Document ID: chunk:federal_register_of_legislation:F2021C00656:body:0:p7
Version: federal_register_of_legislation:F2021C00656
Segment Type: other
Provision Reference: 
Character Range: 16445–19353

an investment made through a venture capital fund or a managed investment fund.
       Australian financial services licence requirements
       (2)A person covered by subsection (3) in relation to the investment must:
       (a) hold, or be otherwise covered by, an Australian financial services licence; or
       (b) be exempt from any provision of the Corporations Act 2001 requiring an Australian financial services licence to be held in relation to the investment.
       (3)The following persons are covered by this subsection in relation to the investment:
(a) a person issuing the interests in the venture capital fund or the managed investment fund (the issuer), including the following (without limitation):
 (i) the general partner of a venture capital fund;
 (ii) a trustee or the responsible entity of a managed investment scheme;
 (iii) the issuer of shares in a listed investment company;
 (iv) for an investment mentioned in paragraph (c) of the definition of managed investment fund in section 4—the insurer.
(b) a person authorised by the issuer to manage the investment, or to make the investment, on the issuer's behalf.
       (4)The central management and control of a person (other than an individual) mentioned in subsection (3) must be in Australia.
       (5)The investor and (if applicable) the investor's spouse or de facto partner, and any associate (within the meaning of the Corporations Act 2001) of the investor, spouse or de facto partner, must not:
(a) be a person mentioned in subsection (3); or
(b) be involved in the management or control of, or in partnership with, a person mentioned in subsection (3).
       Funds under management in Australia
       (6) The following persons in relation to an investment must maintain a minimum of AUD 100 000 000 in funds that are under management in Australia:
(a) if the investment is made through a managed investment scheme—a trustee, or the responsible entity, for the scheme;
(b) if the investment is made through a listed investment company—the issuer of shares in that company, or the person authorised by the issuer to manage the investment, or to make the investment, on the issuer's behalf;
(c) if the investment is made in a financial product mentioned in paragraph (c) of the definition of managed investment fund in section 4 (which deals with life insurance products)—the issuer of that product;
(d) if the investment is made through a fund of funds or an investor directed portfolio service—the issuer of the fund of funds or the person responsible for operating the investor directed portfolio service.
       Australian residential real property
       (7) The following requirements apply to investment by a managed investment fund in Australian residential real property, including any Australian land zoned for residential use (a residential real property investment):
(a) no direct residential real property