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Finance Broking Australia-regulatory guide 233 indirect self acquisition relief for investment funds

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Regulatory Guide 233 - Indirect self-acquisition: Relief for investment funds CPD

This guide is for investment funds and similar entities and controlled entities of listed companies engaged in index arbitrage and client-driven activities involving baskets of securities.

It explains the conditional relief ASIC may grant under s259C(2) of the Corporations Act 2001 (Corporations Act) from the indirect self-acquisition provisions in s259C for these entities.

Indirect self-acquisition occurs where shares (or units of shares) in a company are issued or transferred to an entity it controls.

The Corporations Act voids such an issue or transfer of shares (or units of shares) unless certain exceptions apply: s259C.

ASIC has the power to exempt a company from these provisions: s259C(2). This exemption can be subject to conditions.

ASIC may grant conditional relief under s259C(2) in certain circumstances for:
•    Investment funds and similar entities; and
•    Controlled entities of listed companies engaged in index arbitrage and client-driven activities involving baskets of securities.

ASIC may grant conditional relief from s259C for investment funds and similar entities to prevent investors in those funds from being disadvantaged. This relief will be given on a case-by-case basis.

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