Document ID: chunk:federal_register_of_legislation:F2023C01164:body:0:p2
Version: federal_register_of_legislation:F2023C01164
Segment Type: other
Provision Reference: 
Character Range: 2887–5650

instrument:
accessible financial products means financial products (other than securities) that may be held through an IDPS-like scheme.
accessible investments means assets that may be held through an IDPS-like scheme, including accessible securities and accessible financial products.
accessible securities means securities that may be held through an IDPS-like scheme.
Act means the Corporations Act 2001.
custodian means a person that holds property of an IDPS-like scheme and who may also be the responsible entity of the scheme.
IDPS-like scheme means a registered managed investment scheme under which or which has a constitution that has provisions to the effect that:
(a) a member may give a direction that an amount of money corresponding to part or all of the amount invested by the member in the scheme be invested in specified accessible investments; and
(b) the distributions of capital and income from the scheme to the member in relation to their interests in the scheme will be determined by reference to amounts received by the responsible entity or a custodian in relation to the accessible investments acquired under that direction.
securities has the meaning given by subsections 92(4) and (5) of the Act.
simple managed investment scheme has the meaning given by subregulation 1.0.02(1) of the Corporations Regulations 2001.

Part 2—Exemption

5 Offers to issue equitable rights or interests
A responsible entity of an IDPS-like scheme and each other person involved in the preparation of a Product Disclosure Statement for an interest in the scheme does not have to comply with:
(a) Parts 6D.2 or 6D.3 or section 992A of the Act for an offer to issue equitable rights or interests in accessible securities arising because of an offer to hold, or arrange for the holding of, the accessible securities through the scheme; and
(b) sections 1013D and 1013E of the Act for a Product Disclosure Statement relating to:
(i) an interest in the scheme; and
(ii) an interest in a financial product that is held or may be held by a member because the legal title to a financial product is held for the member by a custodian as part of the IDPS-like scheme;
to the extent that those provisions may require a Product Disclosure Statement that relates to:
(iii) interests in the scheme; or
(iv) any financial product acquired by the member though the scheme because a custodian has legal title to a financial product as part of the scheme;
to contain information about the accessible financial products.

6 Annual financial reporting
An IDPS-like scheme does not have to comply with subparagraphs 314(1)(a)(i) and 314(1)(a)(iii) of the Act on condition that the responsible entity must and for as long as the responsible entity:
(a) sends to each member on