Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p7
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 7/9)
Character Range: 140944–143559

MIT participation interest in the trust of 75% or more;
 (c) a foreign resident individual has a MIT participation interest in the trust of 10% or more.
 (2) For the purposes of paragraphs (1)(a) and (b):
 (a) if an entity covered by subsection 275‑20(4) has a *MIT participation interest in the trust—treat that entity as not having a MIT participation interest in the trust; and
 (b) if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a *chain of trusts:
 (i) if the entity is covered by subsection 275‑20(4)—do not treat it as having a MIT participation interest in the trust; and
 (ii) do not treat a trust in the chain of trusts as having a MIT participation interest in the trust.
 (3) For the purposes of paragraph (2)(b), treat an entity covered by subsection 275‑20(4) as an entity that is not a trust.
 (4) For the purposes of paragraphs (1)(a) and (b), apply the rules in subsection 275‑20(7).

275‑35  Licensing requirements for unregistered MIS
 (1) The trust satisfies the requirements in this section in relation to the income year if, at the time the payment mentioned in paragraph 275‑10(3)(a) is made (the time of the first fund payment for the income year):
 (a) the trust is operated or managed by:
 (i) a financial services licensee (within the meaning of section 761A of the Corporations Act 2001) holding an Australian financial services licence whose licence covers it providing financial services (within the meaning of section 766A of that Act) to wholesale clients (within the meaning of section 761G of that Act); or
 (ii) an authorised representative (within the meaning of section 761A of that Act) of such a financial services licensee; or
 (b) the trust is operated or managed by an entity covered by subsection (2); or
 (c) the trust 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 the Corporations Act 2001 (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act 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 the Corporations Act 2001 that has effect in relation to the entity and the operation of the scheme mentioned in paragraph 275‑10(3)(c), be required under that Act to be a financial services licensee