Document ID: chunk:federal_register_of_legislation:F2022C01176:body:0:p2
Version: federal_register_of_legislation:F2022C01176
Segment Type: other
Provision Reference: 
Character Range: 2676–5515

class referable to that sub-fund.
employee member:
           (a) in relation to a scheme, means a member of the scheme who is also an employee of the responsible entity of the scheme or a related body corporate; and
           (b) in relation to a CCIV, means a member of the CCIV who is also an employee of:
           (i) the corporate director of the CCIV; or
           (ii) a related body corporate of the corporate director.
wholesale client has the meaning given by section 761G of the Act.

       Part 2—Exemption

5 Registered schemes - differential fees
(1) A responsible entity of a registered scheme does not have to comply with paragraph 601FC(1)(d) of the Act to the extent it would otherwise prohibit the responsible entity from administering a differential fee arrangement.
Characteristics of the member or of their investment
(2) This instrument applies to a differential fee arrangement in relation to a registered scheme under which the fees that may be charged, rebated or waived by the responsible entity to members of the scheme differ based on any of the following criteria:
           (a) the total value of, or the number of, interests held by the member, or by the member and associated persons, in one or more of the following:
              (i) the scheme;
              (ii) other managed investment schemes operated by the responsible entity or a related body corporate;
              (iii) other financial products issued by the responsible entity or a related body corporate;
           (b) the total period of time during which the member, or the member and associated persons, has held interests in one or more of the following:
              (i) the scheme;
              (ii) other managed investment schemes operated by the responsible entity or a related body corporate;
              (iii) other financial products issued by the responsible entity or a related body corporate;
           (c) the member being an employee of the responsible entity or a related body corporate in circumstances where the number of votes that may be cast on a resolution of the scheme's members by employee members is no more than 5% of the total votes that may be cast by the scheme's members;
           (d) the member having acquired their interests under a switching facility that involved the member first withdrawing from a managed investment scheme operated by the responsible entity or a related body corporate; or
           (e) savings to the scheme resulting, or reasonably expected by the responsible entity to result, from the lower cost of servicing a member of the scheme because of particular characteristics of that member or of their investment, where the amount of the benefit by way of lower fees charged to that member, or the rebate or waiver of fees provided to that member, is no greater than a