Commonwealth Consolidated Acts Commonwealth Consolidated ActsDeclarations on continued application of the Corporations legislation
(1) ASIC may:
(a) declare that the Corporations legislation continues to apply:
(i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and
(ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and
(b) declare that the Corporations legislation continues to apply:
(i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and
(ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund;
as if specified provisions were omitted, modified or varied as specified in the declaration.
(2) The continued application of the Corporations legislation may:
(a) apply to all or specified provisions of the Corporations legislation; and
(b) apply to all entities, a specified class of entities or a specified entity; and
(c) apply to all former passport funds, a specified class of former passport funds or a specified former passport fund; and
(d) relate to any other matter generally or as specified.
Declarations relating to all or a class of entities or passport funds
(3) A declaration that relates to all entities, a specified class of entities, all former passport funds or a specified class of former passport funds, must be made by legislative instrument.
Declarations relating to specified entities or passport funds
(4) A declaration that relates to a specified entity or a specified former passport fund must be made by notifiable instrument.
(5) ASIC must also:
(a) give a copy of a declaration that relates to a specified entity to the entity; and
(b) give a copy of a declaration that relates to a specified former passport fund to the most recent operator of the fund.
ASIC must do so as soon as is reasonably practicable after the declaration is made.