Document ID: chunk:federal_register_of_legislation:F2021C01045:body:0:p2
Version: federal_register_of_legislation:F2021C01045
Segment Type: other
Provision Reference: 
Character Range: 2737–5406

licensed under a law of a State or Territory in this jurisdiction to lease real property; and
(b) who is not the operator of the scheme or an associate of the operator of the scheme.
investor means in relation to a strata scheme, a person who is the owner of a strata unit that is used in the scheme.
management rights means, in relation to a strata scheme, all real or personal property (including contractual rights) held by the operator or any of its associates that facilitates the operation of the scheme.
operate as a promoter developer: a person operates a strata scheme as a promoter developer if:
           (a) the person offers to issue or arrange for the issue of interests in the scheme, while also offering a strata unit to which the scheme relates; and
           (b) the scheme is to be managed by another operator.
operator means a person who:
           (a) operates a strata scheme (including by operating a strata scheme as a promoter developer); and
(b) is:
(i) a real estate (managing) agent; or
(ii) a financial services licensee; or
(iii) if the person only operates the scheme as a promoter developer—licensed in relation to real property under the law of a State or Territory in this jurisdiction; and
(c) is not an excluded person.
real estate (managing) agent a person who is licensed to manage real property under the law of a State or Territory in this jurisdiction.
real estate (selling) agent a person who is licensed to sell real property under the law of a State or Territory in this jurisdiction.
registered strata scheme mean a registered scheme that involves persons making available real property for use as part of a serviced apartment, hotel, motel or resort complex where members of the scheme have no right to be paid an amount that is related to the value of scheme property on their withdrawal from the scheme.
regulated person has the same meaning as in section 1011B of the Act.
scheme members means, in relation to a strata scheme, investors in the scheme other than the operator and its associates.
strata scheme means a managed investment scheme that involves owners of strata units making their unit available for use as part of a serviced apartment, hotel, motel or resort complex.
strata units means strata title units, community title interests or similar interests in real property.
transfer means, in relation to management rights, to assign or transfer the management rights or to cause another person to become the holder of those rights or rights substantially the same as those rights.

Part 2—Exemptions for management rights schemes

5 Exemption for operators from requirement to register the scheme, hold a