Corporations Amendment (Asia Region Funds Passport) Act 2018 (61 of 2018)

Schedule 2   Amendments consequential on Chapter 8A

Corporations Act 2001

110   After section 340

Insert:

340A Exemption orders - notified foreign passport funds

(1) On an application made in accordance with subsection (3) in relation to a notified foreign passport fund, ASIC may make an order, in writing, relieving any of the following from all or specified requirements of Part 2M.3:

(a) a notified foreign passport fund;

(b) the operator of a notified foreign passport fund;

(c) directors of the operator of a notified foreign passport fund.

Note: For the criteria for making orders under this section, see section 342.

(2) The order may:

(a) be expressed to be subject to conditions; and

(b) be indefinite or limited to a specified period.

(3) The application must be:

(a) authorised by the operator of the notified foreign passport fund; and

(b) in writing; and

(c) lodged with ASIC.

(4) ASIC must give the applicant written notice of the making, revocation or suspension of the order.