Corporations Act 2001
Modifying legislative instruments: The application of Ch 5C is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16.
CCH Note: Division 1 is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
View history note
Hide history noteCCH Note: Section 601PB is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
ASIC may decide to deregister the registered scheme if: (a) the scheme does not have a responsible entity that meets the requirements of section 601FA ; or (b) the scheme does not have a constitution that meets the requirements of sections 601GA and 601GB ; or (c) the scheme does not have a compliance plan that meets the requirements of section 601HA ; or (d) the scheme ' s property is not being:
(i) clearly identified as the scheme ' s property; and
in accordance with the scheme ' s compliance plan; or (e) the following conditions are satisfied:
(ii) held separately from property of the responsible entity and property of any other scheme;
(i) the response to a return of particulars given to the responsible entity of the scheme is at least 6 months late; and
(ii) no other documents have been lodged by or on behalf of the scheme in the last 18 months; and
(ea) the scheme ' s review fee in respect of a review date has not been paid in full at least 12 months after the due date for payment; or (f) the scheme has been wound up.
(iii) ASIC has no reason to believe that the scheme is being operated; or
[ CCH Note: S 601PB(1) will be amended by No 69 of 2020, s 3, Sch 1[980], by inserting " with ASIC or the Registrar " after " lodged " in para (e)(ii) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
Deregistration procedure
601PB(2)
If ASIC decides to deregister a scheme under this section, it must give notice of the proposed deregistration: (a) to the scheme ' s responsible entity; and (b) to any other person who is winding up the scheme; and (c) on the national database; and (d) in the Gazette .
If the notice is given under paragraph (1)(a) , (b) , (c) or (d) , the notice must specify the period at the end of which ASIC proposes to deregister the scheme.
[ CCH Note 1: S 601PB(2) will be amended by No 69 of 2020, s 3, Sch 1[981], by substituting para (c) (effective 1 July 2026 or a day or days to be fixed by Proclamation). Para (c) will read:
(c) to the Registrar; and]
[ CCH Note 2: S 601PB(2A) will be inserted by No 69 of 2020, s 3, Sch 1[982] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 601PB(2A) will read:
601PB(2A)
The Registrar must, on being notified under paragraph (2)(c), make a record of the proposed deregistration.]
601PB(3)
ASIC may deregister the scheme: (a) if paragraph (1)(a) , (b) , (c) or (d) applies - at the end of the period set out in the Gazette notice; or (b) if paragraph (1)(e) or (f) applies - when 2 months have passed since the Gazette notice.
601PB(4)
ASIC does not have to give a person notice under subsection (2) if ASIC does not have the necessary information about the person ' s address.
601PB(5)
ASIC must give notice of the deregistration to everyone who was notified of the proposed deregistration under paragraph (2)(a) or (b) .
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