The for a fund is the No equivalent. home economy participating economy where the fund was first registered or approved as a passport fund. The regulator in this country is referred to as the home regulator. The is any No equivalent. host economy participating economy where the fund subsequently applies, or is permitted, to offer interests. The regulator in the host economy is referred to as the host regulator. Detailed explanation of new law Participating economies A is a country which: participating economy is a signatory to the MOC; has not withdrawn from the MOC; and has been listed on the Joint as a country Committee’s website which has successfully implemented the MOC at or before the time in question. [Schedule 1, item 1, section 1210] The MOC is defined by the of term ‘Memorandum The definition makes it clear that the expression includes Cooperation’. future changes made to the MOC as allowed under paragraph 9 of the MOC. [Schedule 1, item 1, section 1210 and Schedule 2, item 24, section 9, definition of of ‘Memorandum Cooperation’] The Joint Committee established under paragraph 6 of the MOC plays an important role in interpreting and coordinating implementation of the MOC among Passport economies. Its functions include monitoring the Passport Arrangements and their operation as well as publishing guidelines on the operation of the Passport. It may assume any other functions it considers necessary or desirable for the effective implementation and operation of the Passport. The term is designed to capture all participating economy countries which have both signed and implemented the MOC. Signing is just the first step to becoming a participating economy; the country must also implement the MOC by amending the domestic laws in its country so that they are consistent with the MOC and the Passport Rules. Generally,
The home economy for a fund is the participating economy where the fund was first registered or approved as a passport fund. The regulator in this country is referred to as the home regulator. No equivalent. The host economy is any participating economy where the fund subsequently applies, or is permitted, to offer interests. The regulator in the host economy is referred to as the host regulator. No equivalent. Detailed explanation of new law Participating economies A participating economy is a country which: is a signatory to the MOC; has not withdrawn from the MOC; and has been listed on the Joint Committee’s website as a country which has successfully implemented the MOC at or before the time in question. [Schedule 1, item 1, section 1210] The MOC is defined by the term ‘Memorandum of Cooperation’. The definition makes it clear that the expression includes future changes made to the MOC as allowed under paragraph 9 of the MOC. [Schedule 1, item 1, section 1210 and Schedule 2, item 24, section 9, definition of ‘Memorandum of Cooperation’] The Joint Committee established under paragraph 6 of the MOC plays an important role in interpreting and coordinating implementation of the MOC among Passport economies. Its functions include monitoring the Passport Arrangements and their operation as well as publishing guidelines on the operation of the Passport. It may assume any other functions it considers necessary or desirable for the effective implementation and operation of the Passport. The term participating economy is designed to capture all countries which have both signed and implemented the MOC. Signing is just the first step to becoming a participating economy; the country must also implement the MOC by amending the domestic laws in its country so that they are consistent with the MOC and the Passport Rules. Generally,