Document ID: chunk:federal_register_of_legislation:C2018A00061:clause:2_314a:p1
Version: federal_register_of_legislation:C2018A00061
Segment Type: clause
Provision Reference: sch 2 cl 314A (pt 1/2)
Character Range: 92176–94765

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 for a financial year by doing all of the following:
 (a) sending, to each Australian member of the fund who has made the election referred to in paragraph (3)(a):
 (i) a hard copy of the reports; or
 (ii) if the member has elected to receive the reports as an electronic copy in accordance paragraph (3)(c)—an electronic copy of the reports;
 (b) making a copy of the reports readily accessible, in English, on a website;
 (c) directly notifying, in writing, all members who did not make the election referred to in paragraph (3)(a) that the copy is accessible on the website, and specifying the direct address on the website where the reports may be accessed.
Note: A direct address may be specified, for example, by specifying the URL of the reports.
 (3) For the purposes of paragraph (2)(a), a notified foreign passport fund must, on at least one occasion, directly notify in writing each Australian member of the fund that:
 (a) the member may elect to receive, free of charge, a copy of the reports for each financial year for the fund; and
 (b) if the member does not so elect—the member may access the report on a specified website; and
 (c) if the member elects to receive reports under paragraph (a) and the fund offers to send reports either as a hard copy or an electronic copy—the member may elect to receive the copy as either a hard copy or an electronic copy; and
 (d) if the member elects to receive reports under paragraph (a), the member may elect to receive the reports in English, or in an official language of the home economy of the fund.
 (4) An election made under subsection (3) is a standing election for each later financial year for the fund until the member changes his, her or its election.
 (5) An Australian member of the fund may, for the