Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p11
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 27798–30688

as if the second entity was the first entity referred to in that subclause.

            PDS test

            (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 and any other information issued by the responsible person, 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 or other information, as the means by which the benefit of investments by or through the entity is obtained, rather than the investment of the superannuation entity, registered scheme or notified foreign passport fund to which the product or investment option relates.

            (4A) Subject to subclause (4B), an entity is also an interposed vehicle in relation to a product or investment option if:

                (a) the Product Disclosure Statement for the product or investment option or any other information issued by the responsible person relating to the product or investment option issued by the responsible person that has been given or may reasonably be expected to be given to retail clients refers to "property", "real estate" or "land" or similar terms in the description of the product or investment option or as one of the assets (relevant asset) in which investment may be made under the product or investment option; and

                (b) real property or an interest in land to which the reference relates is directly or indirectly held by or through the entity.

            (4B) An entity is not an interposed vehicle in relation to a product or investment option because of subclause (4A) if both the following are satisfied:

                (a) the reference in the Product Disclosure Statement or other information is merely part of a reference to an entity (whether specified or not) that directly or indirectly invests in real property or interests in land or to physical infrastructure referred to in paragraphs (a) to (j) of the definition of infrastructure entity in subclause (6);

                (b) a retail client who has read the Product Disclosure Statement or other information could not reasonably believe that the product or investment option or the relevant asset may be intended for persons predominantly intending to benefit from increases in the value of, or returns from holding, real property or an interest in land other than physical infrastructure referred to in paragraphs (a) to (j) of the definition of infrastructure entity in subclause (6).

            (4C) Subject to subclause (4D), an entity is also an interposed vehicle in relation to a product or investment option if:

                (a) the Product Disclosure Statement for the product or investment option or any other information issued by the responsible person