Foo bar <tag>#var#as</tag> rules.

##</code><code>##

Foo bar
<tag>
#var#
as
</tag>
rules

##</code><code>##

perl -MData::Dumper -e '@t= split(/(?=<)|(?=#[^#]+#)/,"Foo bar <cfoutput>#var#as</cfoutput>"); print Dumper(\@t);'

##</code><code>##

$VAR1 = [
          'Foo bar ',
          '<cfoutput>',
          '#var#as',
          '</cfoutput>'
        ];