Document ID: chunk:federal_register_of_legislation:F2024C01050:reg:6a:p2
Version: federal_register_of_legislation:F2024C01050
Segment Type: reg
Provision Reference: reg 6A (pt 2/11)
Character Range: 13742–16599

on the relief in subsection 6A(1) of this instrument, and ASIC has not withdrawn the notice.

7 Schemes being wound up

      (1)   A responsible entity of a registered scheme being wound up does not have to comply with Part 2M.3 of the Act in relation to a financial year or half-year of the scheme where, by no later than the day the responsible entity would otherwise have been required to lodge a report for the scheme under that Part for the financial year or half-year:

        (a)   either:

        (i)                 the responsible entity has lodged a notice under regulation 5C.9.01 of the Regulations in the approved form telling ASIC that the winding up of the scheme has commenced; or

        (ii)               a person appointed under subsection 601NF(1) of the Act has lodged a notice telling ASIC that the person has been appointed by the Court to take responsibility for ensuring the scheme is wound up in accordance with the scheme's constitution; and

         (b)      the responsible entity or the person appointed under subsection 601NF(1) of the Act has lodged a copy of a scheme insolvency resolution.

           Note: The notices required to be lodged under paragraphs (a) and (b) need not be lodged at the same time. However, the responsible entity will not be covered by this subsection (1) unless both paragraphs (a) and (b) have been satisfied.

        (2) The responsible entity also does not have to comply with:

         (a)   Part 2M.3 of the Act in relation to:

           (i)     any subsequent financial year or half-year of the scheme; or

           (ii)  any earlier financial year or half-year of the scheme, but only to the extent that Part would have imposed, but for this subparagraph (ii), a continuing obligation on the responsible entity on or after the day that both paragraphs (1)(a) and (b) are satisfied; and

          (b)     section 601HG of the Act in relation to:

          (i)                 the financial year or any subsequent financial year of the scheme; or

          (ii)               any earlier financial year of the scheme, but only to the extent that section would have imposed, but for this subparagraph (ii), a continuing obligation on the responsible entity on or after the day that both paragraphs (1)(a) and (b) are satisfied; and

         (c)   an approved form made for the purposes of regulation 5C.9.01 of the Regulations to the extent the form requires the lodgement of a copy of the scheme's audited financial report and auditor's report prepared for the period since the date of the last financial report and completion of the winding up of the scheme.

           Note: Section 601NFA of the Act, as notionally inserted by this instrument, imposes alternative reporting obligations where a registered scheme is being wound up.

7A Notified foreign passport funds