Document ID: chunk:federal_register_of_legislation:C2018A00061:clause:1_1215a:p2
Version: federal_register_of_legislation:C2018A00061
Segment Type: clause
Provision Reference: sch 1 cl 1215A (pt 2/2)
Character Range: 43442–45279

compliance with the Passport Rules for this jurisdiction, as mentioned in paragraph (4)(a), ASIC must make a request, in writing, to the home regulator for the fund for the opinion of the home regulator on the interpretation of any provision of the Passport Rules for the home economy that is equivalent to a provision of the Passport Rules for this jurisdiction under consideration by ASIC.
 (6) In determining its opinion in relation to a matter mentioned in paragraph (4)(c), ASIC must:
 (a) make a request, in writing, to the home regulator for the fund for the opinion of the home regulator on the matter; and
 (b) specify in the request the basis for ASIC's concerns about compliance with the law of the home economy; and
 (c) state a reasonable period during which ASIC will wait for a reply before acting; and
 (d) if the home regulator replies to the request within that period—give effect to the opinion of the home regulator on the matter.
 (7) For the purposes of paragraph (3)(a), this subsection is satisfied if ASIC is of the opinion that the stop order is necessary, having regard to:
 (a) the impact on the members and prospective members of the fund of the failure, or potential failure, to comply with a law mentioned in subsection (4); and
 (b) any action taken, or that may be taken, by the home regulator for the fund.

Hearings before certain stop orders made
 (8) Before making a stop order on the basis of subsections (4) and (7), ASIC must:
 (a) hold a hearing; and
 (b) give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.

ASIC must give notice if stop order made
 (9) If ASIC makes a stop order under this section, ASIC must give the operator of the fund a copy of the order as soon as reasonably practicable after it is made.