They will apply to a passport fund concurrently in both the home and any host economies. Annex 4 of the MOC sets out arrangements for cooperation between regulators. Annex 5 of the MOC defines the form to be used for formal notification of participation in the MOC by subsequent participants. Following the signing of the MOC, it is necessary to reflect the Passport arrangements in Australian law through amendments to the (Corporations Act), the Corporations Act 2001 Australian Securities and (ASIC Act) and related legislation. The Investments Commission Act 2001 Bill implements the following key changes: It establishes a mechanism for incorporating the Passport Rules in Annex 3 of the MOC into Australian law, and imposes an obligation on passport funds and operators registered in Australia as well as foreign passport funds and operators offering interests in Australia to comply with the Passport Rules. It establishes a new Chapter 8A in the Corporations Act which mainly implements the common regulatory arrangements in Annex 2 of the MOC. Chapter 8A among other things sets out the process whereby Australian CISs may be registered by ASIC as passport funds. It also sets out the process whereby foreign passport funds may notify ASIC of their intention to offer interests in the fund to Australian investors and the circumstances in which ASIC may reject such notifications. It makes amendments to other parts of the Corporations Act clarifying how the obligations in those parts are to apply to foreign passport funds, as allowed under Annex 1 of the MOC. Key areas in which obligations are made to apply to foreign passport funds in this manner include financial reporting, licensing and disclosure. The detailed amendments in the Bill are explained in full in the following chapters of the explanatory materials. All provision references in the explanatory materials are to the Corporations Act unless otherwise stated.
They will apply to a passport fund concurrently in both the home and any host economies. Annex 4 of the MOC sets out arrangements for cooperation between regulators. Annex 5 of the MOC defines the form to be used for formal notification of participation in the MOC by subsequent participants. Following the signing of the MOC, it is necessary to reflect the Passport arrangements in Australian law through amendments to the Corporations Act 2001 (Corporations Act), the Australian Securities and Investments Commission Act 2001 (ASIC Act) and related legislation. The Bill implements the following key changes: It establishes a mechanism for incorporating the Passport Rules in Annex 3 of the MOC into Australian law, and imposes an obligation on passport funds and operators registered in Australia as well as foreign passport funds and operators offering interests in Australia to comply with the Passport Rules. It establishes a new Chapter 8A in the Corporations Act which mainly implements the common regulatory arrangements in Annex 2 of the MOC. Chapter 8A among other things sets out the process whereby Australian CISs may be registered by ASIC as passport funds. It also sets out the process whereby foreign passport funds may notify ASIC of their intention to offer interests in the fund to Australian investors and the circumstances in which ASIC may reject such notifications. It makes amendments to other parts of the Corporations Act clarifying how the obligations in those parts are to apply to foreign passport funds, as allowed under Annex 1 of the MOC. Key areas in which obligations are made to apply to foreign passport funds in this manner include financial reporting, licensing and disclosure. The detailed amendments in the Bill are explained in full in the following chapters of the explanatory materials. All provision references in the explanatory materials are to the Corporations Act unless otherwise stated.