Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On an application under section 1216E, ASIC must remove a fund as a notified foreign passport fund if ASIC is satisfied that:
(a) there are no members of the fund who became members in this jurisdiction after the fund became a notified foreign passport fund; and
(b) there are no members of the fund who became members in this jurisdiction on the expectation that the fund would become a notified foreign passport fund.
(2) For the purposes of subsection (1), 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.