Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p8
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 8/148)
Character Range: 348508–351219

entity of a registered scheme to the members of the scheme for an act or omission of an agent appointed by the entity under that subsection, the amount recovered under subsection 601FB(4) of the Act is to be disregarded.

Chapter 5D—Licensed trustee companies

Part 5D.1—Preliminary

5D.1.01A  Meaning of trustee company
 (1) For subsection 601RAB(1) of the Act, a company that is listed in Schedule 8AA is a trustee company for the purpose of the Act.
 (2) A company that performs the function of the Public Trustee of a State or Territory may only be listed in Schedule 8AA if:
 (a) the State or Territory requests the Minister to prescribe the company as a trustee company; and
 (b) the Minister agrees to the request.

5D.1.02  Meaning of traditional trustee company services and estate management functions
 (1) For paragraph 601RAC(3)(f) of the Act, acting in any of the following capacities is prescribed:
 (a) as trustee for the holders of debt securities of a body;
 (b) as trustee of a trust established for purposes that include issuing debt securities (including loan‑backed securities and mortgage‑backed securities) or managing or servicing the assets of the trust;
 (c) as trustee for the benefit of present or future creditors of another person when holding:
 (i) mortgages, charges, guarantees, indemnities or other rights or benefits that have been given to secure debts owing to the creditors; and
 (ii) the proceeds from the enforcement of any of those things that have been given in subparagraph (i);
 (d) as custodian for another trustee or for the responsible entity of a registered scheme or other commercial entity;
 (e) as trustee of a managed investment scheme the main assets of which consist of land and improvements on the land where the trustee is not responsible for the daily management of the land or any business conducted on the land;
 (f) as trustee for employee share or benefit schemes;
 (g) as trustee for trusts the main activities of which consist of making loans to, or otherwise investing in, companies or other commercial entities;
 (h) as an escrow agent;
 (i) as a person named in a will as an executor when not actively providing a service or function;
 (j) as a person named in a power of attorney as an attorney when not actively providing a service or function;
 (k) preparing a power of attorney for a person's medical treatment or for guardianship of a person's affairs;
 (l) preparing a living will or advance health directive of any kind.
 (1A) Paragraph (1)(d) does not apply to a custodian that is a trustee establishing and operating a common fund.
 (2) In this regulation:
debt security means:
 (a) any debenture, debenture stock, bond, note or other