CHAPTER 8A
-
ASIA REGION FUNDS PASSPORT
PART 8A.3
-
AUSTRALIAN PASSPORT FUNDS
History
Pt 8A.3 inserted by No 61 of 2018, s 3, Sch 1[1] (effective 18 September 2018).
SECTION 1212
APPLICATION FOR REGISTRATION
1212(1)
A person may lodge an application with ASIC to have a scheme or sub-fund in an item in column 1 of the following table (a
collective investment fund
) registered as a passport fund if the person is the entity mentioned in the corresponding item in column 2 of the table (the
proposed operator
of the fund).
Who may apply to be a passport fund
|
Item
|
Column 1
Collective investment fund
|
Column 2
Proposed operator
|
1 |
a managed investment scheme that is a registered scheme |
the responsible entity of the scheme |
2 |
a managed investment scheme in respect of which an application for registration under section
601EB
has been made |
the proposed responsible entity of the scheme |
3 |
a sub-fund of a retail CCIV |
the corporate director of the CCIV |
History
S 1212(1) substituted by No 8 of 2022, s 3, Sch 2[170] (effective 1 July 2022).
1212(2)
The application must:
(a)
be in the prescribed form; and
(b)
include a copy of the Product Disclosure Statement that the proposed operator of the collective investment fund would be required to prepare if:
(i)
the proposed operator were a regulated person required to give a Product Disclosure Statement to a retail client under subsection
1012B(3)
; and
(ii)
the fund were registered as a passport fund.
History
S 1212(2) amended by No 8 of 2022, s 3, Sch 2[171]
-
[
173] (effective 1 July 2022).
1212(3)
The applicant may withdraw the application by notice lodged in the prescribed form at any time before the fund is registered as a passport fund.
History
S 1212(3) amended by No 8 of 2022, s 3, Sch 2[174] (effective 1 July 2022).
1212(4)
ASIC may, by legislative instrument, determine that information that is lodged with ASIC under this section will not be available for inspection or copying from ASIC if it is of a kind specified in the determination.
History
S 1212 inserted by No 61 of 2018, s 3, Sch 1[1] (effective 18 September 2018).
SECTION 1212A
REGISTRATION OF AUSTRALIAN PASSPORT FUNDS
1212A(1)
ASIC must register a collective investment fund that is a registered scheme or a sub-fund of a retail CCIV as a passport fund if ASIC is of the opinion that:
(a)
the proposed operator of the fund is an eligible entity
,
within the meaning of section 3 of Annex 2 of the Memorandum of Cooperation; and
(b)
each of the following is likely to be complied with in relation to the fund:
(i)
this Act (including the Passport Rules for this jurisdiction);
(ii)
the ASIC Act.
History
S 1212A(1) amended by No 8 of 2022, s 3, Sch 2[176]
-
[
178] (effective 1 July 2022).
1212A(2)
A collective investment fund is registered as a passport fund by ASIC:
(a)
assigning a unique number to the passport fund (the
Australian Passport Fund Registration Number
or
APFRN
for the passport fund); and
(b)
ensuring that details of the fund are entered on the Register of Passport Funds.
History
S 1212A(2) amended by No 8 of 2022, s 3, Sch 2[179] (effective 1 July 2022).
S 1212A inserted by No 61 of 2018, s 3, Sch 1[1] (effective 18 September 2018).
SECTION 1212B
1212B
ALL DOCUMENTS ETC. LODGED WITH ASIC TO BEAR APFRN
After a collective investment fund is registered as a passport fund, all documents relating to the fund that are lodged with ASIC must set out the fund
'
s APFRN.
History
S 1212B amended by No 8 of 2022, s 3, Sch 2[180] and
[
181] (effective 1 July 2022).
S 1212B inserted by No 61 of 2018, s 3, Sch 1[1] (effective 18 September 2018).
SECTION 1212C
NOTIFYING ASIC IF OFFERING INTERESTS IN ANOTHER PARTICIPATING ECONOMY IN ANOTHER NAME
1212C(1)
The operator of an Australian passport fund must notify ASIC in accordance with this section if:
(a)
the operator of the fund offers interests in the fund in a participating economy other than Australia; and
(b)
the name of the fund in the other participating economy is not the same as the name of the Australian passport fund.
Note: Failure to comply with this subsection is an offence (see subsection
1311(1)
).
1212C(2)
The notice must be given:
(a)
in the prescribed form; and
(b)
within 7 days after interests in the fund begin to be offered under that name.
History
S 1212C inserted by No 61 of 2018, s 3, Sch 1[1] (effective 18 September 2018).