Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:15
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 15
Character Range: 44282–45763

15  Annual implementation review

Annual implementation reviews must be conducted
 (1) The operator of a passport fund must ensure that an implementation review of the operation of the fund that complies with this section is conducted in relation to each period for which it prepares, or is required to prepare, a financial statement for the fund under the Passport Rules for the home economy for the fund (the review period).
 (2) If the home regulator for a passport fund has notified the operator of the fund and each host regulator for the fund that this section does not apply, because the home regulator for the fund is satisfied non‑application is appropriate having regard to actions taken or to be taken by the home regulator to check compliance during the review period or on an ongoing basis, and, if applicable, reports to be provided by the independent oversight entity during the review period or on an ongoing basis, then this section does not apply to the passport fund or its operator for the review period or until revoked as the case may be, as set out in the notice.

Requirements for the implementation reviewer
 (3) Subject to subsection (4), the implementation review for a passport fund registered in a participating economy listed in the following table must be conducted by a reviewer that is an entity of the kind shown in the table:

Item  Home economy for the passport fund  Entity that can conduct implementation reviews (the implementation reviewer)