Regarding "Managed Investment Schemes"

Where the Act requires the scheme registration under s 601ED by virtue of s 601ED(1)(b) because "it was promoted by a person, or an associate of a person, who was, when the scheme was promoted, in the business of promoting managed investment schemes"

Question

If a promoter is starting their first managed investment scheme and promoting the scheme (albeit representing to the retail consumer that they will be participating by buying shares in a private company), is that single instance enough to satisfy the requirements of being "in the business of promoting managed investment schemes"?

Reference

https://iknow.cch.com.au/360document/atagUio487029sl14514798/section-601ed-when-a-managed-investment-scheme-must-be-registered/overview

https://archive.sclqld.org.au/qjudgment/2003/QSC03-029.pdf [55]