Corporations Regulations 2001

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:

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

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

Chapters 6, 6A, 6B, 6C and 6CA;

Chapter 7;

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;

Chapter 9;

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

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

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

A fund may be removed as a notified foreign passport fund under Division 2 of Part 8A.7 of the Act.

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

beginning on the day on which the fund is removed as a notified foreign passport fund (see subsection 1216J(3)); and

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

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):

after the fund became a notified foreign passport fund; or

on the expectation that the fund would become a notified foreign passport fund.

For the purposes of the definition of protected member in subregulation (3), ignore any member of the fund that:

is, or has at any time been, the operator of the fund; or

is a related party of an entity that is, or has at any time been, the operator of the fund.

If a fund has been removed as a notified foreign passport fund, a reference to the operator in relation to the fund in:

this regulation; or

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