Financial Services Reform Act 2001 (122 of 2001)

Schedule 1   Financial Services and Markets

Part 2   Consequential amendments

Corporations Act 2001

261   Section 9

Insert:

professional investor means a person in relation to whom one or more of the following paragraphs apply:

(a) the person is a financial services licensee;

(b) the person is a body regulated by APRA, other than a trustee of a fund or trust referred to in any of subparagraphs (d)(i) to (iv);

(c) the person is a body registered under theFinancial Corporations Act 1974;

(d) the person is the trustee of:

(i) a superannuation fund; or

(ii) an approved deposit fund; or

(iii) a pooled superannuation trust; or

(iv) a public sector superannuation scheme;

within the meaning of theSuperannuation Industry (Supervision) Act 1993 and the fund, trust or scheme has net assets of at least $10 million;

(e) the person controls at least $10 million (including any amount held by an associate or under a trust that the person manages);

(f) the person is a listed entity, or a related body corporate of a listed entity;

(g) the person is an exempt public authority;

(h) the person is a body corporate, or an unincorporated body, that:

(i) carries on a business of investment in financial products, interests in land or other investments; and

(ii) for those purposes, invests funds received (directly or indirectly) following an offer or invitation to the public, within the meaning of section 82, the terms of which provided for the funds subscribed to be invested for those purposes;

(i) the person is a foreign entity that,if established or incorporated in Australia, would be covered by one of the preceding paragraphs.