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CORPORATIONS ACT 2001 - SECT 1216F ASIC to remove fund as a notified foreign passport fund

CORPORATIONS ACT 2001 - SECT 1216F

ASIC to remove fund as a notified foreign passport fund

  (1)   On an application under section   1216E, ASIC must remove a fund as a notified foreign passport fund if ASIC is satisfied that:

  (a)   there are no members of the fund who became members in this jurisdiction after the fund became a notified foreign passport fund; and

  (b)   there are no members of the fund who became members in this jurisdiction on the expectation that the fund would become a notified foreign passport fund.

  (2)   For the purposes of subsection   (1), 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.

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