s. 5 accordance with the terms of appointment of the agent, nominee or custodian; (k) as custodian or trustee for an investor directed portfolio service, within the meaning of the relevant ASIC policy statement, if the custodian or trustee holds its interest in the unit trust scheme for no less than 300 clients as investors through the service, none of whom (individually or together with any associated person) is beneficially entitled to more than 20% of the units held by the custodian or trustee in the unit trust scheme; (l) in a capacity approved by the Commissioner under subsection (4); means the relevant ASIC policy statement policy statement "PS 148: Investor Directed Portfolio Services" published by the Australian Securities and Investments Commission, or any other policy statement published by that Commission that the Commissioner from time to time approves for the purposes of this Division. (2) For the purposes of paragraph (f) of the definition of in qualified investor subsection (1), the holding of units by a life company by way of an investment of a statutory fund of the life company is taken to be a holding of units by the life company in a separate capacity from a holding of units by
accordance with the terms of appointment of the agent, nominee or custodian; s. 5 (k) as custodian or trustee for an investor directed portfolio service, within the meaning of the relevant ASIC policy statement, if the custodian or trustee holds its interest in the unit trust scheme for no less than 300 clients as investors through the service, none of whom (individually or together with any associated person) is beneficially entitled to more than 20% of the units held by the custodian or trustee in the unit trust scheme; (l) in a capacity approved by the Commissioner under subsection (4); relevant ASIC policy statement means the policy statement "PS 148: Investor Directed Portfolio Services" published by the Australian Securities and Investments Commission, or any other policy statement published by that Commission that the Commissioner from time to time approves for the purposes of this Division. (2) For the purposes of paragraph (f) of the definition of qualified investor in subsection (1), the holding of units by a life company by way of an investment of a statutory fund of the life company is taken to be a holding of units by the life company in a separate capacity from a holding of units by
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