Registration of unit trust schemes
The responsible entity of a unit trust scheme may apply to the Chief Commissioner for registration of the scheme as:
an imminent public unit trust scheme, or
a wholesale unit trust scheme, or
an imminent wholesale unit trust scheme.
The Chief Commissioner may register the unit trust scheme if satisfied that the scheme meets the criteria for registration.
The criteria for registration as an imminent public unit trust scheme are that:
a) the unit trust scheme will become a listed trust or widely held trust within 12 months (or such longer period as the Chief Commissioner may determine) after the Chief Commissioner gives written notice of his or her intention to register the unit trust scheme as an imminent public unit trust scheme, and
b) the units issued in the trust before the scheme becomes a listed trust or widely held trust have been or will be issued only for the purpose of the unit trust scheme becoming a listed trust or widely held trust, and
c) those units are or will be the only units issued until the unit trust scheme becomes a listed trust or widely held trust.
The criteria for registration as a wholesale unit trust scheme are that:
a) not less than 80% of the units in the unit trust scheme are held by qualifying investors, and
b) each qualifying investor holds less than 50% of the units in the unit trust scheme or, if a qualifying investor holds units in the unit trust scheme in more than one capacity, the qualifying investor holds less than 50% of the units in each capacity.
The criteria for registration as an imminent wholesale unit trust scheme are that:
a) the unit trust scheme will meet the criteria for registration as a wholesale unit trust scheme within 12 months (or such longer period as the Chief Commissioner may determine) after the Chief Commissioner gives written notice of his or her intention to register the trust as an imminent wholesale unit trust scheme, and
b) units issued in the trust before the scheme meets the criteria for registration as a wholesale unit trust scheme have been or will be issued only for the purpose of the unit trust scheme meeting those criteria, and
c) those units are or will be the only units issued before the trust meets those criteria.
Download the Application for Registration of a Unit Trust Scheme (ODA 045) form.
The Chief Commissioner keeps a register of trust schemes registered as wholesale unit trust schemes under these provisions.
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