Document ID: chunk:federal_register_of_legislation:C2018A00061:clause:2_231
Version: federal_register_of_legislation:C2018A00061
Segment Type: clause
Provision Reference: sch 2 cl 231
Character Range: 135699–136482

231  At the end of subsection 915C(1)
Add:
 ; (e) the licensee is the operator of an Australian passport fund, or a person with responsibilities in relation to an Australian passport fund, and each of the following is satisfied:
 (i) a host regulator for the fund has notified ASIC in writing that it is of the opinion that the person or the fund has not complied, is not complying or is not likely to comply with the law of that host economy to the extent that the law is administered by the host regulator for the fund (including the Passport Rules for the host economy for the fund);
 (ii) ASIC is of the opinion that it should suspend or cancel the licence, given the potential impact of the failure, or potential failure, to comply on members or potential members of the fund.