Australia

Posted By Steve On Friday, October 16th, 2009 With 0 Comments

Disclosure Requirements
:
Share holdings may be required to be disclosed by the beneficial owner, particularly when holdings reach or exceed prescribed disclosure limits. Investors must ensure that they comply in full by reporting such holdings to the appropriate organizations for this market, within the time frame required. If you have any questions regarding this issue we encourage you to consult your legal counsel.

Failure to comply with reporting requirements may lead to penalties and/or other sanctions.

Acquisition of 5% or more of a company’s shares must be disclosed to the company, the ASX and the ASIC within two business days of trading. Subsequent changes of 1% or more must also be disclosed.

Sub custodians are not responsible for disclosing foreign beneficial ownership upon registration. Companies may request details from sub custodians who in turn request information from their clients. If the information is not provided, then the company may initiate resale or impose restrictions on voting rights and entitlements.

Buy-Ins
Buy-ins of CHESS-eligible securities are not permitted. Fail charges within CHESS are as follows:

Fail fees apply for failed settlements at a rate of 0.10% of the value of the shortfall securities (based upon the previous days closing price), with a minimum fee of AUD 50 and a maximum of AUD 2,000 per day.

Compensation Fund
The National Guarantee Fund protects investors who suffer a loss from fraud or default by member organizations or brokers.

Anti-Money Laundering
The Financial Action Task Force (FATF) on Money Laundering, an international body of 31 countries including Australia and New Zealand, has developed forty recommendations to combat Money laundering. These forty recommendations set out the basic framework for anti-money laundering efforts and they are designed to be of universal application. They cover the criminal justice system and law enforcement, the financial system and its regulation, and international cooperation.

To play their part in combating global money laundering, Australia and New Zealand have accepted these recommendations and have in place legislation to help prevent and detect money laundering. New Account documentation and Know Your Client documentation is required for entirely new clients.

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