ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697

ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697

made under subsections 601QA(1) and 1243(2) of the Corporations Act 2001.

Compilation No. 2 

Compilation date: 27/09/2025

Includes amendments up to: F2025L01176

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697 that shows the text of the law as amended and in force on 27/09/2025 (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. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).

Application, saving and transitional provisions

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. Any modifications affecting the law are accessible on the Register.

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Exemption

5 Equal treatment relief—responsible entity of a registered scheme

6 Equal treatment relief—corporate director of a retail CCIV

7 Equal treatment relief—corporate director of a wholesale CCIV

8 Acquiring forfeited interests

Part 3—Repeal

9 Repeal

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697.

3 Authority

This instrument is made under subsections 601QA(1) and 1243(2) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

ASX Limited means ASX Limited ACN 008 624 691.

offer in relation to an issue of interests, includes inviting an application for the issue of interests.

wholesale client has the meaning given by section 761G of the Act.

Part 2—Exemption

5 Equal treatment relief—responsible entity of a registered scheme

A responsible entity of a registered scheme does not have to comply with paragraph 601FC(1)(d) of the Act to the extent that it would prevent the responsible entity from doing any or all of the following:

(a) not making an offer of interests to a member (a non-resident) with a registered address outside Australia and New Zealand and, in the case of an Australian passport fund, each host economy of the fund, if the responsible entity:

(i) where the scheme is included in the official list of the financial market operated by ASX Limited and the offer is one to which Rule 7.7 (Issues to Australian and New Zealand holders and overseas holders) of the listing rules of ASX Limited as at 1 December 2019 applies—complies with the requirements of that rule that are applicable to the relevant offer and issue of interests; or

(ii) where the scheme is not included in the official list of the financial market operated by ASX Limited and the offer is renounceable—appoints a nominee to sell the rights to acquire the interests that are not offered to the non-residents and distribute to each non-resident their proportion of the proceeds of sale net of expenses; or

(iii) in any other case—determines that it would be unreasonable to make the offer to the non-resident having regard to each of the following:

(A) the number of members in the place (the relevant place) where the registered address of the non-resident is situated;

(B) the number and the value of the interests that may be issued to non-residents in the relevant place;

(C) the cost of complying with legal requirements and the requirements of any relevant regulatory authority applicable to making the offer in the relevant place;

(b) offering interests to some members (the priority offerees) who would be acquiring as wholesale clients at an earlier time than other members where:

(i) the terms of the offer require the priority offerees to notify the responsible entity of their acceptance of the offer by a date that occurs before another date by which other members are to notify their acceptance; and

(ii) under the terms of the offers interests will not be issued to the priority offerees before the earliest date on which interests may be issued to the other members of the scheme; and

(iii) interests are only issued to the priority offerees in accordance with the terms of the offers required by paragraphs (i) and (ii);

(c) dealing with complaints made by members who acquire an interest as wholesale clients differently from complaints by other members;

(d) offering and issuing interests in accordance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547.

6 Equal treatment relief—corporate director of a retail CCIV

A corporate director of a retail CCIV does not have to comply with paragraph 1224D(2)(b) of the Act to the extent that it would prevent the corporate director from doing any or all of the following:

(a) not making an offer of shares to a member of the retail CCIV (a non-resident) with a registered address outside Australia, New Zealand and, in the case of an Australian passport fund, each host economy of the fund, if the corporate director:

(i) where the sub-fund of the retail CCIV is not included in the official list of the financial market operated by ASX Limited and the offer is renounceable—appoints a nominee to sell the rights to acquire the shares that are not offered to the non-residents and distribute to each non-resident their proportion of the proceeds of sale net of expenses; or

(ii) in any other case—determines that it would be unreasonable to make the offer to the non-resident having regard to each of the following:

(A) the number of members of the retail CCIV in the place (the relevant place) where the registered address of the non-resident is situated;

(B) the number and the value of the shares that may be issued to non-residents in the relevant place;

(C) the cost of complying with legal requirements and the requirements of any relevant regulatory authority applicable to making the offer in the relevant place;

(b) offering shares to some members of a sub-fund of the retail CCIV (the priority offerees) who would be acquiring as wholesale clients at an earlier time than other members where:

(i) the terms of the offer require the priority offerees to notify the corporate director of their acceptance of the offer by a date that occurs before another date by which other members of the sub-fund are to notify their acceptance; and

(ii) under the terms of the offers shares will not be issued to the priority offerees before the earliest date on which shares may be issued to the other members of the sub-fund; and

(iii) shares are only issued to the priority offerees in accordance with the terms of the offers required by subparagraphs (i) and (ii);

(c) dealing with complaints made by members of a sub-fund of the retail CCIV who acquire a share as wholesale clients differently from complaints by other members of the sub-fund;

(d) offering and issuing shares in accordance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547.

7 Equal treatment relief—corporate director of a wholesale CCIV

A corporate director of a wholesale CCIV does not have to comply with paragraph 1224D(3)(b) of the Act to the extent that it would prevent the corporate director from not making an offer of shares to a member of the wholesale CCIV (a non-resident) with a registered address outside Australia and New Zealand,  if the corporate director:

(a) where the offer is renounceable—appoints a nominee to sell the rights to acquire the shares that are not offered to the non-residents and distribute to each non-resident their proportion of the proceeds of sale net of expenses; or

(b) in any other case—determines that it would be unreasonable to make the offer to the non-resident having regard to each of the following:

(i) the number of members of the wholesale CCIV in the place (the relevant place) where the registered address of the non-resident is situated;

(ii) the number and the value of the shares that may be issued to non-residents in the relevant place;

(iii) the cost of complying with legal requirements and the requirements of any relevant regulatory authority applicable to making the offer in the relevant place.

8 Acquiring forfeited interests

A responsible entity of a registered scheme does not have to comply with paragraph 601FG(1)(a) of the Act to the extent that it would prevent the responsible entity from acquiring interests on trust for the members of the scheme on forfeiture of the interests where the constitution requires that any sale of the interests be in accordance with the requirements in:

(a) subsection 601GAA(8) of the Act, as notionally in force because of ASIC Corporations (Managed Investment Product Consideration) Instrument 2025/629; or

(b) subsection 601GAD(9) of the Act, as notionally in force because of ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.

Part 3—Repeal

9 Repeal

This instrument is repealed at the start of 1 October 2028.

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