Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1216k
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1216K
Character Range: 4967473–4969630

1216K  ASIC's power to continue the application of the Corporations legislation

Declarations on continued application of the Corporations legislation
 (1) ASIC may:
 (a) declare that the Corporations legislation continues to apply:
 (i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and
 (ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and
 (b) declare that the Corporations legislation continues to apply:
 (i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and
 (ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund;
  as if specified provisions were omitted, modified or varied as specified in the declaration.
 (2) The continued application of the Corporations legislation may:
 (a) apply to all or specified provisions of the Corporations legislation; and
 (b) apply to all entities, a specified class of entities or a specified entity; and
 (c) apply to all former passport funds, a specified class of former passport funds or a specified former passport fund; and
 (d) relate to any other matter generally or as specified.

Declarations relating to all or a class of entities or passport funds
 (3) A declaration that relates to all entities, a specified class of entities, all former passport funds or a specified class of former passport funds, must be made by legislative instrument.

Declarations relating to specified entities or passport funds
 (4) A declaration that relates to a specified entity or a specified former passport fund must be made by notifiable instrument.
 (5) ASIC must also:
 (a) give a copy of a declaration that relates to a specified entity to the entity; and
 (b) give a copy of a declaration that relates to a specified former passport fund to the most recent operator of the fund.
ASIC must do so as soon as is reasonably practicable after the declaration is made.