Duties Act 2001

The trustee of a unit trust that is a managed investment scheme may apply to the commissioner for the approval of the scheme as a deregistered managed investment scheme.

Note—See section 76E(1).

The application must—

be in the approved form; and

be supported by enough information to enable the commissioner to decide the application.

The commissioner may give the approval if—

ASIC made an exemption or declaration under the Corporations Act, section 601QA (the ASIC order), enabling an application for deregistration of the scheme (the deregistration application) to be made under the Corporations Act, section 601PA; and

for the purpose of the deregistration application, all the members of the scheme agreed the scheme should be deregistered; and

all the members of the scheme were wholesale clients—

when they acquired (by way of issue or transfer) their interest in the scheme; and

when the deregistration application was made; and

ASIC deregistered the scheme under the Corporations Act, section 601PA, applying chapter 5C of that Act under the ASIC order; and

the scheme is not required to be registered under the Corporations Act, section 601ED because of an exemption from that section under the ASIC order; and

the commissioner is satisfied it would be appropriate to give the approval, having regard to—

the reasons why the members of the scheme agreed the scheme should be deregistered; and

the reasons for the decision by ASIC to deregister the scheme; and

the terms of the ASIC order; and

whether the scheme has ever been a public unit trust and, if so, why it is no longer a public unit trust; and

the circumstances of the scheme’s operation since it was deregistered by ASIC; and

the purposes of this division.

The commissioner must give the applicant notice of the decision on the application.

If, because of the decision on the application, the commissioner makes an assessment on the basis that the scheme is not an exempt managed investment scheme for section 75(1), an objection to the decision may be made as part of an objection to the assessment.

If the approval is given, it takes effect on—

the day it is given; or

if the notice of the decision to give the approval states a day on which the approval takes effect—that day.

The day mentioned in subsection (6)(b) may be earlier or later than the day the approval is given.