Corporations Act 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.2 - PASSPORT RULES  

SECTION 1211   MINISTER MAY MAKE PASSPORT RULES FOR THIS JURISDICTION  

1211(1)    
The Minister may, by legislative instrument, make rules that provide for matters relating to passport funds, or entities connected with passport funds.

1211(2)    
The rules made by the Minister under subsection (1) must be substantially the same as the Passport Rules set out in Annex 3 to the Memorandum of Cooperation.

1211(3)    
If the rules made by the Minister under subsection (1) taken together with other provisions of the Corporations legislation have substantially the same effect as the Passport Rules set out in Annex 3 to the Memorandum of Cooperation, the rules made by the Minister under subsection (1) are taken to be substantially the same as the Passport Rules set out in Annex 3 to the Memorandum of Cooperation.

SECTION 1211A   MEANING OF PASSPORT RULES  

Passport Rules for this jurisdiction

1211A(1)    
Passport Rules for this jurisdiction, means rules made by the Minister under section 1211 as in force from time to time.

Passport Rules for a participating economy other than Australia

1211A(2)    
Passport Rules for a participating economy other than Australia, means rules that are:

(a)    substantially the same as the Passport Rules set out in Annex 3 to the Memorandum of Cooperation; and

(b)    in force from time to time in that participating economy.

SECTION 1211B   COMPLIANCE WITH THE PASSPORT RULES  

1211B(1)    
A person contravenes this subsection if:

(a) an obligation is imposed on the person in relation to an Australian passport fund under the Passport Rules for this jurisdiction; and

(b) the pberson does not comply with the obligation.

1211B(2)    
A person contravenes this subsection if:

(a) an obligation is imposed on the person in relation to a notified foreign passport fund under the Passport Rules for this jurisdiction; and

(b) the person does not comply with the obligation; and

(c) the failure to comply results, or is likely to result, in a person in this jurisdiction who holds an interest in the fund suffering financial or other disadvantage.

1211B(3)    
A person commits an offence if the person contravenes subsection (1) or (2) .

Penalty:

(a) for an individual - 5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate - 20,000 penalty units.

1211B(4)    
A person commits an offence of strict liability if the person contravenes subsection (1) or (2) .

Penalty: 60 penalty units.

1211B(5)    
Section 15.1 of the Criminal Code (extended geographical jurisdiction - category A) applies to an offence against subsection (3) or (4) .