Australian Securities and Investments Commission Class Order [CO 02/0186] (Cth)

ASIC Class Order [CO 02/186]

Sydney Futures Exchange Limited — managed discretionary accounts

This instrument is made under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

This compilation was prepared on 4 October 2005 taking into account amendments up to [CO 04/191].

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) — Exemption

Under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001 (“the Act”), the Australian Securities and Investments Commission (“ASIC”) hereby exempts each person in the class of persons mentioned in Schedule A (each a “Participant”) in the cases referred to in Schedule B from sections 601ED, 992A, 992AA and Divisions 3 and 4 of Part 7.9 (other than section 1017F) of the Act, in relation to interests in a Managed Discretionary Account operated by the Participant, for as long as and on condition that the Participant:

(a) ensures that any advertisement or publication to which, but for this instrument, Division 4 of Part 7.9 of the Act would apply complies with the By Laws and guidelines of SFE with respect to advertising by Participants; and

(b)   lodges the Product Disclosure Statement in relation to the Managed Discretionary Account with ASIC before giving the Statement to the relevant client.

SCHEDULE A

Persons who are a “participant” within the meaning of the By Laws who operated a Managed Discretionary Account on 10 March 2004.

SCHEDULE B

Before the earlier of 11 December 2004 or when the Participant lodges with ASIC a notice for the purposes of subparagraph 1.6(c) of Class Order [CO 04/194]:

(a)   the operation of Managed Discretionary Accounts that were offered by Participants;

(b)   offers for issue or sale made by a Participant of interests in a Managed Discretionary Account,

as far as practicable, in accordance with:

(c)   the By-Laws and guidelines of SFE as modified or varied as set out in Schedule C; and

(d)   any act done (for example, an approval or determination) under those By-Laws or guidelines by the SFE or an organ of the SFE that would have been applicable to such operation or offers by the Participant had it occurred on 10 March 2004.

SCHEDULE C

The By-Laws and guidelines of SFE apply as if:

(a)   a reference to a “Registered Representative” were a reference to a person who was on 10 March 2004 a “Registered Representative” as defined in the By-Laws; and

(b)   a reference to the lodgment of documents (however described) with SFE were a reference to the lodgment of those documents with ASIC.

Interpretation

In this instrument:

(a)   “By-Laws” in relation to SFE, means the By-Laws of SFE as in force on 10 March 2004;

(b)   “guidelines” in relation to SFE, means the guidelines of SFE as in force on 10 March 2004;

(c)   “Managed Discretionary Account” has the meaning given by the By-Laws; and

(d)   “SFE” means Sydney Futures Exchange Limited (ACN 000 943 377).

Commencement

This exemption takes effect on the commencement of Schedule 1 to the Financial Services  Reform Act 2001.

Notes to ASIC Class Order [CO 02/186]

Note 1

ASIC Class Order [CO 02/186] (in force under paragraphs 601QA(1)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the Tables below.

Table of Instruments

Instrument number	Date of making or FRLI registration	Date of commencement	Application, saving or transitional provisions
[CO 02/186]	16/2/2002	11/3/2002	-
[CO 02/715]	28/6/2002	28/6/2002	-
[CO 03/235]	1/4/2003	1/4/2003	-
[CO 04/191]	11/3/2004	11/3/2004	-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected	How affected
Introductory para	am. [CO 04/191]
Para (a)	am. [CO 04/191]
Para (b)	am. [CO 04/191]
Schedule B	am. [CO 02/715]; [CO 03/235]; [CO 04/191]
Schedule C	ad. [CO 04/191]
Interpretation	ad. [CO 04/191]