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CORPORATIONS ACT 2001 - SECT 1013GA

Extra requirements if Product Disclosure Statement relates to foreign passport fund products

             (1)  This section applies to a Product Disclosure Statement that relates to foreign passport fund products.

             (2)  The Product Disclosure Statement must:

                     (a)  identify the home economy for the notified foreign passport fund to which the foreign passport fund products relate; and

                     (b)  include a statement that:

                              (i)  the operation of the fund is regulated by the law of the home economy for the fund; and

                             (ii)  the operator of the fund and the custodian of the assets of the fund are regulated under the law of the home economy for the fund; and

                            (iii)  the rights and remedies available to a person who acquires the foreign passport fund product may differ from the rights and remedies available in relation to a registered scheme; and

                            (iv)  information made available to members of the fund in the home economy will from time to time be made available to Australian members of the fund by posting the information on the fund's website; and

                     (c)  include an outline of the main rights and remedies available under the law of the home economy for the fund to persons who acquire the foreign passport fund product in this jurisdiction; and

                     (d)  include an outline of how information mentioned in subparagraph (b)(iv) may be accessed by Australian members of the fund; and

                     (e)  include a statement that the rights of a member of the fund on the fund being wound up are mainly determined under the constitution for the fund and the law of the home economy for the fund .



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