Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.10 - DEREGISTRATION  

Division 1 - Registered schemes that are not Australian passport funds  

SECTION 601PB   DEREGISTRATION BY ASIC  

601PB(1)    
ASIC may decide to deregister the registered scheme if:

(a)    the scheme does not have a responsible entity that meets the requirements of section 601FA ; or

(b)    the scheme does not have a constitution that meets the requirements of sections 601GA and 601GB ; or

(c)    the scheme does not have a compliance plan that meets the requirements of section 601HA ; or

(d)    the scheme ' s property is not being:

(i) clearly identified as the scheme ' s property; and

(ii) held separately from property of the responsible entity and property of any other scheme;

in accordance with the scheme ' s compliance plan; or

(e)    

the following conditions are satisfied:

(i) the response to a return of particulars given to the responsible entity of the scheme is at least 6 months late; and

(ii) no other documents have been lodged by or on behalf of the scheme in the last 18 months; and

(iii) ASIC has no reason to believe that the scheme is being operated; or

(ea)    

the scheme ' s review fee in respect of a review date has not been paid in full at least 12 months after the due date for payment; or

(f)    the scheme has been wound up.

Deregistration procedure

601PB(2)    
If ASIC decides to deregister a scheme under this section, it must give notice of the proposed deregistration:

(a)    to the scheme ' s responsible entity; and

(b)    to any other person who is winding up the scheme; and

(c)    on the national database; and

(d)    in the Gazette .

If the notice is given under paragraph (1)(a) , (b) , (c) or (d) , the notice must specify the period at the end of which ASIC proposes to deregister the scheme.

601PB(3)    
ASIC may deregister the scheme:

(a)    if paragraph (1)(a) , (b) , (c) or (d) applies - at the end of the period set out in the Gazette notice; or

(b)    if paragraph (1)(e) or (f) applies - when 2 months have passed since the Gazette notice.

601PB(4)    
ASIC does not have to give a person notice under subsection (2) if ASIC does not have the necessary information about the person ' s address.

601PB(5)    
ASIC must give notice of the deregistration to everyone who was notified of the proposed deregistration under paragraph (2)(a) or (b) .