sec.73What is a funds manager

### sec.73 What is a funds manager A funds manager is— a body corporate that provides funds management and investment services to wholesale investors as its principal business if— the body corporate manages funds of more than $500,000,000 invested with it; and the business is not conducted to provide the services only to particular wholesale investors; and the body corporate is recognised by other funds managers as a competitor with them for the services; or 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— the body corporate or the corporate group manages funds of more than $500,000,000 invested with it by wholesale investors; and the business is not conducted to provide the services only to particular wholesale investors; and the body corporate is recognised by other funds managers as a competitor with them for the services. 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. The commissioner may treat the body corporate as a funds manager for the start-up period. 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— the body corporate must, within 28 days after the end of the start-up period, give the commissioner notice of that fact; and the body corporate is taken not to have been a funds manager in the start-up period; and 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 the start date for the Administration Act , section 54 (4) , is 61 days after the relevant trust acquisition or trust surrender. In this section— insurer means— a person who is authorised under the Insurance Act 1973 (Cwlth) to carry on an insurance business; or 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. s 73 amd 2010 No. 11 s 12 (sec.73-ssec.1) A funds manager is— a body corporate that provides funds management and investment services to wholesale investors as its principal business if— the body corporate manages funds of more than $500,000,000 invested with it; and the business is not conducted to provide the services only to particular wholesale investors; and the body corporate is recognised by other funds managers as a competitor with them for the services; or 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— the body corporate or the corporate group manages funds of more than $500,000,000 invested with it by wholesale investors; and the business is not conducted to provide the services only to particular wholesale investors; and the body corporate is recognised by other funds managers as a competitor with them for the services. (sec.73-ssec.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. (sec.73-ssec.3) The commissioner may treat the body corporate as a funds manager for the start-up period. (sec.73-ssec.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— the body corporate must, within 28 days after the end of the start-up period, give the commissioner notice of that fact; and the body corporate is taken not to have been a funds manager in the start-up period; and 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 the start date for the Administration Act , section 54 (4) , is 61 days after the relevant trust acquisition or trust surrender. (sec.73-ssec.5) In this section— insurer means— a person who is authorised under the Insurance Act 1973 (Cwlth) to carry on an insurance business; or 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. - (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 - (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. - (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. - (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 - (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. - (a) the body corporate must, within 28 days after the end of the start-up period, give the commissioner notice of that fact; and - (b) the body corporate is taken not to have been a funds manager in the start-up period; 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. - (a) a person who is authorised under the Insurance Act 1973 (Cwlth) to carry on an insurance business; or - (b) a life company.