Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p7
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 7/148)
Character Range: 346051–348737

a claim;
 (c) a person (the funder) provides funds, indemnities or both under a funding agreement (including an agreement under which no fee is payable to the funder or lawyer if the arrangement is not successful in seeking remedies) to enable the general member to seek remedies;
 (d) the funder is not a lawyer or legal practice that provides a service for which some or all of the fees, disbursements or both are payable only on success;
 (e) the arrangement is not a litigation funding scheme.
 (6) In this regulation:
external administrator includes an administrator, a liquidator (including a provisional liquidator) and a controller.
general member:
 (a) in relation to a litigation funding scheme—means a member of the scheme who:
 (i) is not the funder; and
 (ii) is not a lawyer providing services for the purposes of the scheme; and
 (b) in relation to a litigation funding arrangement—means the party to the arrangement who:
 (i) is not the funder; and
 (ii) is not a lawyer providing services for the purposes of the arrangement.

Division 2—Modifications

5C.11.02  Modifications
  For section 601QB of the Act, the operation of the Act is modified in accordance with this Division.

5C.11.03  Register of members of registered schemes (Act s 169(1))
  The register of members of a registered scheme need not contain information about a member whose only interest in the scheme is as the holder of an option.

5C.11.03A  How to work out the value of an interest
  If a registered scheme is quoted on 2 or more declared financial markets, paragraph 253F(a) of the Act is to be applied so that the value of an interest in the registered scheme is taken to be the last sale price, on the market on which the scheme is listed, on the trading day immediately before the day on which the poll is taken.

5C.11.04  Names of registered schemes (Act s 601EB(1))
  ASIC must not register a managed investment scheme under Part 5C.1 of the Act if the name of the scheme stated under subregulation 5C.1.01(2) does not comply with subregulation 5C.1.01(3).

5C.11.05A  Schemes not required to be registered (Act s 601ED)
  Subsection 601ED(2) of the Act has effect as if the words 'and Division 2 of Part 7.9 applied to the interests at that time' were inserted after the words 'when the issues were made'.

5C.11.06  Liability of responsible entities (Act s 601FB(4))
  In determining the liability under subsection 601FB(2) of the Act of the responsible entity of a registered scheme to the members of the scheme for an act or omission of an agent appointed by the entity under that subsection, the amount recovered under subsection 601FB(4) of the Act is to be disregarded.

Chapter