(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 $500,000,000 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 $500,000,000
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.
(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
(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—
"insurer" means—
(a) a person who is authorised under the Insurance Act 1973
(Cwlth) to carry on an insurance business; or
(b) a life company.
"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.
