Document ID: chunk:federal_register_of_legislation:F2023C00841:body:0:p11
Version: federal_register_of_legislation:F2023C00841
Segment Type: other
Provision Reference: 
Character Range: 25924–28866

(the leverage limb);
                  (ii) subparagraph (iv) (the short selling limb);
           is taken not to be covered by the leverage limb or the short selling limb unless the retail CCIV is covered by the leverage limb or the short selling limb for some other reason.
           A retail CCIV (in respect of the sub-fund) is taken to be covered by two or more subparagraphs of paragraph (b) of this definition if all of the following apply:
              (a) the retail CCIV (in respect of the sub-fund) and:
                  (i)  any other entity (including, for the avoidance of doubt, a registered scheme or foreign entity); or
                  (ii)  a sub-fund of any other retail CCIV;
              through which the retail CCIV acquires an economic interest in financial products, taken together, would be covered by two or more of those sub-paragraphs;
              (b) the retail CCIV (in respect of the sub-fund), taken alone, would not be covered by two or more of those subparagraphs;
              (c) a reasonable person would conclude that the use of one or more of those other entities or sub-funds as a means through which the retail CCIV (in respect of the sub-fund) acquires an economic interest in financial products is for the sole or dominant purpose of bringing about a result that the retail CCIV (in respect of a sub-fund), taken alone, would not be covered by two or more of those subparagraphs.
           interposed entity, in relation to a retail CCIV (in respect of a sub-fund), means an entity that is interposed between the retail CCIV and a financial product in which the retail CCIV (in respect of a sub-fund) has an economic interest, but does not include:
              (a) a registered scheme; or
              (b) a notified foreign passport fund; or
              (c) a CCIV; or
              (d) an entity which:
                  (i) is incorporated, formed or registered in a foreign jurisdiction in relation to which a prescribed foreign regulatory authority regulates financial services; and
                  (ii) either:
                     (A) is, or whose operator is, specifically authorised by that regulatory authority to make offers of financial products that comprise rights or interests in the entity to the general public in that foreign jurisdiction; or
                     (B) is, or whose operator is, specifically authorised to make offers of financial products that comprise rights or interests in the entity to the general public in another foreign jurisdiction by a prescribed foreign regulatory authority that regulates financial services in that other jurisdiction.
           net asset value, in relation to a sub-fund of a retail CCIV, means the value of the assets of the sub-fund less the value of the liabilities of the sub-fund (other than liabilities to members as members of the sub-fund), as they would appear on a balance sheet at the time of calculation