Australian Securities and Investments Commission
Corporations Law — Paragraph 601QA(1)(a) — Revocation and Exemption

Pursuant to paragraph 601QA(1)(a) of the Corporations Law (the Law) the Australian Securities and Investments Commission (ASIC) hereby revokes ASIC Class Order [98/58] dated 13 July 1998 with effect from the time immediately before the CLERP Commencement Date.

And pursuant to paragraph 601QA(1)(a) of the Law ASIC hereby exempts, with effect from the CLERP Commencement Date, each person who operates a managed investment scheme of the kind specified in the Schedule from section  601ED of the Law in relation to the operation of that scheme.

SCHEDULE — SCHEMES TO WHICH THIS EXEMPTION  APPLIES

A managed investment scheme in relation to which there has at no time been any:

(a) offer of an interest in the scheme for issue or sale ;

(b) invitation to subscribe for or buy an interest in the scheme, or

(c) issue of an interest in the scheme,

made or received in Australia other than by way of :

(d) an offer or invitation made prior to the CLERP Commencement Date which was an excluded offer or excluded invitation (as the case may be) within the meaning of the Law as in force before the CLERP Commencement Date; or

(e) an issue of the kind described in section 1477 of the Law; or

(f) an offer which, assuming at the time that the offer was made that the scheme had been registered and that interests in the scheme were securities, would not have needed disclosure to investors under Part 6D.2 because of section 708 of the Law; or

(g) an issue resulting from an offer of the kind referred to in paragraph (f).

Interpretation

In this instrument “CLERP Commencement Date” means the time at which Schedule 1 of the Corporate Law Economic Reform Program Act 1999 commences.

Dated the 13th day of February 2000

Signed by Brendan Byrne
as delegate of the Australian Securities and Investments Commission