Corporations Act 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.3 - AUSTRALIAN PASSPORT FUNDS  

SECTION 1212   APPLICATION FOR REGISTRATION  

1212(1)    

A person may lodge an application with ASIC to have a scheme or sub-fund in an item in column 1 of the following table (a collective investment fund ) registered as a passport fund if the person is the entity mentioned in the corresponding item in column 2 of the table (the proposed operator of the fund).

Who may apply to be a passport fund
Item	Column 1 Collective investment fund	Column 2 Proposed operator
1	a managed investment scheme that is a registered scheme	the responsible entity of the scheme
2	a managed investment scheme in respect of which an application for registration under section 601EB has been made	the proposed responsible entity of the scheme
3	a sub-fund of a retail CCIV	the corporate director of the CCIV

1212(2)    
The application must:

(a)    be in the prescribed form; and

(b)    

include a copy of the Product Disclosure Statement that the proposed operator of the collective investment fund would be required to prepare if:

(i) the proposed operator were a regulated person required to give a Product Disclosure Statement to a retail client under subsection 1012B(3) ; and

(ii) the fund were registered as a passport fund.

1212(3)    

The applicant may withdraw the application by notice lodged in the prescribed form at any time before the fund is registered as a passport fund.

1212(4)    
ASIC may, by legislative instrument, determine that information that is lodged with ASIC under this section will not be available for inspection or copying from ASIC if it is of a kind specified in the determination.

SECTION 1212A   REGISTRATION OF AUSTRALIAN PASSPORT FUNDS  

1212A(1)    

ASIC must register a collective investment fund that is a registered scheme or a sub-fund of a retail CCIV as a passport fund if ASIC is of the opinion that:

(a)    

the proposed operator of the fund is an eligible entity , within the meaning of section 3 of Annex 2 of the Memorandum of Cooperation; and

(b)    

each of the following is likely to be complied with in relation to the fund:

(i) this Act (including the Passport Rules for this jurisdiction);

(ii) the ASIC Act.

1212A(2)    

A collective investment fund is registered as a passport fund by ASIC:

(a)    assigning a unique number to the passport fund (the Australian Passport Fund Registration Number or APFRN for the passport fund); and

(b)    ensuring that details of the fund are entered on the Register of Passport Funds.

SECTION 1212B  

1212B   ALL DOCUMENTS ETC. LODGED WITH ASIC TO BEAR APFRN  

After a collective investment fund is registered as a passport fund, all documents relating to the fund that are lodged with ASIC must set out the fund ' s APFRN.

SECTION 1212C   NOTIFYING ASIC IF OFFERING INTERESTS IN ANOTHER PARTICIPATING ECONOMY IN ANOTHER NAME  

1212C(1)    
The operator of an Australian passport fund must notify ASIC in accordance with this section if:

(a) the operator of the fund offers interests in the fund in a participating economy other than Australia; and

(b) the name of the fund in the other participating economy is not the same as the name of the Australian passport fund.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

1212C(2)    
The notice must be given:

(a) in the prescribed form; and

(b) within 7 days after interests in the fund begin to be offered under that name.