Document ID: chunk:federal_register_of_legislation:F2023L01221:body:0:p5
Version: federal_register_of_legislation:F2023L01221
Segment Type: other
Provision Reference: 
Character Range: 10340–13093

of a factor included in the formula;
                  (b) decide a matter that is an aspect of the method;
                  (c) determine the amount of an adjustment to the amount determined by the formula for the costs in acquiring or disposing of scheme property, for assets of the scheme that are not scheme property or otherwise.
                  Note: The responsible entity may appoint an agent or otherwise engage a person to do anything it is authorised to do in relation to a scheme: see subsection 601FB(2).
(2) The formula or method must:
                  (a)  if it applies when the interests in the scheme:
                     (i) are not in a class of interests that is traded on a financial market; or
                     (ii) for exchange traded funds or managed funds—are in a class of interests that are able to be traded on a financial market operated by ASX or Cboe,
                   be based on the value of scheme property attributable to interests in that class at the time of issue less any liabilities that under the constitution may be met from that property attributable to interests in that class divided by the number of interests on issue in that class; or
                  (b) if it applies when the interests in the scheme are in a class of interests that are able to be traded on a financial market and the scheme is listed on the financial market—be based on the market price of the interests in that class on the market at or around the time of issue.
                  Note: A reference to interests in a particular class includes a reference to all interests in the scheme if there are no separate classes of interest: subsection 57(2).
(3)  A discretion in the constitution of the kind referred to in subsection (1) must not be exercised on the basis that it will result in a particular amount being set as the amount of the consideration to acquire an interest in the scheme.
(4) For the purposes of this section:

              ASX means ASX Limited.

              Cboe means CBOE Australia Pty Ltd.

              exchange traded fund means a registered scheme in relation to which all of the following are satisfied:

                  (a) interests in the scheme are in a class that are able to be traded on a financial market operated by ASX or Cboe but the scheme is not listed on either of those markets;

                  (b) the responsible entity has the power and approval to issue interests in that class on any day that those interests are able to be traded on the relevant financial market;

                  (c) the responsible entity allows applications for and redemptions of interests in that class on any day that those interests are able to be traded on the relevant financial