Disclosure Requirements - Investment Funds - Australia
Disclosure Category: 2
There is no legal requirement requiring “Clearstream Banking” (CBL) to disclose the identity, information and holdings on CBL customers and ultimate beneficial owner. CBL may be required, under Australia laws and regulations to disclose the identity and holdings of customers and/or ultimate beneficial owners, upon request, in the case of holding Australia investment funds.
In order to comply with the applicable legislation, customers with holdings in Australian investment funds or entering into transactions in the Australian market must consent and are hereby deemed to consent to the required legal disclosure. Such consent includes the appointment of the requestor (for example, the fund manager and its agents, the regulators) as their attorney-in-fact, under power of attorney, to collect from CBL the required information to be disclosed. Customers who do not grant such authority cannot hold such investment funds or financial instruments in their accounts with CBL.
Customers are advised that under local laws and regulations, investment funds and its agents may require CBL, on request, to disclose information on CBL customers and ultimate beneficial owners.
Under the foreign investment review regime, approval from the Foreign Investment Review Board (FIRB), may be required in certain circumstances.
Background and legal basis
Disclosure of information on CBL customers and ultimate beneficial owners may arise from the following Australian laws and regulations:
Legal basis for disclosure requirement may arise from the following:
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF)
- Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA)
- Foreign Acquisitions and Takeovers Regulations 2015 (Cth) (FATR)
Non-compliance with the disclosure requirements may result in the fund manager or its agent refusing acceptance of the proposed investment, and/or mandatory redemption of the existing holdings.
The information contained in the Disclosure Requirements is based on the legal opinion obtained by CBL that was issued on 26 February 2021. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Disclosure Requirements do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless, CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.