Commonwealth Consolidated Acts Commonwealth Consolidated ActsNotice 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.