I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.Date 23 September 2026Leah SciaccaContentsPart 1—Preliminary 31 Name of legislative instrument....................................32 Commencement...............................................33 Authority....................................................34 Schedules....................................................35 Simplified outline of this instrument...............................36 Definitions...................................................4Part 2—Exemption 57 School enrolment deposits.......................................5Part 3—Repeal 68 Repeal.......................................................6Schedule 1—Repeals 7ASIC Corporations (School Enrolment Deposits) Instrument 2016/812......7
This instrument commences on the day after it is registered on the Federal Register of Legislation.Note: The register may be accessed at www.legislation.gov.au.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
This instrument provides relief to persons who operate schools from:(a) managed investment scheme registration requirements for school enrolment deposit schemes; and(b) certain disclosure and fundraising requirements for offers for the issue of school enrolment debentures; and(c) the hawking prohibition for school enrolment debentures and interests in school enrolment deposit schemes; and(d) certain financial product disclosure requirements for school enrolment deposit schemes.This instrument also exempts persons providing financial services in relation to school enrolment deposit schemes or school enrolment debentures from the requirement to hold an Australian financial services licence.
In this instrument:Act means the Corporations Act 2001.school means an establishment in which children are given formal primary or secondary education.school enrolment debenture means a debenture that is issued because a person deposits money with a person operating a school where:(a) the making of the deposit is required as a condition of the enrolment of a child in the school; and(b) the debenture is incidental to that enrolment.school enrolment deposit scheme means a managed investment scheme in relation to which:(a) the acquisition of an interest in the scheme is required as a condition of the enrolment of a child in a school; and(b) each interest in the scheme is incidental to that enrolment.
(1) A person who operates a school does not have to comply with any of the following:(a) subsection 601ED(5) of the Act in relation to the operation of a school enrolment deposit scheme;(b) Parts 6D.2 and 6D.3 of the Act in relation to an offer for the issue of a school enrolment debenture;Note: This also means that the person will not be required to enter into a trust deed under section 283AA of the Act.(c) section 992A of the Act in relation to a school enrolment debenture or an interest in a school enrolment deposit scheme; and(d) Part 7.9 of the Act in relation to an interest in a school enrolment deposit scheme.
(2) A person providing financial services in relation to a school enrolment deposit scheme or a school enrolment debenture does not have to comply with subsection 911A(1) of the Act for the provision of those services.Note: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption made under section 926A of the Act.