Document ID: chunk:federal_register_of_legislation:F2023C00840:body:0:p2
Version: federal_register_of_legislation:F2023C00840
Segment Type: other
Provision Reference: 
Character Range: 2676–5536

transfer, a financial product covered by subparagraph 764A(1)(ba)(i) or (ii) of the Act.
manager: see section 6.
old class order means ASIC Class Order [CO 07/74] as in force immediately before its repeal.
PF 209 means ASIC Pro Forma 209: Australian financial services licence conditions as at the date of this instrument.
relevant financial conditions, in relation to an Australian financial services licence, means conditions to the effect of conditions 13 (base level financial requirements), 21 (financial requirements for holding client money or property), 22 (financial requirements for licensee transacting with clients) and 28 (audit opinion on financial requirements) of PF 209.
representative has the meaning given by section 910A of the Act.
trust property of a wholesale equity scheme means:
(a) contributions of money or money's worth to the scheme; and
(b) money borrowed or raised by the trustee for the purposes of the scheme; and
(c) property acquired, directly or indirectly, with, or with the proceeds of, contributions or money referred to in paragraph (a) or (b); and
(d) income and property derived, directly or indirectly, from contributions, money or property referred to in paragraph (a), (b) or (c).
trustee: see section 5.
wholesale equity financial services: see section 5.
wholesale equity scheme means a trust that is operated under a managed investment scheme to which all of the following apply:
(a) the scheme is not registered; and
(b) all of the trust property (other than incidental property) consists of investment products; and
(c) at all times the value of investment products which are quoted on a financial market does not exceed 20% of the trustee's reasonable estimate of the market value of the trust property;
(d) no interests in the scheme have been issued to a person as a retail client.

       Part 2—Exemption

5 Licensing relief for eligible trustees

       A person (trustee) who is an eligible trustee of a wholesale equity scheme does not have to comply with subsection 911A(1) of the Act for the provision of the following financial services (wholesale equity financial services):
           (a) dealing in (other than by issuing to a person as a retail client) investment products that form part of the trust property of the wholesale equity scheme; and
           (b) providing a custodial or depository service in relation to the investment products.

Note 1: A trustee may also have the benefit of paragraph 911A(2)(b) of the Act which will allow it to issue interests in a wholesale equity scheme without an Australian financial services licence if certain circumstances exist.

Note 2: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does