Document ID: chunk:federal_register_of_legislation:F2023C01164:body:0:p6
Version: federal_register_of_legislation:F2023C01164
Segment Type: other
Provision Reference: 
Character Range: 13299–16140

acknowledges the matters contained in the warning.

Members' requests for information
(5) The responsible entity of an IDPS-like scheme must give to a member on request a copy of all communications that are required by law to be given to the holder of an accessible investment (including communications that are required to be given on request) where that accessible investment has been acquired under a direction of the member.
(6) A member may make a request under subsection (5) in relation to a particular communication or make a standing request in relation to a class of communications. The responsible entity must provide the information as soon as practicable after the information is received or otherwise becomes available to be provided to the member.

           Acquisition of accessible investments that are interests in unregistered scheme
(7) The responsible entity of an IDPS-like scheme must not, and must ensure that any custodian does not, acquire accessible investments as part of the scheme that are:
(a) interests in a managed investment scheme that is not a registered scheme; or
(b) interests in a scheme that would be a managed investment scheme but for paragraph (e) of the definition of managed investment scheme in section 9;
unless the responsible entity reasonably believes that:
(c) had the particular member invested directly in the scheme, the scheme would not have been required to have been registered; and
(d) had all interests in the scheme held in custodial arrangements been held by the clients of those arrangements, the scheme would not have been required to be registered.
Note:  Under section 601ED, a managed investment scheme does not generally need to be registered if it has no more than 20 members. If interests held through custodial arrangements such as IDPSs, IDPS-like schemes and nominee and custody services had been acquired directly, the scheme may have required registration as it may have had more than 20 members.

           Acquisitions under direction from client
(8) The responsible entity of an IDPS-like scheme must not, and must ensure that any custodian acting on its behalf does not, acquire accessible securities or accessible financial products under a direction of a member as part of the scheme unless:
(a) in relation to acquisitions of accessible securities:
(i)  for an acquisition of shares resulting from a CSF offer—subsection (8H) is satisfied; and
(ii) otherwise—subsection (8A) or (8E) is satisfied; and
(b) in relation to acquisitions of accessible financial products:
(i) subsection (8B), (8C), (8D), (8E) or (8F) is satisfied; and
(ii) subsection (8G) is satisfied.
(8A) This subsection is satisfied if:
(a) both of the following are satisfied:
(i) the responsible entity reasonably believes that the member has been given a copy of the disclosure document