Document ID: chunk:federal_register_of_legislation:F2015L01984:body:0:p19
Version: federal_register_of_legislation:F2015L01984
Segment Type: other
Provision Reference: 
Character Range: 54422–57391

persons is limited, or an association of persons with legal personality to carry on activities that are carried on by a body of that kind.

Joint venture           Represents a contractual arrangement of the RSE licensee whereby two or more parties undertake an economic activity that is subject to joint control or joint arrangement (an arrangement of which two or more parties have joint control).

Interpretation

For the purposes of these instructions:

     * defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;

     * eligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act;

     * large exposure means an investment that represents at least one per cent of the investments of the RSE;

     * the most proximate investment means the closest investment, in the relevant chain of investments, to the ultimate investment[6];

     * person connected with an RSE licensee has the meaning in subsection 13(4C) of the Financial Sector (Collection of Data) Act 2001, namely:

       (a)           a related body corporate of the RSE licensee; or

       (b)           a custodian in relation to assets, or assets derived from assets, of the RSE licensee's RSEs, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or

       (c)           a person who, under a contract or other arrangement with:

           (i)            the RSE licensee; or

           (ii)         a related body corporate of the RSE licensee; or

           (iii)       a custodian in relation to assets, or assets derived from assets, of the RSE licensee's RSEs, and in relation to the RSE licensee or a related body corporate of the RSE licensee;

      invests assets, or assets derived from assets, of the RSE licensee's RSEs;

     * pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;

     * RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, PST, ERF, small APRA fund or single member approved deposit fund[7];

     * RSE licensee has the meaning given in section 10(1) of the SIS Act;

     * SIS Act means Superannuation Industry (Supervision) Act 1993;

     * SIS Regulations means Superannuation Industry (Supervision) Regulations 1994;

     * ultimate investment means an investment of assets, or assets derived from assets, of an RSE of an RSE licensee excluding an investment in an interposed entity;

     * underlying investment means an investment in an underlying investment vehicle; and

     * underlying investment vehicle means an investment vehicle in which the assets of an RSE are invested, where the investment is made via another investment vehicle.

Appendix 1: Illustrative example for completion of item 3

3.  Indirectly-held investment or multi-layer indirectly-held