Document ID: chunk:federal_register_of_legislation:F2024C01050:reg:6a:p3
Version: federal_register_of_legislation:F2024C01050
Segment Type: reg
Provision Reference: reg 6A (pt 3/11)
Character Range: 16323–18962

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 being wound up

        (1) An operator of a notified foreign passport fund being wound up does not have to comply with Part 2M.3 of the Act in relation to a financial year of the fund where, by no later than the day the operator would otherwise have been required to lodge a report for the fund under that Part for the financial year:

           (a) the operator has lodged a notice under subsection 12(5) of the Passport Rules for this jurisdiction in the approved form telling ASIC that the winding up of the fund has commenced; and

           (b) the operator has lodged a copy of a notified foreign passport fund insolvency resolution.

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

        (2) The operator also does not have to comply with Part 2M.3 of the Act in relation to:

           (a) any subsequent financial year of the fund; or

           (b) any earlier financial year of the fund, but only to the extent that Part would have imposed, but for this subparagraph (b), a continuing obligation on the operator on or after the day that both paragraphs (1)(a) and (b) are satisfied.

7B Winding up of sub-funds of retail CCIVs

       (1) A retail CCIV does not have to comply with Part 2M.3 of the Act in relation to a sub-fund:

           (a) in relation to a financial year or half-year of the retail CCIV if, as at the day the retail CCIV would otherwise have been required to lodge a report for the sub-fund under that Part for the financial year or half-year, the sub-fund has a liquidator appointed to it; and

           (b) in relation to any earlier financial year or half-year of the retail CCIV, but only to the extent that Part would have imposed, but for this paragraph, a continuing obligation on the retail CCIV from the date of appointment of the liquidator of the sub-fund.

           Note: A company that is required to do an act under Part 2M.3 of the Act within a particular period or before a particular time continues to be subject to an obligation to do the act even after the period has ended or that time has passed: section 1314 of the Act. Paragraph (b) does not affect any liability under that Part that existed at