Document ID: chunk:federal_register_of_legislation:F2022C00065:reg:6
Version: federal_register_of_legislation:F2022C00065
Segment Type: reg
Provision Reference: reg 6
Character Range: 4826–6280

6  Beneficial interest in the capital or income of investment fund
 (1) A reference in this instrument to a person who holds a beneficial interest in the capital, or income, of an investment fund includes a reference to a person who holds:
 (a) an interest of that kind jointly with another person; and
 (b) an interest of that kind that is prospective because the person:
 (i) has entered into a contract to purchase a beneficial interest; or
 (ii) has a right, otherwise than by reason of holding a present interest of any kind, to have a beneficial interest transferred to the person or to the person's order (whether exercisable presently or in the future, and whether or not subject to a condition); or
 (iii) has a right to acquire a beneficial interest under an option (whether exercisable presently or in the future, and whether or not subject to a condition).
 (2) Subsection (1) applies regardless of:
 (a) the remoteness of the interest; or
 (b) the way in which the interest arose; or
 (c) the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to a restraint or restriction.
 (3) For the purposes of subsection (1), an interest is not a beneficial interest if:
 (a) the interest is held solely as security under a moneylending agreement that has not ceased to have effect; and
 (b) the ordinary business of the interest‑holder includes the lending of money.

Part 2—Giving of information