Commonwealth Consolidated Acts

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Exemption orders--notified foreign passport funds

             (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

                     (c)  lodged with ASIC.

             (4)  ASIC must give the applicant written notice of the making, revocation or suspension of the order.

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