Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On an application made in accordance with subsection (3) in relation to a notified foreign passport fund, ASIC may make an order, in writing, relieving any of the following from all or specified requirements of Part 2M.3:
(a) a notified foreign passport fund;
(b) the operator of a notified foreign passport fund;
(c) directors of the operator of a notified foreign passport fund.
Note: For the criteria for making orders under this section, see section 342.
(2) The order may:
(a) be expressed to be subject to conditions; and
(b) be indefinite or limited to a specified period.
(3) The application must be:
(a) authorised by the operator of the notified foreign passport fund; and
(b) in writing; and
(4) ASIC must give the applicant written notice of the making, revocation or suspension of the order.