Document ID: chunk:federal_register_of_legislation:F2023C00095:body:0:p5
Version: federal_register_of_legislation:F2023C00095
Segment Type: other
Provision Reference: 
Character Range: 10190–13021

or employee share scheme of the listed body or an associated body corporate, where the offers were covered by ASIC Class Order [CO 03/184] or an individual instrument made by ASIC in terms similar to that class order.

Trusts

    20. A listed body or an associated body corporate that makes an offer of an underlying eligible product under an employee incentive scheme in relation to which a trustee holds or will hold the underlying eligible products must ensure:

       (a) the activities of the trustee of the trust in that capacity are limited to employee incentive schemes of the listed body or the associated body corporate (whether or not the other employee incentive schemes are covered by this instrument);

       (b) the trustee maintains written records on the administration of the trust including, in the case of underlying eligible products being held for a specified eligible participant on an allocated basis, written records that identify the underlying eligible products held on an allocated basis for the specified eligible participant;

           Note: The written records in relation to underlying eligible products held on an allocated basis may take the form of a sub-register administered by or on behalf of the trustee.

       (c) the trustee does not levy any fees or charges for administering the trust that are payable directly by any eligible participant or out of the assets of the trust, other than reasonable disbursements including brokerage and tax levied or incurred in connection with the trust;

       (d) if the trustee is the listed body or an associate of the body—the trustee does not, at its own discretion, exercise any voting rights attaching to any of the underlying eligible products that it holds on trust; and

       (e) the trustee, either alone or together with one or more other trustees, does not hold more than 5% of the voting shares or voting interests in the listed body calculated by reference to all employee incentive schemes or like schemes of the listed body or an associated body corporate in relation to which offers were covered by this instrument or an individual instrument made, on or after the commencement of this instrument, by ASIC in terms similar to this instrument.

    Contribution plans

    21. A listed body or an associated body corporate that makes an offer under an employee incentive scheme that involves a contribution plan:

       (a) must not allow an eligible participant to participate in the contribution plan unless the eligible participant has agreed in writing to the terms of the contribution plan;

       (b) must not allow an eligible participant to participate in the contribution plan to acquire an overlying eligible product that is not able to be traded on an eligible financial market;

           Note: This subparagraph