INCOME TAX ASSESSMENT ACT 1997 - SECT 275.35 Licensing requirements for unregistered MIS

INCOME TAX ASSESSMENT ACT 1997 - SECT 275.35

  (1)   The trust satisfies the requirements in this section in relation to the income year if, at the time the payment mentioned in paragraph   275 - 10(3)(a) is made (the time of the first fund payment for the income year):

  (a)   the trust is operated or managed by:

  (i)   a financial services licensee (within the meaning of the Corporations Act 2001 ) holding an Australian financial services licence whose licence covers it providing financial services (within the meaning of that Act) to wholesale clients (within the meaning of that Act); or

  (ii)   an authorised representative (within the meaning of that Act) of such a financial services licensee; or

  (b)   the trust is operated or managed by an entity covered by subsection   (2); or

  (c)   the trust is operated or managed by an entity that:

  (i)   is a * wholly - owned subsidiary of an entity covered by subsection   (2); and

  (ii)   is an entity covered by subsection   (3).

  (2)   An entity is covered by this subsection if it would, but for subsection   5A(4) of the Corporations Act 2001 (about the Crown not being bound by Chapter   6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of that Act).

  (3)   An entity is covered by this subsection if it would, but for any instrument issued by ASIC under the Corporations Act 2001 that has effect in relation to the entity and the operation of the scheme mentioned in paragraph   275 - 10(3)(c), be required under that Act to be a financial services licensee (within the meaning of that Act).