(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.