35AOperators of notified foreign passport funds and regulated former notified funds

35A Operators of notified foreign passport funds and regulated former notified funds

(1) A leviable entity forms part of the operators of notified foreign passport funds and regulated former notified funds sub‑sector in a financial year if, at any time in the financial year, the entity is the operator of: (a) a notified foreign passport fund; or (b) regulated former notified fund. Levy component (2) The amount of a leviable entity’s levy component in respect of the sub‑sector for the financial year is the sum of: (a) the minimum levy component for the sub‑sector; and (b) the graduated levy component for the entity for the sub‑sector.

Note: For the graduated levy component, see section 10.

Entity metric (3) If the leviable entity is the operator of a notified foreign fund, the leviable entity’s entity metric for the sub‑sector for the financial year is the total value of Australian assets in all notified foreign passport funds operated by the entity at the end of the financial year, disregarding: (a) any assets that are an interest in another notified foreign passport fund operated by the entity; and (b) any assets that are an interest in a regulated former notified fund operated by the entity; and (c) if the entity also forms part of the wholesale trustees sub‑sector—any assets that are an interest in an unregistered managed investment scheme issued by the entity. (4) If the leviable entity is the operator of a regulated former notified fund, the leviable entity’s entity metric for the sub‑sector for the financial year is the total value of Australian assets in all regulated former notified funds at the end of the financial year, disregarding: (a) any assets that are an interest in another regulated former notified fund operated by the entity; and (b) any assets that are an interest in a notified foreign passport fund operated by the entity; and (c) if the entity also forms part of the wholesale trustees sub‑sector—any assets that are an interest in an unregistered managed investment scheme issued by the entity. (5) For the purposes of this section:

redemption price of an interest in a notified foreign passport fund or regulated former notified fund at a particular time is the amount that would be the redemption price for the interest at that time under subsection 50(1) of the Passport Rules for this jurisdiction if that subsection applied to the operator in relation to the fund, assuming that:

(a) the member who holds the interest makes a request, immediately before that time, for a redemption of the interest; and
(b) the amount is calculated using a valuation of the assets of the fund at that time; and
(c) redemption fees and transaction costs associated with redemption are ignored.