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ASIC Class Order [CO 98/51]

Authoritative Version
CO 98/51 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 06/226]
Administered by: Treasury
Registered 02 Sep 2013
Start Date 31 Mar 2006
End Date 01 Jan 2015
Date of repeal 01 Jan 2015
Repealed by ASIC Class Order [CO 13/1409]

ASIC Class Order [CO 98/51]

Relief from duty to separate assets of a managed investment scheme

This instrument has effect under s601QA(1)(a) of the Corporations Act 2001.

This compilation was prepared on 29 August 2013 taking into account amendments up to [CO 06/226]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 601QA(1)(a) — Exemptions

Pursuant to paragraph  601QA(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission hereby exempts each responsible entity of a registered scheme from subparagraph  601FC(1)(i)(ii) of the Act in the case and to the extent specified in the Schedule for as long as and on condition that the responsible entity:

(a)   ensures that the entity holding the relevant scheme property performs regular reconciliation procedures appropriate to the nature of the asset; and

(b)   reasonably considers that holding the scheme property separately from property of other schemes would not be in the best interest of members.

SCHEDULE

Scheme property that is held separately from the assets of the responsible entity and of the person holding the property where that property is comprised of one or more of the following:

(a)   cash (including foreign exchange);

(b)   accounts and deposits with a bank or financial institution;

(c)   securities as defined in subsection  92(1) of the Act;

(d)  derivatives as defined in section  761D of the Act (but not including a chattel or real property mortgage);

(e)   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; and

(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).

 

 

Notes to ASIC Class Order [CO 98/51]

Note 1

ASIC Class Order [CO 98/51] (in force under s601QA(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 98/51]

13/7/1998 (see F2006B00583)

13/7/1998

 

[CO 00/954]

7/3/2000 (see F2006B00584)

7/3/2000

-

[CO 00/1211]

22/6/2000 (see F2006B00585)

22/6/2000

-

[CO 02/139]

5/2/2002 (see F2006B00586)

11/3/2002

-

[CO 02/736]

28/6/2002 (see F2006B00587)

28/6/2002

-

[CO 04/1553]

14/12/2004 (see F2006B00588)

14/12/2004

-

[CO 05/903]

21/9/2005 (see F2005L02777)

21/9/2005

-

[CO 06/226]

31/3/2006 (see F2006L01003)

31/3/2006

-

Table of Amendments

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

Provision affected

How affected

Schedule......................

am.  [CO 00/954]; [CO 00/1211]

rs. [CO 02/139]

am. [CO 02/736]; [CO 04/1553]; [CO 05/903] and [CO 06/226]

Interpretation...............

ad.  [CO 00/954]

am. [CO 06/226]