Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:16
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 16
Character Range: 49696–51227

16  Financial reporting and auditing
 (1) The operator of a passport fund must, in accordance with this section:
 (a) prepare reports containing financial statements for the passport fund; and
 (b) ensure that those financial statements are audited, and that an audit report is prepared; and
 (c) lodge those reports with the home regulator, and each host regulator, for the fund.
Note: In addition to complying with this section, the operator of a passport fund may be required by the laws of the host economy to prepare financial reports and ensure they are audited and an audit report is prepared in accordance with the laws of the host economy, and lodge those reports with the host regulator. See, for example, section 343A of the Corporations Act 2001.

Financial statements of a passport fund
 (2) The operator must, at least each financial year, in accordance with the prevailing practice for the preparation of audited financial statements for a regulated CIS in the home economy for the passport fund, prepare a report containing the financial statements for the fund for the period covered by the report (the review period).
 (3) The financial statements of a passport fund must be prepared in accordance with the financial reporting requirements applying to the passport fund.
 (4) For this section, the financial reporting requirements applying to a passport fund registered in a participating economy are those shown in the following table:

Item  Home economy for the passport fund  Financial reporting requirements