Document ID: chunk:federal_register_of_legislation:C2025C00185:section:314a
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 314A
Character Range: 1151316–1153453

314A  Annual financial reporting by notified foreign passport funds to Australian members
 (1) A notified foreign passport fund must report to Australian members of the fund for each financial year for the fund by providing Australian members with each of the following:
 (a) a copy of a report for the fund for the year, prepared in accordance with the financial reporting requirements applying to the fund under the Passport Rules for the home economy for the fund;
 (b) a copy of each auditor's report that relates to the report mentioned in paragraph (a).
Note: Under the Passport Rules for this jurisdiction, the operator of a notified foreign passport fund must ensure that the financial report for the fund is audited and an audit report prepared.
 (2) A notified foreign passport fund may provide the reports by sending them to each Australian member.
 (3) If an Australian member of a notified foreign passport fund elects under subsection 110E(2) to be sent reports mentioned in this section in physical form or in electronic form, that election may also include an election to be sent the reports in English or in an official language of the home economy of the fund.
 (4) If the member makes an election to be sent the reports in a language mentioned in subsection (3) of this section:
 (a) for the purposes of section 110F (failure to comply with member's election), such a report is not sent in a manner that complies with the election under section 110E unless it is sent in that language; and
 (b) for the purposes of paragraph 110F(4A)(c), it is a requirement that such a report be sent in that language.
 (5) A notified foreign passport fund must provide the reports in English to the extent that:
 (a) the reports are provided by sending them in accordance with paragraph 110D(1)(e) (sending documents by making them available on a website); or
 (b) the reports are provided to an Australian member for whom an election in accordance with subsection (3) of this section to be sent the reports in a particular language is not in force.
 (9) An offence based on subsection (1) or (5) is an offence of strict liability.