonwealth's regulatory framework and operates in conjunction with the Corporations Act 2001, providing temporary relief to facilitate smoother operations for entities involved in employee redundancy schemes.

Key Provisions

The ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150 provides several exemptions for financial services and managed investment schemes related to employee redundancy funds. Section 5(1) exempts individuals from complying with certain licensing requirements under the Corporations Act 2001 when providing financial services in relation to interests in an employee redundancy scheme. This includes services such as advice, dealing, or other services that are considered financial services. Section 5(2) exempts those who operate or promote employee redundancy schemes from complying with certain sections of the Corporations Act 2001, including sections 601ED and 992A, as well as Part 7.9 of the Act. These sections pertain to making offers for the issue of interests, making recommendations to acquire interests, making offers to arrange the issue of interests, and operating an employee redundancy scheme. The exemptions provided by sections 5(1) and 5(2) are applicable until 1 April 2026. The Act imposes several obligations on the parties it governs. Firstly, under section 5(3), any person who relies on the exemptions provided by this instrument must notify ASIC in writing of their reliance on the exemption and the name of the fund by the later of 31 October 2024 or one month after the day the person first relies on the exemption in relation to the fund. This notification requirement ensures transparency and accountability in the use of the exemptions. Additionally, the Act requires that the exemptions are only applied in relation to employee redundancy schemes, which are defined in section 4 as schemes where employers make, or are required by an award or agreement to make, contributions to fund redundancy entitlements and other entitlements for employees. This definition ensures that the exemptions are limited to the intended scope of the instrument. The Act also outlines the potential consequences for breaches of its provisions. While specific offences, penalties, or civil/criminal consequences for breach are not explicitly stated in the text provided, it is reasonable to infer that breaches of the Corporations Act 2001, which this instrument is made under, could result in penalties as stipulated by that Act. Under the Corporations Act 2001, penalties for breaches can include substantial fines, imprisonment, or both, depending on the severity and nature of the offence. For instance, sections 1311 and 1317 of the Corporations Act 2001 provide for penalties including fines of up to $210,000 for individuals and up to $1,050,000 for bodies corporate, along with imprisonment terms that can extend up to five years. These penalties underscore the seriousness with which the law treats non-compliance with corporate regulations.

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Licensing & Registration
Exemptions & Exclusions

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.