Co-ownership trust is an FI

vi). Co-ownership express trust is a managed Investment Entity

The co-ownership express trust will be a managed investment Entity which is a Financial Institution if it appoints a wealth manager to manage some of the assets and mostly earns investment income.

1. Income test: income primarily attributable to investing, reinvesting, trading in financial assets averaged over previous 3 years or inception.

and

2. Managed by test*: managed by a Financial Institution, namely, a Depository institution, a Custodial Institution, a Specified Insurer, or a Manager Investment Entity

* Managed by means:

(a) [the Entity itself] the trust is managed by a Financial Institution, such as a Manager Investment Entity type A, such as a corporate trustee.

or

(b) [its assets] some of its assets discretionary managed by a Financial Institution such as a Manager Investment Entity type B, such as a wealth manager.

At least one actual investment transaction per year on a discretionary basis, with no minimum amount required.