Commonwealth Consolidated Acts

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Registration of Australian passport funds

             (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.

             (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.

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