Corporations Act 2001
CHAPTER 8A
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ASIA REGION FUNDS PASSPORT
PART 8A.1
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PRELIMINARY
SECTION 1210
1210
MEANING OF PARTICIPATING ECONOMY
A Participant, within the meaning of the Memorandum of Cooperation, is a participating economy at a particular time if: (a) the Asia Region Funds Passport Joint Committee established under the Memorandum of Cooperation has published notification on the Passport website under subparagraph 5.6 of the Memorandum, at or before that time, that the Participant has effected implementation; and (b) at that time:
SECTION 1210A
LIST OF PARTICIPATING ECONOMIES
1210A(1)
The Minister must, by notifiable instrument, publish a list of participating economies.
1210A(2)
The Minister must:
(a) include in the instrument the date on which each Participant, within the meaning of the Memorandum of Cooperation, became a participating economy; and
(b) if a Participant, within the meaning of the Memorandum of Cooperation, ceases to be a participating economy - include in the instrument the date on which that Participant ceases to be a participating economy; and
(c) ensure that the instrument is updated as soon as is reasonably practicable after a Participant, within the meaning of the Memorandum of Cooperation, becomes, or ceases to be, a participating economy.
SECTION 1210B
MINISTER MAY DETERMINE THAT FUNDS NOT TO OFFER INTERESTS IN THIS JURISDICTION
1210B(1)
The Minister may, by legislative instrument, determine that the operators of passport funds, or a class of passport funds, the home economy for which is specified in the determination, must not offer interests in the funds in this jurisdiction.
1210B(2)
The Minister may only make a determination under subsection (1) , if:
(a) the Minister is satisfied that:
(b) the Memorandum of Cooperation has been terminated; or
(c) Australia or the home economy for the funds to which the determination applies withdraws from the Memorandum of Cooperation.
1210B(3)
If the Minister makes a determination under this section, the regulations may deal with matters of a transitional nature relating to the movement of funds to which the determination applies from participation in this jurisdiction under this Chapter to participation in this jurisdiction under the other provisions of the Corporations legislation dealing with managed investment schemes.
View history note
Hide history noteA Participant, within the meaning of the Memorandum of Cooperation, is a participating economy at a particular time if: (a) the Asia Region Funds Passport Joint Committee established under the Memorandum of Cooperation has published notification on the Passport website under subparagraph 5.6 of the Memorandum, at or before that time, that the Participant has effected implementation; and (b) at that time:
(i) the Memorandum of Cooperation has not been terminated; and
(ii) the Participant has not withdrawn from the Memorandum of Cooperation.
The Minister must, by notifiable instrument, publish a list of participating economies.
1210A(2)
The Minister must:
(a) include in the instrument the date on which each Participant, within the meaning of the Memorandum of Cooperation, became a participating economy; and
(b) if a Participant, within the meaning of the Memorandum of Cooperation, ceases to be a participating economy - include in the instrument the date on which that Participant ceases to be a participating economy; and
(c) ensure that the instrument is updated as soon as is reasonably practicable after a Participant, within the meaning of the Memorandum of Cooperation, becomes, or ceases to be, a participating economy.
The Minister may, by legislative instrument, determine that the operators of passport funds, or a class of passport funds, the home economy for which is specified in the determination, must not offer interests in the funds in this jurisdiction.
1210B(2)
The Minister may only make a determination under subsection (1) , if:
(a) the Minister is satisfied that:
(i) under the Memorandum of Cooperation, there are grounds for requiring the operators of the funds to which the determination applies not to offer interests in the funds in this jurisdiction; and
(ii) the processes that, under the Memorandum of Cooperation, are to be followed before requiring the operators of the funds to which the determination applies not to offer interests in the funds in this jurisdiction, have been complied with; or
(b) the Memorandum of Cooperation has been terminated; or
(c) Australia or the home economy for the funds to which the determination applies withdraws from the Memorandum of Cooperation.
1210B(3)
If the Minister makes a determination under this section, the regulations may deal with matters of a transitional nature relating to the movement of funds to which the determination applies from participation in this jurisdiction under this Chapter to participation in this jurisdiction under the other provisions of the Corporations legislation dealing with managed investment schemes.