Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 8A.7.20

  (1)   During the transition period for a fund that has been removed as a notified foreign passport fund, each of the following continues to apply in relation to the fund as if it were a notified foreign 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, Divisions   2, 3 and 4 of Part   8A.4, 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 removed as a notified foreign passport fund under Division   2 of Part   8A.7 of the Act.

  (2)   In this regulation, the transition period for a fund that has been removed as a notified foreign passport fund is the period:

  (a)   beginning on the day on which the fund is removed as a notified foreign passport fund (see subsection   1216J(3)); 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 removed as a notified foreign passport fund if the person became a member of the fund (whether in this jurisdiction or any other participating economy for the fund):

  (a)   after the fund became a notified foreign passport fund; or

  (b)   on the expectation that the fund would become a notified foreign 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 removed as a notified foreign 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 operator of the regulated CIS that constitutes the fund or, if the fund has ceased to be a regulated CIS, the entity or entities that control the fund.