Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1215a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1215A (pt 1/2)
Character Range: 4950512–4953086

1215A  Stop order—notified foreign passport fund

ASIC may make stop orders
 (1) ASIC may, by written instrument, order the operator of a notified foreign passport fund to do one or more of the following:
 (a) cease to offer, or not to begin offering, interests in the fund to persons in this jurisdiction either indefinitely or for a period specified in the order;
 (b) take other action specified in the order;
 (c) cease to take other action specified in the order.
The order is a stop order.
 (2) A stop order may include a statement that specified conduct engaged in contrary to the order will be regarded as not complying with the requirements of a specified provision of this Act.

Basis on which stop orders may be made
 (3) However, ASIC may only make a stop order under this section if:
 (a) subsections (4) and (7) are satisfied; or
 (b) the operator of the fund has ceased to be a registered foreign company; or
 (c) the operator of the fund has not had a local agent for more than 21 days; or
 (d) both of the following are satisfied:
 (i) the Minister has made a determination under subsection 1210B(1) that the operators of passport funds, or a class of passport funds, the home economy for which is specified in the determination, must not offer interests in the fund in this jurisdiction;
 (ii) the determination applies to the passport fund;
 (e) if the order is made under paragraph (1)(b)—taking the action specified in the order is reasonably necessary to ensure that an order made under paragraph (1)(a) is complied with; or
 (f) if the order is made under paragraph (1)(c)—not taking the action specified in the order is reasonably necessary to ensure that an order made under paragraph (1)(a) is complied with.
 (4) For the purposes of paragraph (3)(a), this subsection is satisfied if ASIC is of the opinion that one or more of the following has not been, is not being or is not likely to be complied with in relation to the fund (whether in this jurisdiction or in any other place):
 (a) this Act (including the Passport Rules for this jurisdiction);
 (b) the ASIC Act;
 (c) the law of the home economy for the fund, to the extent that the law is administered by the home regulator for the fund (including the Passport Rules for the home economy of the fund).
 (5) In determining its opinion in relation to 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