Corporations Act 2001
(a) exempt an entity from a provision of the Passport Rules for this jurisdiction; or
(b) declare that the Passport Rules for this jurisdiction apply to an entity as if specified provisions were omitted, modified or varied as specified in the declaration. (2)
The exemption or declaration may:
(a) apply to all or specified provisions of the Passport Rules for this jurisdiction; and
(b) apply to all entities, a specified class of entities or a specified entity; and
(c) apply to all passport funds, a specified class of passport funds or a specified passport fund; and
(d) relate to any other matter generally or as specified. (3)
(a) ASIC may only give an exemption or make a declaration under subsection (1) in relation to an Australian passport fund if each host regulator for the fund has agreed to the exemption being given or the declaration being made; and
(b) ASIC may only give an exemption or make a declaration under subsection (1) in relation to a foreign passport fund if the home regulator for the fund has granted an equivalent exemption or made a similar omission, modification or variation of the Passport Rules for the home economy for the fund. Imposition of conditions on exemption (4)
An exemption may apply unconditionally or subject to specified conditions. (5)
An entity to whom a condition specified in an exemption applies must comply with the condition. (6)
The Court may order the entity to comply with the condition in a specified way. Only ASIC may apply to the Court for the order. Exemptions and declarations relating to all or a class of entities or passport funds (7)
An exemption or declaration that relates to all entities, a specified class of entities, all passport funds or a specified class of passport funds, must be made by legislative instrument. Exemptions and declarations relating to specified entities or passport funds (8)
An exemption or declaration that relates to a specified entity or a specified passport fund must be made by notifiable instrument. (9)
ASIC must also:
(a) give a copy of an exemption or declaration that relates to a specified entity to the entity; and
(b) give a copy of an exemption or declaration that relates to a specified passport fund to the operator of the fund.
ASIC must do so as soon as is reasonably practicable after the exemption or declaration is made.
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