Commonwealth Consolidated Acts

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Trusts with wholesale membership

                   A trust is covered by this section at a time if, at that time:

                     (a)  the trust is not required to be registered in accordance with section 601ED of the Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 275-35(2) (Crown entities); and

                     (b)  the total number of entities that had become a * member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of sections 761G and 761GA of the Corporations Act 2001 ) is no more than 20; and

                     (c)  the entities mentioned in paragraph (b) have a total * MIT participation interest in the trust of no more than 10%.

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