ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778 (Cth)

ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778 as in force on 1 September 2023. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.

Contents

Contents

Part 1—Preliminary 1 Name of legislative instrument 3 Authority 4 Definitions Part 2—Exemption 5 Equality of treatment—hardship withdrawal payments Part 3—Declaration 6 Scheme constitutions and hardship withdrawals 7 Hardship withdrawals Part 4—Cessation 8 Cessation Endnotes Endnote 1—Instrument history Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778.

3 Authority This instrument is made under subsection 601QA(1) of the Corporations Act 2001.

4 Definitions In this instrument: Act means the Corporations Act 2001. excluded scheme means a registered scheme that is any of the following: (a) an IDPS-like scheme (within the meaning of ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668); (b) a mortgage investment scheme (within the meaning of ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857); (c) a registered litigation funding scheme (within the meaning of ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787) that involves representative proceedings (within the meaning of ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787); (d) a registered time-sharing scheme (within the meaning of ASIC Corporations (Time-sharing Schemes) Instrument 2017/272). frozen scheme means a registered scheme for which the responsible entity of the scheme has: (a) suspended withdrawals (other than any hardship withdrawals) from the scheme; and (b) ceased to allow the issue of new interests in the scheme. hardship withdrawal has the same meaning as in subsection 601KEB(1) of the Act (as notionally inserted by this instrument).