Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_91
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 91
Character Range: 108839–110159

91  Subsections 820‑609(5) and (6)
Repeal the subsections, substitute:
 (5) The *head company or single company is an outward investing financial entity (non‑ADI) for the trial period if, apart from this Subdivision:
 (a) it would be an *outward investing financial entity (non‑ADI) for that period; and
 (b) at least one of the *Australian permanent establishments is a *permanent establishment of a *foreign entity that is a *financial entity; and
 (c) none of the Australian permanent establishments is a permanent establishment through which a *foreign bank carries on banking *business in Australia.
 (6) The *head company or single company is an inward investing financial entity (non‑ADI) and an inward investment vehicle (financial) for the trial period if, apart from this Subdivision:
 (a) it would be an *inward investing financial entity (non‑ADI) and an *inward investment vehicle (financial) for that period; and
 (b) it would not be an *outward investing financial entity (non‑ADI) for that period; and
 (c) at least one of the *Australian permanent establishments is a *permanent establishment of a *foreign entity that is a *financial entity; and
 (d) none of the Australian permanent establishments is a permanent establishment through which a *foreign bank carries on banking *business in Australia.