Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This Subdivision applies to:
(a) a person that is required to prepare a Product Disclosure Statement for a simple managed investment scheme; and
(b) a Product Disclosure Statement for a simple managed investment scheme.
(2) This Subdivision does not apply to the extent that the simple managed investment scheme relates to a financial product (known as a "quoted product") which is, or is intended to be, traded on a prescribed financial market.
(3) This Subdivision does not apply to the extent that the simple managed investment scheme relates to a financial product (known as a "stapled security") to which the following requirements apply:
(a) the product consists of interests in 2 or more financial products;
(b) the interests include at least 1 interest in a registered scheme;
(c) under the terms on which each of the interests is to be traded, the interests must be transferred together;
(d) there are no financial products in the same class as the interests which may be transferred separately.
(4) This Subdivision does not apply to the extent that the simple managed investment scheme is a managed investment scheme that has a constitution that provides that:
(a) a member may direct that an amount of money corresponding to part or all of the amount invested by the member in the scheme be invested in accessible investments; and
(b) the distributions of capital and income from the scheme to the member in relation to the member's interests in the scheme will be determined by reference to amounts received by the responsible entity or a custodian in relation to the accessible investments acquired in accordance with the direction.