Australian Securities and Investments Commission Class Order [Co 04/527] (Cth)

Australian Securities and Investments Commission
Corporations Act 2001 - Paragraph 601QA(1)(a) - Variation

Under paragraph 601QA(1)(a) of the Corporations Act 2001 the Australian. Securities and Investments Commission varies Class Order [CO 98/55] with effect from 1 June 2004 by:

1.         omitting paragraph 1 of Schedule B and substituting:

“1.             The investment of scheme property or the keeping of scheme property invested, in:

(a)          a scheme that:

(i)         is operated by a body that is incorporated or formed in Hong Kong;
            and

(ii)        is authorised by the Securities and Futures Commission of Hong       Kong as a collective investment scheme under section 104 of Chapter    571 of the Laws of Hong Kong or any provision that replaces that    section; and

(iii)       complies with the Code of Unit Trusts and Mutual Funds (the    “Code”) published by the Securities and Futures Commission of    Hong Kong as amended from time to time; and

(iv)       is not:

(A)a recognized jurisdiction scheme (as defined in the Code); or

(B)a specialized scheme for the purposes of the Code;

(b)         a scheme that:

(i)         is operated by a body that is incorporated or formed in the United         Kingdom (the “UK”); and

(ii)        is authorised under section 243 of the Financial Services and Markets    Act 2000 of the UK or any provision that replaces that section; and

(iii)       the responsible entity of the Registered Scheme reasonably believes is    a securities scheme under the Collective Investment Schemes          Sourcebook published by the Financial Services Authority of the UK      as amended from time to time;

(c)          a scheme that:

(i)is operated by a body that is incorporated or formed in the United States of America (the “USA”) or a State of the USA; and

(ii)is registered under section 8 of the Investment Company Act of 1940 of the USA (the “Investment Company Act”) or any provision that replaces that section; and

(iii)is either:

(A)an open ended company as defined in section 5.a.(l) of the Investment Company Act or any provision that replaces that section; or

(B)a unit investment trust as defined in section 4(2) of the Investment Company Act or any provision that replaces that section; and

(iv)      the responsible entity of the Registered Scheme reasonably believes invests primarily in market traded securities;

(d)         a scheme that:

(i)         is operated by a body that is incorporated or formed in New Zealand;   and

(ii)        is or involves either:

(A)a unit trust as defined in section 2 of the Unit Trusts Act 1960 of New Zealand or any provision that replaces that section, and in relation to which a trust deed has been approved by the Registrar or District Registrar of Companies and an authenticated copy of the trust deed has been lodged with the District Registrar of

Companies under sections 8 and 9 of that Act or any provisions that replace those sections; or

(B)the issue of participatory securities as defined in subsection 2(1) of the Securities Act 1978 of New Zealand or any provision that replaces that subsection, where:

(I)       in relation to which, a statutory supervisor has been appointed and a deed of participation registered by the Registrar of Companies under section 33(3) and 46 of that Act or any provisions that replace those sections; and

(II)      the responsible entity of the Registered Scheme reasonably believes that the scheme assets are primarily invested in market traded securities;

(e)          a scheme that:

(i)         is operated by a body that is incorporated or formed in Guernsey; and

(ii)        is declared by the Guernsey Financial Services Commission to be an authorised collective investment scheme, Class A, under section 8 of The Protection of Investors (Bailiwick of Guernsey) Law 1987 or any provision that replaces that section;

(f)          a scheme that:

(i)is operated by a body that is incorporated or formed in the Isle of Man; and

(ii)is declared by the Isle of Man Financial Supervision Commission to be an authorised scheme under section 3 of the Financial Supervision Act 1988 or any provision that replaces that section;

(g)          a scheme that:

(i)         is operated by a body that is incorporated or formed in Jersey; and

(ii)        is declared by the Jersey Financial Services Commission to be a Recognised Fund under the Collective Investment Funds (Recognized Funds) (General Provisions) (Jersey) Order 1988, or the Collective Investment Funds (Recognised Funds) (Rules) (Jersey) Order 2003 or any provisions that replace those Orders;

where the responsible entity of the Registered Scheme reasonably believes that interests issued as a result of applications made in this jurisdiction or issued to responsible entities under registered schemes represent a minority of interests in the scheme (the “unregistered scheme”) in which the investment is made or kept (calculated both by value and by the number of holders of interests in the unregistered scheme).”; and

2.         adding at the end of the instrument before the date:

“Interpretation

In this instrument:

“market traded securities” means:

(a)       financial products which are able to be traded on a financial market and that it is reasonable for the responsible entity of the Registered Scheme to believe are capable of being realised within 7 business days; or

(b)       other financial products that it is reasonable for the responsible entity of the Registered Scheme to believe can be valued by reference to reasonably comparable products that are able to be traded on a financial market.”.

Dated the 27th day of May 2004

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission