Corporations Act 2001
CHAPTER 5C
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MANAGED INVESTMENT SCHEMES
PART 5C.10
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DEREGISTRATION
Division 2
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Registered schemes that are Australian passport funds
SECTION 601PC
REINSTATEMENT
601PC(1)
ASIC may reinstate the registration of a managed investment scheme if ASIC is satisfied that the scheme should not have been deregistered or if the defect that led to the scheme being deregistered has been remedied.
601PC(2)
The Court may make an order that ASIC reinstate the registration of a managed investment scheme if: (a) an application for reinstatement is made to the Court by:
601PC(3)
The Court may give any directions it thinks just for putting the scheme and other people in the same position, as far as possible, as if the scheme had not been deregistered.
ASIC to give notice of reinstatement
601PC(4)
ASIC must give notice of a reinstatement in the Gazette . If ASIC exercises its power under subsection (1) in response to an application by a person, ASIC must also give notice of the reinstatement to the applicant.
601PC(5)
The reinstatement of the registration of a managed investment scheme as a registered scheme does not result in the scheme becoming an Australian passport fund, even if the scheme was an Australian passport fund immediately before its deregistration.
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.
View history note
Hide history noteCCH Note: Section 601PC 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 reinstate the registration of a managed investment scheme if ASIC is satisfied that the scheme should not have been deregistered or if the defect that led to the scheme being deregistered has been remedied.
601PC(2)
The Court may make an order that ASIC reinstate the registration of a managed investment scheme if: (a) an application for reinstatement is made to the Court by:
(i) a person aggrieved by the deregistration; or
(b) the Court is satisfied that it is just that the scheme's registration be reinstated.
(ii) a person who was winding up the scheme; and
601PC(3)
The Court may give any directions it thinks just for putting the scheme and other people in the same position, as far as possible, as if the scheme had not been deregistered.
ASIC to give notice of reinstatement
601PC(4)
ASIC must give notice of a reinstatement in the Gazette . If ASIC exercises its power under subsection (1) in response to an application by a person, ASIC must also give notice of the reinstatement to the applicant.
601PC(5)
The reinstatement of the registration of a managed investment scheme as a registered scheme does not result in the scheme becoming an Australian passport fund, even if the scheme was an Australian passport fund immediately before its deregistration.
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