Document ID: chunk:federal_register_of_legislation:F2023C00841:body:0:p2
Version: federal_register_of_legislation:F2023C00841
Segment Type: other
Provision Reference: 
Character Range: 2917–5623

of members, may choose; and
(ii)   each of the investment strategies enables a regulated acquisition (within the meaning of section 1012IA of the Act) of a financial product to be made.";
(c) after subregulation (2) insert:
"(3) Paragraph (2)(d) does not apply to a superannuation product on and from the first occasion a Product Disclosure Statement is given which:
(a) covers the product; and
(b) is prepared or purports to be prepared in accordance with Part 7.9 of the Act as affected by this Subdivision;
                  and continues not to apply unless and until a Product Disclosure Statement is given which:
(c) covers the product; and
(d) is prepared or purports to be prepared in accordance with Part 7.9 of the Act as it applies but for this Subdivision.".

Simple managed investment schemes: multifunds and hedge funds
(2) Part 7.9 of the Act applies in relation to a responsible entity of a simple managed investment scheme as if regulation 7.9.11S of the Regulations were modified or varied by, after subregulation (4), inserting:
"(5) This Subdivision does not apply to a Product Disclosure Statement to which all of the following apply:
(a) the Statement covers a financial product which relates to a simple managed investment scheme;
(b) the Statement is prepared or purports to be prepared in accordance with Part 7.9 of the Act as it applies but for this Subdivision;
(c) the Statement is set out in a document in which there is also set out one or more other Product Disclosure Statements which:
(i)     cover a financial product which relates to another registered scheme but not another financial product; and
(ii)    is prepared or purports to be prepared in accordance with Part 7.9 of the Act as it applies but for this Subdivision.
(6)    Subject to subsection (7), this Subdivision does not apply to a simple managed investment scheme that is a hedge fund or fund of hedge funds.
(7) In this regulation:
derivative includes an agreement under which:
(a) a person agrees to deliver securities or interests in a managed investment scheme (each a delivery product) to another person at a time (maturity) in the future;
(b) the maturity is determined by reference to a specified time or the occurrence or non-occurrence of a specified event or circumstance;
(c) the number and value of the delivery products to be delivered at maturity is ultimately determined or derived from the value or amount of one or more of the following:
(i) other financial products;
(ii) an asset;
(iii) a rate (including an interest rate or exchange rate);
(iv) an index;
(v) a commodity.
              fund of hedge funds means a registered scheme:
(a) that is promoted by the responsible entity using