Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 911A(2)(l) — Exemption  
Enabling legislation
  1.           The Australian Securities and Investments Commission makes this instrument under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act).  
Title
  2.           This instrument is ASIC Class Order [CO 05/1243].  
Commencement
  3.         This instrument commences on the later of:   (a)        the date of its gazettal; and   (b)        the date it is registered under the Legislative Instruments Act 2003.   Note:      An instrument is registered when recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.  
Exemption
  4.         A person does not have to hold an Australian financial services licence for the provision of financial product advice where the advice:   (a)        is or is a part of a valuation of shares in a real estate company; or   (b)        is or is a part of a valuation of an estate in land to which shares in a real estate company or a real estate service company relate; or   (c)        is incidental to a valuation covered by paragraphs (a) or (b).     Interpretation   5.         In this instrument:   financial product advice has the meaning given by section 766B of the Act.   real estate company means a body corporate to which all following apply:   (a)        the body is:   (i)         the tenant for an estate fee simple; or   (ii)        the registered lessee under a Crown lease granted for a period of not less than 99 years;   of land which includes a building or buildings;   (b)        members of the body are entitled, by virtue of or arising out of the shares that they hold, to the exclusive occupation of one or more areas in the building or buildings and the use of any common areas;   (c)        the body is not included in the official list of a financial market;   (d)        the body does not operate as a time-sharing scheme;   (e)        the body’s constitution prohibits the payment of any dividend to its members other than on the winding up of the body or the body operates principally for the purpose of:   (i)         facilitating and enforcing the rights of members in relation to exclusive occupation of the areas to which their shares relate; and   (ii)        maintaining any common areas.   real estate service company means a body corporate that is:   (a)        a service company as defined in the Transfer of Land Act 1958 of Victoria in respect of a building subdivision as defined in that Act (commonly known as Stratum Title companies); or   (b)        a company of the type described in section 5.10(4) of the repealed Local Government (Planning and Environment) Act 1990  of Queensland (commonly known as Lake Title companies); or   (c)        the registered proprietor of land which:   (i)         adjoins land owned by the members of the body; and   (ii)        is subject to easements of right of way in favour of those adjoining lands (commonly known in Queensland as Court Title companies).     Dated the 13th day of December 2005         Signed by Brendan Byrne
as delegate of the Australian Securities and Investments Commission