Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p34
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 34/41)
Character Range: 4324436–4327038

capital.
 (4B) This subsection applies to:
 (a) an *ADI; or
 (b) a *life insurance company; or
 (c) a public authority:
 (i) that is constituted by a law of a State or internal Territory; and
 (ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995; or
 (d) a widely‑held complying superannuation fund within the meaning of section 4A of the Pooled Development Funds Act 1992; or
 (e) a *widely held foreign venture capital fund of funds.

Crown entities etc.
 (5) For the purposes of paragraphs (3)(d) and (e), treat an entity as registered under section 601EB of the Corporations Act 2001 at the time the payment is made if at that time the trust is operated by:
 (a) an entity that would, but for subsection 5A(4) of that Act (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of that Act) whose licence would cover operating such a managed investment scheme; or
 (b) an entity that:
 (i) is a *wholly‑owned subsidiary of an entity of a kind mentioned in paragraph (a); and
 (ii) would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and operation of the scheme mentioned in paragraph (3)(c), be required under that Act to be a financial services licensee (within the meaning of that Act) whose licence would cover operating such a managed investment scheme.

Start‑up and wind‑down phases
 (6) Treat the requirements in paragraphs (3)(e) and (f) as being satisfied if:
 (a) the trust is created during the period:
 (i) starting 12 months before the start of the income year; and
 (ii) ending at the end of the income year; or
 (b) the trust ceases to exist during the income year, and was a *managed investment trust (disregarding paragraph (a) of this section) in relation to the previous income year.

275‑15  Trusts with wholesale membership
  A trust is covered by this section at a time if, at that time:
 (a) the trust is not required to be registered in accordance with section 601ED of the Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 275‑35(2) (Crown entities); and
 (b) the total number of entities that had become a *member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of the Corporations Act 2001) is no