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CORPORATIONS ACT 2001 - SECT 1216J

Process for removal as a notified foreign passport fund

Notice before removal

             (1)  If ASIC proposes to remove a fund as a notified foreign passport fund under section 1216F or 1216H, ASIC must give written notice setting out the date on which ASIC proposes to remove the fund as a notified foreign passport fund to:

                     (a)  the operator of the fund; and

                     (b)  the home regulator for the fund and each other host regulator for the fund.

             (2)  The notice must be given at least 5 business days before the fund is removed.

Removing the fund as a notified foreign passport fund

             (3)  The fund is removed as a notified foreign passport fund by including an annotation on the Register of Passport Funds to that effect. The fund ceases to be a notified foreign passport fund on the day on which the annotation is made.

Notice of removal

             (4)  If ASIC removes a fund as a notified foreign passport fund under section 1216F or 1216H, ASIC must give written notice that the fund has been removed and of the date of removal to:

                     (a)  the operator of the fund; and

                     (b)  the home regulator for the fund and each other host regulator for the fund.

             (5)  The notice must be given within 5 business days after the fund is removed.



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