Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p3
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 3/9)
Character Range: 131054–133701

entity that:
 (i) is a *wholly‑owned subsidiary of an entity of a kind mentioned in paragraph (a); and
 (ii) would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and operation of the scheme mentioned in paragraph (3)(c), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act) whose licence would cover operating such a managed investment scheme.

Start‑up and wind‑down phases
 (6) Treat the requirements in paragraphs (3)(e) and (f) as being satisfied if:
 (a) the trust is created during the period:
 (i) starting 12 months before the start of the income year; and
 (ii) ending at the end of the income year; or
 (b) the trust ceases to exist during the income year, and was a *managed investment trust (disregarding paragraph (a) of this section) in relation to the previous income year.

275‑15  Trusts with wholesale membership
  A trust is covered by this section at a time if, at that time:
 (a) the trust is not required to be registered in accordance with section 601ED of the Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 275‑35(2) (Crown entities); and
 (b) the total number of entities that had become a *member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of sections 761G and 761GA of the Corporations Act 2001) is no more than 20; and
 (c) the entities mentioned in paragraph (b) have a total *MIT participation interest in the trust of no more than 10%.

275‑20  Widely‑held requirements—ordinary case
 (1) The trust satisfies the requirements in this subsection in relation to the income year if, at the time the payment mentioned in paragraph 275‑10(3)(a) is made, the trust has at least 25 *members.
 (2) The trust satisfies the requirements in this subsection in relation to the income year if, at the time the payment mentioned in paragraph 275‑10(3)(a) is made:
 (a) units in the trust are listed for quotation in the official list of an *approved stock exchange in Australia; or
 (b) the trust has at least 50 *members (ignoring objects of a trust).
 (3) For the purposes of subsection (1) and paragraph (2)(b), determine the number of *members of the trust as follows:
 (a) first, by applying the rules in subsection (5), identify:
 (i) the members of the trust that are not entities covered by subsection (4); and
 (ii) the members of