Document ID: chunk:federal_register_of_legislation:F2023C00841:body:0:p6
Version: federal_register_of_legislation:F2023C00841
Segment Type: other
Provision Reference: 
Character Range: 12787–15465

would conclude that the use of one or more of those other entities as a means through which the scheme acquires an economic interest in financial products is for the sole or dominant purpose of bringing about a result that the scheme, taken alone, would not be covered by two or more of those subparagraphs.
              interposed entity, in relation to a scheme, means an entity that is interposed between the scheme and a financial product in which the scheme has an economic interest but does not include:

(a) a registered scheme; or

(b) a notified foreign passport fund; or

(ba) a CCIV; or

(c) 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 scheme, means the value of the assets of the scheme less the value of the liabilities of the scheme (other than liabilities to members as members of the scheme), as they would appear on a balance sheet at the time of calculation made up for lodgment as part of a financial report under Chapter 2M of the Act if the scheme were a reporting entity.
              notional derivatives exposure, in relation to a scheme, means the absolute sum of:
(a) the face value of, or the notional amount in respect of, each derivative as at the date on which the derivative is entered into, held by the scheme that gives rise to an exposure (long exposure) because the scheme would benefit by an increase in the price or value of the underlying or reference asset to which the derivative relates; and
(b) the face value of, or the notional amount in respect of, each derivative as at the date on which the derivative is entered into, held by the scheme that gives rise to an exposure (short exposure) because the scheme would benefit by a decrease in the price or value of the underlying or reference asset to which the derivative relates;
adjusted as follows:
(c) if a derivative gives rise to a long exposure and another derivative gives rise to a short exposure, and both derivatives are otherwise on the same terms