Document ID: chunk:federal_register_of_legislation:C2018A00061:clause:1_1216d
Version: federal_register_of_legislation:C2018A00061
Segment Type: clause
Provision Reference: sch 1 cl 1216D
Character Range: 53371–54631

1216D  Process for deregistration

Notice before deregistration
 (1) If ASIC proposes to deregister a fund as an Australian passport fund under subsection 1216A(1) or paragraph 1216C(7)(b), ASIC must give written notice setting out the date on which ASIC proposes to deregister the fund as an Australian passport fund to:
 (a) the operator of the fund; and
 (b) each host regulator for the fund.
 (2) The notice must be given at least 5 business days before the fund is deregistered.

Deregistration
 (3) The fund is deregistered as an Australian passport fund by including an annotation on the Register of Passport Funds that the fund has been deregistered. The fund ceases to be an Australian passport fund on the day on which the annotation is made.

Notice of deregistration
 (4) If ASIC deregisters a fund as an Australian passport fund under subsection 1216A(1) or paragraph 1216C(7)(b), ASIC must give written notice that the fund has been deregistered and of the date of deregistration to:
 (a) the operator of the fund; and
 (b) each host regulator for the fund.
 (5) The notice must be given within 5 business days after the fund is deregistered.

Division 2—Denotification of notified foreign passport funds

Subdivision A—Voluntary denotification