Overview
The Government is seeking submissions on a draft Asia Region Funds Passport (Passport) Bill and related explanatory materials.
The Passport is a common framework of coordinated regulatory oversight to facilitate cross border issuing of managed investment funds. Australia, Japan, Korea, New Zealand and Thailand are signatories to the Passport’s Memorandum of Cooperation (MoC), which took effect on 30 June 2016.
Schedule 1 of the exposure draft is a revised Chapter 8A (previously released for consultation in August 2017) and includes minor revisions and new provisions to:
- address the treatment of notified foreign passport funds
- ban such funds from issuing debentures in Australia, and
- require such funds to provide various reports to members in Australia.
Schedule 2 would amend the Corporations Act 2001 to provide the disclosure, financial reporting, distribution and licensing frameworks for notified foreign passport funds, as well as other amendments.
Related
- Exposure Draft Explanatory Materials 571.6 KB (PDF document)
- Exposure Draft 400.6 KB (PDF document)
