of listed entities (such as subsidiaries). The class order permits financial services providers who are only licensed to provide services to wholesale clients, to also provide those services to the subsidiaries of professional investors. For practical purposes, many companies carry on different aspects of their business through various subsidiaries. (b) Foreign Accountants [CO 04/173] amends Class Order 01/1256: Qualified Accountant [CO 01/1256]. The amendment recognises certain foreign accountants as qualified accountants the Act. Qualified accountants are able to give a certificate to allow an investor to be regarded as a wholesale client or sophisticated investor for the purposes of paragraphs 708(8)(c) and 761G(7)(c) the Act. This class order also took effect on 2 March 2004. This relief is not interim. This amending class order expands the scope of who may be a qualified accountant to include any member of a eligible foreign professional body (see below) who: In practical terms, the relief will mean that these foreign investors (who are in fact wholesale clients) may be able to more readily access financial services from Australian financial service providers who are licensed to provide financial services to only wholesale clients. For the purposes of the foreign accountant's class order, an eligible foreign professional body covers: the American Institute of Certified Public Accountants;  Association of Certified Chartered Accountants (United Kingdom);  Canadian Institute of Chartered Accountants;  Institute of Chartered Accountants of New Zealand;  The Institute of Chartered Accountants in England and Wales;  The Institute of Chartered Accountants in Ireland; and   The Institute of Chartered Accountants of Scotland. Copies of class orders [04/150] and [04/173] can be obtained from ASIC's Infoline by calling 1300 300 630 or emailing or from the ASIC website at www.asic.gov.au. 3. Recent ASX Developments 3.1 Listing rule and other developments (a) New Managing Director On 23 April 2004 ASX announced that its new Managing Director and CEO will be Mr Tony D’Aloisio, who is currently Chief Executive Partner of Mallesons Stephen
of listed entities (such as subsidiaries). The class order permits financial services providers who are only licensed to provide services to wholesale clients, to also provide those services to the subsidiaries of professional investors. For practical purposes, many companies carry on different aspects of their business through various subsidiaries. (b) Foreign Accountants [CO 04/173] amends Class Order 01/1256: Qualified Accountant [CO 01/1256]. The amendment recognises certain foreign accountants as qualified accountants the Act. Qualified accountants are able to give a certificate to allow an investor to be regarded as a wholesale client or sophisticated investor for the purposes of paragraphs 708(8)(c) and 761G(7)(c) the Act. This class order also took effect on 2 March 2004. This relief is not interim. This amending class order expands the scope of who may be a qualified accountant to include any member of a eligible foreign professional body (see below) who: In practical terms, the relief will mean that these foreign investors (who are in fact wholesale clients) may be able to more readily access financial services from Australian financial service providers who are licensed to provide financial services to only wholesale clients. For the purposes of the foreign accountant's class order, an eligible foreign professional body covers:  the American Institute of Certified Public Accountants;  Association of Certified Chartered Accountants (United Kingdom);  Canadian Institute of Chartered Accountants;  Institute of Chartered Accountants of New Zealand;  The Institute of Chartered Accountants in England and Wales;  The Institute of Chartered Accountants in Ireland; and  The Institute of Chartered Accountants of Scotland. Copies of class orders [04/150] and [04/173] can be obtained from ASIC's Infoline by calling 1300 300 630 or emailing or from the ASIC website at www.asic.gov.au. 3. Recent ASX Developments 3.1 Listing rule and other developments (a) New Managing Director On 23 April 2004 ASX announced that its new Managing Director and CEO will be Mr Tony D’Aloisio, who is currently Chief Executive Partner of Mallesons Stephen
CORPORATE-LAW-ELECTRONIC-BULLETIN-April-2004.docx