Document ID: chunk:federal_register_of_legislation:F2024C00716:body:0:p3
Version: federal_register_of_legislation:F2024C00716
Segment Type: other
Provision Reference: 
Character Range: 5740–8611

scheme or person in relation to which the following are satisfied:
(a) in the case of a managed investment scheme, the scheme was established outside this jurisdiction and is not operated in this jurisdiction; and
 (b) in the case of a person that is not a managed investment scheme, the person:
(i) is not an Australian financial services licensee; and
(ii)  carries on a business of investment in securities, interests in land, interests in, or securities issued by, other offshore funds or other investments; and
(iii) for the purposes referred to in subparagraph (ii), invests funds (directly or indirectly) following an offer of securities of, or interests in, the person for issue, the terms of which provided for the funds subscribed to be invested for those purposes.
       offshore fund financial product means:
           (a) a security of, or interest in, an offshore fund; or
           (b) a financial product in relation to an offshore fund that is issued by or with the authority of the offshore fund or the operator of the offshore fund.
       overseas regulator of a person in their home jurisdiction means a foreign regulatory authority which:
           (a) regulates financial services provided by the person in their home jurisdiction; and
           (b) is established by or for the purposes of a foreign government or legislative body for the home jurisdiction.
       wholesale trust means a trust that is operated under a managed investment scheme, where:
           (a) no interests in the scheme have been issued to a person as a retail client; and
           (b) the scheme is not registered.

       Part 2—Exemption

5 Licensing
    A person that is carrying on a financial services business in this jurisdiction only because of the operation of section 911D of the Act in relation to funds management financial services provided by the person does not have to comply with subsection 911A(1) of the Act.

6 Where the exemption applies
(1) The exemption in section 5 only applies to a person that is carrying on a financial services business in this jurisdiction of providing funds management financial services if:
(a) subject to subsection (2), the person has given ASIC written confirmation that:
              (i) the person intends to rely on the exemption in section 5 in relation to the provision of funds management financial services; and
              (ii)  identifies the home jurisdiction of the person and confirms that the person would not contravene any laws of its home jurisdiction relating to the provision of financial services if the person were to provide those funds management financial services in its home jurisdiction; and
              Note:  If the home jurisdiction of the person changes, the person must provide a new written confirmation in relation to its new home jurisdiction within 30 days: see subsection