Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 8A.7.15

Continued application of Corporations legislation to deregistered Australian passport funds

             (1)  During the transition period for a fund that has been deregistered as an Australian passport fund, each of the following continues to apply in relation to the fund as if it were an Australian passport fund:

                     (a)  Part 1.2A and any provisions of the Act dealing with disclosing entities;

                     (b)  Chapters 2C, 2D, 2F, 2G, 2M, 2N and 2P;

                     (c)  Chapters 6, 6A, 6B, 6C and 6CA;

                     (d)  Chapter 7;

                     (e)  Part 8A.1, Part 8A.2, section 1212B, Part 8A.5, Part 8A.6, Part 8A.7 and Part 8A.8;

                      (f)  Chapter 9;

                     (g)  the remaining provisions of the Corporations legislation, to the extent that they apply:

                              (i)  in relation to a provision mentioned in paragraphs (a) to (f); or

                             (ii)  in relation to compliance with or enforcement of a provision mentioned in paragraphs (a) to (f).

Note:          A fund may be deregistered as an Australian passport fund under Division 1 of Part 8A.7 of the Act or under Division 2 of Part 5C.10 of the Act.

             (2)  In this regulation, the transition period for a fund that has been deregistered as an Australian passport fund is the period:

                     (a)  beginning on the day on which the fund is deregistered as an Australian passport fund (see subsection 1216D(3) of the Act); and

                     (b)  ending on the last day on which there are any protected members of the fund.

             (3)  A person is a protected member of a fund that has been deregistered as an Australian passport fund if the person became a member of the fund (whether in this jurisdiction or any host economy for the fund):

                     (a)  after the fund became an Australian passport fund; or

                     (b)  on the expectation that the fund would become an Australian passport fund.

             (4)  For the purposes of the definition of protected member in subregulation (3), 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.

             (5)  If a fund has been deregistered as an Australian passport fund, a reference to the operator in relation to the fund in:

                     (a)  this regulation; or

                     (b)  any provision of the Corporations legislation the application of which is continued under subregulation (1);

is a reference to the responsible entity for the registered scheme that constitutes the fund or, if the fund has ceased to be a registered scheme, the entity or entities that control the fund.



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