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ASIC Class Order [CO 00/0954]

Authoritative Version
  • - F2006B00584
  • No longer in force
CO 00/0954 Orders/ASIC Class Orders as made
This Class Order varies ASIC Class Order [CO 98/51].
Administered by: Treasury
General Comments: This Class Order was originally made under paragraph 601QA(1)(a) of the Corporations Law and is continued in force under section 1399 of the Corporations Act 2001. This Class Order was published in the Australian Securities and Investments Commission Gazette on 4 July 2000.
Registered 28 Aug 2006
Gazetted 04 Jul 2000
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

 

Australian Securities and Investments Commission

Corporations Law — Paragraph 601QA(1)(a) — Variation

 

Pursuant to paragraph 601QA(1)(a) of the Corporations Law the Australian Securities and Investments Commission hereby varies ASIC Class Order 98/51 by:

 

1.   inserting in the Schedule, after the words “(including foreign exchange),”, the words “accounts and deposits with a bank or financial institution,”; and

 

2.   deleting from the Schedule the words “a deposit with a bank or other financial institution, at-call or for a fixed term”.

 

3.   replacing the full stop at the end of the Schedule with a semi-colon and adding the following paragraphs:

 

“and including, until 1 July 2000, an interest arising from an Eligible SELECT Master Agreement.

 

Interpretation

 

For the purposes of this instrument an Eligible SELECT Master Agreement is a Secure Look-through Enhanced Customised Transaction Master Agreement (SELECT Master Agreement) including the Schedule and the form of the Annexure (as those terms are defined in the SELECT Master Agreement) offered by Deutsche Bank AG (ARBN 064 165 162) where Deutsche Bank AG represents to the client in writing prior to the client executing the SELECT Master Agreement and in each Confirmation (as defined in the SELECT Master Agreement) that is issued that:

 

(1)   the terms of the SELECT Master Agreement do not materially differ

from the terms of the agreement that was given to ASIC on 19 September 1997 (the standard form agreement) except for:

 

(a)        any variation that ASIC has permitted in writing; or

 

(b)       any variation as a result of:

 

(i)        the deletion of a provision from the agreement or the re-

inclusion of a provision in the agreement, in accordance with the express terms of the agreement;

                       

(ii)        the insertion of the relevant details in the Schedule        and the

Confirmation in the Annexure;

 

(iii)       the variation of the definition of “Authorised Investments” in the

            Schedule,

 

other than a variation that extends the categories of Authorised Investments outside the categories in the Schedule to the standard form agreement;

 

(2)   Deutsche Bank AG will ensure at the time of purchase of Authorised Investments that the Authorised Investments will be rated at least as Investment Grade Rated Securities as defined in the standard form agreement;

 

(3)   any additional terms in paragraph 8 of the Confirmation do not amend the SELECT Master Agreement so that its terms are materially different from the terms of the standard form agreement (the making of representations contemplated by this paragraph do not result in the terms being materially different for this purpose); and

 

(4)   Deutsche Bank AG is an Australian bank,

 

and in relation to which the responsible entity at the time each SELECT Contract (as defined in the standard form agreement) is entered:

 

(5)   is reasonably satisfied, based only on the creditworthiness of the issuer of the Authorised Investments purchased under a SELECT Contract and the creditworthiness of Deutsche Bank AG and any other relevant person assessed having regard to all the circumstances relevant to the assessment of creditworthiness including any relevant credit rating issued by a ratings agency, that the responsible entity or its agent will at each of the fixed times applying in relation to the SELECT Contract receive the maximum amount it can be entitled to receive as the investor under the SELECT Master Agreement assuming the SELECT Contract is held to maturity; and

 

(6)   based on the current circumstances, believes that, if permitted by law, it is likely that it or its agent will hold the SELECT Contract investment until maturity.”

 

 

Dated the 7th day of March 2000.

 

 

 

 

Signed by Brendan Byrne

as delegate of the Australian Securities and Investments Commission