Corporations Regulations 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.7 - DEREGISTRATION AND DENOTIFICATION  

REGULATION 8A.7.20   CONTINUED APPLICATION OF CORPORATIONS LEGISLATION TO FUNDS THAT HAVE BEEN REMOVED AS NOTIFIED FOREIGN PASSPORT FUNDS  

8A.7.20(1)    
During the transition period for a fund that has been removed as a notified foreign passport fund, each of the following continues to apply in relation to the fund as if it were a notified foreign passport fund:

(a) Part 1.2A and any provisions of the Act dealing with disclosing entities;

(b) Chapters 2C , 2D , 2F , 2G , 2M , 2N and 2P ;

(c) Chapters 6 , 6A , 6B , 6C and 6CA ;

(d) Chapter 7 ;

(e) Part 8A.1 , Part 8A.2 , Divisions 2 , 3 and 4 of Part 8A.4 , Part 8A.5 , Part 8A.6 , Part 8A.7 and Part 8A.8 ;

(f) Chapter 9 ;

(g) the remaining provisions of the Corporations legislation, to the extent that they apply:

(i) in relation to a provision mentioned in paragraphs (a) to (f); or

(ii) in relation to compliance with or enforcement of a provision mentioned in paragraphs (a) to (f).

Note: A fund may be removed as a notified foreign passport fund under Division 2 of Part 8A.7 of the Act.

8A.7.20(2)    
In this regulation, the transition period for a fund that has been removed as a notified foreign passport fund is the period:

(a) beginning on the day on which the fund is removed as a notified foreign passport fund (see subsection 1216J(3) ); and

(b) ending on the last day on which there are any protected members of the fund.

8A.7.20(3)    
A person is a protected member of a fund that has been removed as a notified foreign passport fund if the person became a member of the fund (whether in this jurisdiction or any other participating economy for the fund):

(a) after the fund became a notified foreign passport fund; or

(b) on the expectation that the fund would become a notified foreign passport fund.

8A.7.20(4)    
For the purposes of the definition of protected member in subregulation (3), ignore any member of the fund that:

(a) is, or has at any time been, the operator of the fund; or

(b) is a related party of an entity that is, or has at any time been, the operator of the fund.

8A.7.20(5)    
If a fund has been removed as a notified foreign passport fund, a reference to the operator in relation to the fund in:

(a) this regulation; or

(b) any provision of the Corporations legislation the application of which is continued under subregulation (1);

is a reference to the operator of the regulated CIS that constitutes the fund or, if the fund has ceased to be a regulated CIS, the entity or entities that control the fund.