For unregistered managed investment schemes, 'winding up' in s 601ED(6)(b) refers only to the statutory process initiated by court order under s 601EE; steps taken in the closing phases of a scheme's administration (including litigation to recover losses for the benefit of scheme participants) constitute 'operating' the scheme, not 'steps to wind up the scheme', and therefore do not attract the s 601ED(6)(b) exception from the prohibition on operating an unregistered scheme. The scope of a managed investment scheme is not exhaustively defined by its constitutive documents but extends to all steps incidental and necessary to the pursuit of its objectives, including logical incidents, consequences and sequels to its acknowledged components.
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