Document ID: chunk:federal_register_of_legislation:F2022C01200:body:0:p5
Version: federal_register_of_legislation:F2022C01200
Segment Type: other
Provision Reference: 
Character Range: 10555–13501

Statement (Statement) or Short-Form PDS (Statement) for the new interest that was not defective at the relevant time; and
              Note:   The information contained in a Statement includes any information contained in a Supplementary Statement given at the same time as the Statement or later: sections 1014D and 1017O (as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001).
           (d) information which describes the switch arrangement.

5A Applications to switch between notified foreign passport funds operated by the same operator or its related bodies corporate

Exemption

       (1) An operator of a notified foreign passport fund does not have to comply with section 1016A of the Act in relation to the issue of an interest (new interest) in the fund that is made in accordance with a voluntary switch arrangement or a member approved switch arrangement.

Where exemption is available

       (2) The exemption in subsection (1) is available to an operator of a notified foreign passport fund where the operator has taken reasonable steps to ensure that:

           (a) in the case of a voluntary switch arrangement—before the time (relevant time) of the switch application in relation to the new interest; and

           (b) in the case of a member approved switch arrangement—before the time (relevant time) of the vote on the resolution to approve the arrangement;

       it gave, or made available by a nominated electronic means, to the member:

           (c) a Product Disclosure Statement for the new interest that was not defective at the relevant time; and
           (d) information which describes the switch arrangement.

5B Applications to switch between sub-funds of a retail CCIV
Exemption
(1) A retail CCIV does not have to comply with section 1016A of the Act in relation to the issue of shares (new shares) in the retail CCIV that is made in accordance with a voluntary switch arrangement or a member approved switch arrangement.
Where exemption is available
(2) The exemption in subsection (1) is available to a retail CCIV where the corporate director of the retail CCIV has taken reasonable steps to ensure that:
           (a)           in the case of a voluntary switch arrangement—before the time (relevant time) of the switch application in relation to the new shares; and
           (b)           in the case of a member approved switch arrangement—before the time (relevant time) of the vote on the resolution to approve the arrangement;
the retail CCIV gave, or made available by a nominated electronic means, to the member:
           (c)           a Product Disclosure Statement (Statement) or Short-Form PDS (Statement) for the new shares that was not defective at the relevant time; and
            Note:   The information contained in a Statement includes any information contained in a Supplementary Statement given at the same time as the Statement