Corporations Act 2001
Modifying legislative instruments: The application of Ch 5C is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16.
View history note
Hide history noteCCH Note: Section 601PBB is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
Application
601PBB(1)
The operator of the fund may lodge an application with ASIC for deregistration of the fund as a registered scheme.
Note: The responsible entity of a registered scheme that is an Australian passport fund is also the operator of the fund. In this Division, the responsible entity is referred to as the operator.
601PBB(2)
The application must be in the prescribed form.
ASIC to deregister
601PBB(3)
On an application under subsection (1) , ASIC must deregister the fund as a registered scheme if: (a) the fund satisfies one of the criteria mentioned in paragraphs 601PA(2)(a) , (b) and (c) (usual grounds on which a registered scheme can be voluntarily deregistered); and (b) there are no members of the fund who became members (whether in this jurisdiction or any host economy for the fund) after the fund became an Australian passport fund; and (c) there are no members of the fund who became members (whether in this jurisdiction or any host economy for the fund) on the expectation that the fund would become an Australian passport fund.
601PBB(4)
For the purposes of subsection (3) , ignore any member of the fund that: (a) is, or has at any time been, the operator of the fund; or (b) is a related party of an entity that is, or has at any time been, the operator of the fund.
Note: See section 1216B for the circumstances in which a person becomes a member of a fund on the expectation that it would become an Australian passport fund.
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