Queensland Consolidated Acts Queensland Consolidated Acts(1) A funds manager is--
(a) a body corporate that provides funds management and investment services to wholesale investors as its principal business if--
(i) the body corporate manages funds of more than $500000000 invested with it; and
(ii) the business is not conducted to provide the services only to particular wholesale investors; and
(iii) the body corporate is recognised by other funds managers as a competitor with them for the services; or
(b) a body corporate that is a member of a corporate group of a financial institution or an insurer whose principal business is providing funds management and investment services to wholesale investors if--
(i) the body corporate or the corporate group manages funds of more than $500000000 invested with it by wholesale investors; and
(ii) the business is not conducted to provide the services only to particular wholesale investors; and
(iii) the body corporate is recognised by other funds managers as a competitor with them for the services.
(2) Subsection (3) applies if the commissioner is satisfied a body corporate or corporate group will provide funds management and investment services to wholesale investors to the extent mentioned in subsection (1)(a) or (b) within the start-up period.
(3) The commissioner may treat the body corporate as a funds manager for the start-up period.
(4) However, if the body corporate or corporate group does not provide funds management and investment services as mentioned in subsection (1) in the start-up period--
(a) the body corporate must, within 28 days after the end of the start-up period, give the commissioner notice of that fact; and
(b) the body corporate is taken not to have been a funds manager in the start-up period; and
(c) the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the body corporate were not a funds manager in the period; and
(d) the start date for the Administration Act, section 54(4), is 61 days after the relevant trust acquisition or trust surrender.
(5) In this section--
start-up period, for a body corporate, means 1 year after the first acquisition by a wholesale investor of a trust interest in a unit trust established and managed by the body corporate.