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Australian Securities and Investments Commission

Corporations Act 2001 — Paragraphs 992B(1)(a) and 992B(1)(c) — Exemption and Declaration

 

1. Under paragraph 992B(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission (“ASIC”) exempts each person (the “licensee”) who is an Australian ADI from paragraph 981B(1)(c) of the Act in the case referred to in the Schedule to the extent that that paragraph requires the licensee to hold money to which Subdivision A of Division 2 of Part 7.8 of the Act applies on trust for the benefit of the person who is entitled to the money.

 

2. Under paragraph 992B(1)(c) of the Act ASIC declares that Part 7.8 of the Act applies in relation to the licensee in the case referred to in the Schedule as if section 981H of the Act were omitted.

 

Schedule

 

Where:

(a) money to which Subdivision A of Division 2 of Part 7.8 of the Act applies is paid to the licensee in connection with:

(i) a financial service that has been provided, or that will or may be provided, to a person (the “client”) as a wholesale client; or

(ii) a financial product acquired by a person (the “client”) as a wholesale client; and

(b) the licensee and the client have agreed in writing that the licensee does not hold the money on trust for the benefit of the client.

 

Interpretation

 

In this instrument “wholesale client” has the meaning given by subsection 761G(4) of the Act.

 

 

Dated this 16th day of December 2003

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission