Document ID: chunk:federal_register_of_legislation:F2024C00757:front:0:p3
Version: federal_register_of_legislation:F2024C00757
Segment Type: other
Provision Reference: 
Character Range: 5434–8124

or indirectly from assets contributed by the client with assets contributed by other clients or derived directly or indirectly or indirectly from assets contributed by other clients;
but does not include a scheme under which material terms of any rights that may be acquired on behalf of a client are negotiated, or substantially determined.

              Note: Cost reductions may arise from the pooling of client funds to make large investments that can be acquired on more favourable terms than if the investments were made by each client on their own behalf. They may also arise from the "netting" of transactions whereby directions of clients to buy and sell assets are offset against each other and a transaction for the net amount is entered into.

       operator means a public company that is a holder of an Australian financial services licence that is authorised to operate an IDPS and who provides an IDPS or a function that forms part of the IDPS.

       securities has the meaning given by subsections 92(4) and (5) of the Act.

Part 2—Exemption

5 IDPS operators—registration, fundraising and disclosure exemptions
An operator of an IDPS does not have to comply with:
(a) subsection 601ED(5) of the Act in relation to the operation of the IDPS; and
(b) 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 IDPS; and
(c) Division 8 of Part 7.8 or Part 7.9 (other than sections 1017E, 1020D and 1021O) of the Act in relation to a financial product that is:
(i) an interest in a managed investment scheme arising out of participation or proposed participation in the IDPS; or
(ii) an equitable right or interest in an accessible financial product arising because of a holding, or an offer to hold or arrange for the holding of, the accessible financial product through the IDPS.

6 Other persons involved in the operation of an IDPS—registration exemption
    A person (other than an operator) who operates a managed investment scheme by reason of being involved in the operation or promotion of an IDPS does not have to comply with section 601ED(5) of the Act in relation to the IDPS.

7 Other persons involved in the operation of an IDPS—fundraising and disclosure exemptions
    A person (other than an operator) who is involved in the operation or promotion of an IDPS does not have to comply with:
        1.           Parts 6D.2 and 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