Document ID: chunk:federal_register_of_legislation:F2015L01835:schedule:1:p6
Version: federal_register_of_legislation:F2015L01835
Segment Type: schedule
Provision Reference: sch 1 (pt 6/11)
Character Range: 14955–18260

the first entity referred to in that subclause.
              (4) An entity is also an interposed vehicle in relation to a product or investment option if, having regard to the Product Disclosure Statement for the product or investment option, a security or interest in the entity could be reasonably regarded, by retail clients who may be expected to be given the Product Disclosure Statement, as the means by which the benefit of investments by or through the entity is obtained, rather than the investment of the superannuation entity or registered scheme to which the product or investment option relates.
              (5) Despite anything in subclauses (1) to (4), an entity will not be an interposed vehicle in relation to a product or investment option if all of the following apply:
                  (a) the Product Disclosure Statement for the product or an investment option states that a holder of the product may give instructions, directions or requests for financial products to be acquired;
                  (b) the responsible person for the Product Disclosure Statement has published a list of financial products in relation to which the instructions, directions or requests may be given that includes a security or interest in the entity;
                  (c) the arrangement under which the instructions would be acted on is a custodial arrangement as defined in subsection 1012IA(1) of the Act.
              (6) In this clause:

              infrastructure entity means an entity that provides a return to its shareholders or members mainly from owning or operating any of the following:

                  (a) airports;

                  (b) electricity generation, transmission or distribution facilities;

                  (c) gas transmission or distribution facilities;

                  (d) hospitals;

                  (e) ports;

                  (f) railways;

                  (g) roads;

                  (h) sewerage facilities;

                  (i) telecommunication facilities;

                  (j) water supply facilities; or

                  (k) other physical infrastructure.
              listed: an entity is listed if it is included in the official list of:
                  (a) a prescribed financial market; or
                  (b) a financial market operated outside of this jurisdiction that is regulated by a foreign government or an agency of a foreign government."
    12 Sub-subparagraph 6(b)(iii)
    Omit, substitute:
           (iii) omit paragraph (2)(h), substitute:

                  "(h) costs (related to a specific asset (other than a security, interest in an interposed vehicle or derivative financial product within the meaning of subclause 101A(3A)) or activity to produce income) that an investor would incur if he or she invested directly in the asset;";
    13 After subparagraph 6(b)
Insert:
(ba) omit the note under subclause 104(1), substitute:
            "Note: A fee deducted from a member's account or paid out of the superannuation entity is not an indirect cost.";
(bb) omit subclause 104(2), substitute:
           "(2) Despite clause 214, the ICR for a Product Disclosure Statement that is available during a particular financial year is to be determined for the previous financial year except that