Adequate Track Record  |
|
|---|---|
| Rule: | 2A 3.6 |
| Date Requested: | Tuesday, August 24, 2004 |
| Requested By: | Cameron Stockbrokers |
| Date Approved: | Friday, October 1, 2004 |
| Approved By: | Compliance Committee |
| Issuer: | FMI |
| Securities: | FMI, FMIOA, FMIOB |
| Description of Rule: | A new applicant must have an adequate track record under substantially the same management which must be of known character and integrity. For this purpose, an adequate track record will normally be at least two financial years but the Exchange may accept a shorter period if the public offering is fully underwritten on a firm basis by an underwriter approved by the Exchange, at least to the extent of the minimum amount required to be raised by the issue in order to purchase any assets to be acquired out of the proceeds of sale. |
| Waiver Requested: | We have been requeted to act as Sponsoring Broker for a proposed investment company, which upon listing is expected to comply with Subdivision 115D of the Act. For the purpose of this letter the Act means collectivively the Income Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax Rates Act 1986. As the company will be newly established the company will not be in a position to comply with Listing Rule Section 2A Rule 3.6. |
| Effect of Waiver: | The waiver was granted as investment companies are created for a specific purpose to comply with the Income Tax Act and therefore do not have a prior track record. |