Document ID: chunk:federal_register_of_legislation:C2016C00501:clause:5_4:p7
Version: federal_register_of_legislation:C2016C00501
Segment Type: clause
Provision Reference: sch 5 cl 4 (pt 7/7)
Character Range: 32445–33886

is operated or managed by an entity that:
 (i) is a *wholly‑owned subsidiary of an entity covered by subsection (2); and
 (ii) is an entity covered by subsection (3).
 (2) An entity is covered by this subsection if it would, but for subsection 5A(4) of that Act (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under the Corporations Act 2001 to be a financial services licensee (within the meaning of section 761A of that Act).
 (3) An entity is covered by this subsection if it would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and the operation of the scheme mentioned in paragraph 12‑400(1)(d), be required under the Corporations Act 2001 to be a financial services licensee (within the meaning of section 761A of that Act).

12‑404  MIT participation interest
 (1) An entity has a MIT participation interest in a trust if the entity, directly or indirectly:
 (a) holds, or has the right to *acquire, interests representing a percentage of the value of the interests in the trust; or
 (b) has the control of, or the ability to control, a percentage of the rights attaching to *membership interests in the trust; or
 (c) has the right to receive a percentage of any distribution of income that the trust may make.
 (2) The MIT participation interest of the entity in the trust is the greatest of the percentages mentioned in paragraphs (1)(a), (b) and (c).