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Eligible Managed Fund Investments to take effect 23 Nov 2013
Derivatives have been added to a revised SIV regime which is set to commence on 23 November 2013 which will operate to limit investments in complying managed funds to the following:
(a) infrastructure projects in Australia;
(b) cash held by Australian deposit taking institutions (including negotiable certificates of deposit, bank bills and other cash-like instruments);
(c) bonds issued by the Commonwealth Government or a State or Territory Government;
(d) bonds, equity, hybrids or other corporate debt in companies and trusts listed or expected to be listed within 12 months on an Australian Stock Exchange;
(e) bonds or term deposits issued by Australian financial institutions;
(f) real property in Australia;
(g) Australian Agribusiness;
(h) annuities issued by an Australian registered life company in accordance with section 9 or 12A of the Life Insurance Act 1995;
(i) derivatives used for portfolio management and non-speculative purposes which constitute no more than 20 per cent of the total value of the managed fund;
(j) loans secured by mortgages over the investments listed in paragraphs (a) to (h) above; and
(k) other managed funds that invest in the investments listed in paragraphs (a) to (j) above.
Further details are contained at the following ComLaw link.
