Commonwealth Numbered Regulations Commonwealth Numbered Regulations
ASIC Supervisory Cost Recovery Levy Regulations 2017
Insert:
"Australian member " :
(a) in relation to a notified foreign passport fund--has the same meaning as in the Corporations Act 2001 ; and
(b) in relation to a regulated former notified fund--means a person who either:
(i) holds an interest in the fund that was acquired in this jurisdiction (within the meaning of the Corporations Act 2001 ); or
(ii) is ordinarily resident in this jurisdiction (within the meaning of the Corporations Act 2001 ) and holds an interest in the fund.
"operator " :
(a) in relation to a notified foreign passport fund--has the same meaning as in the Corporations Act 2001 ; and
(b) in relation to a regulated former notified fund:
(i) if the fund is a regulated CIS--has the same meaning as in the Passport Rules for this jurisdiction; and
(ii) if the fund is no longer a regulated CIS--the entity or entities in control of the fund.
"regulated CIS " has the same meaning as in Chapter 8A of the Corporations Act 2001 .
"regulated former notified fund " means a fund described in paragraph 5C(2)(b) or (c).
"unregistered managed investment scheme " is a managed investment scheme that is not:
(a) a registered scheme; or
(b) a notified foreign passport fund; or
(c) a regulated former notified fund.
2 Subsection 4(1) (definition of securities )
Repeal the definition.
3 Section 5C
Before "For the purposes of paragraph (h)", insert "(1)".
4 At the end of section 5C
Add:
(2) For the purposes of paragraph (h) of the definition of regulated entity in section 7 of the Act, the following classes of persons are prescribed:
(a) the operators of notified foreign passport funds;
(b) the operators of regulated CIS that:
(i) have been removed as notified foreign passport funds under Division 2 of Part 8A.7 of the Corporations Act 2001 ; and
(ii) still have protected members for the purposes of regulation 8A.7.20 of the Corporations Regulations 2001 ;
(c) the operators of funds that:
(i) have ceased to be regulated CIS; and
(ii) have been removed as notified foreign passport funds under Division 2 of Part 8A.7 of the Corporations Act 2001 ; and
(iii) still have protected members for the purposes of regulation 8A.7.20 of the Corporations Regulations 2001 .
5 At the end of section 15
Add:
(4) In this section:
"prescribed financial market " has the same meaning as in the Corporations Act 2001 .
"quoted " , in relation to securities, means quoted on a prescribed financial market.
"securities " has the meaning given by subsection 92(3) of the Corporations Act 2001 for the purposes of Chapters 6 to 6CA of that Act (disregarding Chapter 6C of that Act).
6 At the end of section 19
Add:
(9) In this section:
"securities " has the meaning given by subsection 92(3) of the Corporations Act 2001 for the purposes of Chapters 6 to 6CA of that Act (disregarding Chapter 6C of that Act).
7 After section 35
Insert:
35A Operators of notified foreign passport funds and regulated former notified funds
(1) A leviable entity forms part of the operators of notified foreign passport funds and regulated former notified funds sub-sector in a financial year if, at any time in the financial year, the entity is the operator of:
(a) a notified foreign passport fund; or
(b) regulated former notified fund.
Levy component
(2) The amount of a leviable entity's levy component in respect of the sub-sector for the financial year is the sum of:
(a) the minimum levy component for the sub-sector; and
(b) the graduated levy component for the entity for the sub-sector.
Note: For the graduated levy component, see section 10.
Entity metric
(3) If the leviable entity is the operator of a notified foreign fund, the leviable entity's entity metric for the sub-sector for the financial year is the total value of Australian assets in all notified foreign passport funds operated by the entity at the end of the financial year, disregarding:
(a) any assets that are an interest in another notified foreign passport fund operated by the entity; and
(b) any assets that are an interest in a regulated former notified fund operated by the entity; and
(c) if the entity also forms part of the wholesale trustees sub-sector--any assets that are an interest in an unregistered managed investment scheme issued by the entity.
(4) If the leviable entity is the operator of a regulated former notified fund, the leviable entity's entity metric for the sub-sector for the financial year is the total value of Australian assets in all regulated former notified funds at the end of the financial year, disregarding:
(a) any assets that are an interest in another regulated former notified fund operated by the entity; and
(b) any assets that are an interest in a notified foreign passport fund operated by the entity; and
(c) if the entity also forms part of the wholesale trustees sub-sector--any assets that are an interest in an unregistered managed investment scheme issued by the entity.
(5) For the purposes of this section:
"redemption price " of an interest in a notified foreign passport fund or regulated former notified fund at a particular time is the amount that would be the redemption price for the interest at that time under subsection 50(1) of the Passport Rules for this jurisdiction if that subsection applied to the operator in relation to the fund, assuming that:
(a) the member who holds the interest makes a request, immediately before that time, for a redemption of the interest; and
(b) the amount is calculated using a valuation of the assets of the fund at that time; and
(c) redemption fees and transaction costs associated with redemption are ignored.
"total value of Australian assets " in a notified foreign passport fund or regulated former notified fund at a particular time is an amount equal to the sum of what would be the redemption prices of all interests in the fund held by Australian members of the fund at that time, if those interests were redeemed at that time.
(6) However:
(a) there is a pro-rata of the entity metric for the sub-sector for the financial year; and
(b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity is:
(i) if the leviable entity is an operator of a notified foreign passport fund--the operator of the fund; or
(ii) if the leviable entity is an operator of a regulated former notified fund--the operator of the fund as a notified foreign passport fund or a regulated former notified fund.
(6) The minimum levy component for the sub-sector is $1,000.
8 At the end of subsection 37(5)
Add:
; and (c) if the entity also forms part of the operators of notified foreign passport funds and regulated former passport funds sub-sector in the financial year--any assets that are an interest in a notified foreign passport fund or a regulated former notified fund issued by the entity.
9 At the end of section 48
Add:
(4) For the purposes of paragraph (3)(a), securities has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter).
10 At the end of section 51
Add:
(4) For the purposes of paragraph (3)(a), securities has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter).
11 At the end of section 67
Add:
(5) In this section:
"securities " has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter).
12 Schedule 1 (after table item 25)
Insert:
|
25A | Operators of notified foreign passport funds and regulated former notified funds | section 35A |
Australian Securities and Investments Commission Regulations 2001
13 Subregulation 8AAA(2) (after table item 16)
Insert:
| 16A | Powers relating to requiring a notified foreign passport fund to lodge a copy of the register of members |
14 After paragraph 45(b)
Insert:
(ba) each obligation arising from a contract to transfer a financial product mentioned in paragraph 764A(1)(bb) of the Corporations Act;
Corporations (Fees) Regulations 2001
15 Regulation 1B
Insert:
"Passport Rules " for this jurisdiction has the same meaning as in the Corporations Act.
16 Schedule 1 (after table item 79)
Insert:
| Passport funds | ||
| 79A | On application, under section 1212, to have a managed investment scheme registered as an Australian passport fund | $8,862.72 |
| 79B | On lodging, under section 1212, a notice withdrawing an application to have a managed investment scheme registered as an Australian passport fund | no fee |
|
79C | On lodging, under section 1212C, a notice that the name of the fund in another participating economy is not the same as the name of the fund in this jurisdiction | no fee |
| 79D | On lodging, under section 1213, a notice of intention to offer interests in a foreign passport fund | $2,550 |
| 79E | On lodging, under section 1213, a notice withdrawing a notice of intention to offer interests in a foreign passport fund | no fee |
| 79F | On lodging a notice with ASIC under: (a) subsection 12(1) of the Passport Rules for this jurisdiction (a limit set in Division 6.3 or 6.4 of those rules has been exceeded for 7 days without being remedied); or (b) subsection 12(2) of the Passport Rules for this jurisdiction (there has been a significant breach of those rules adversely affecting the value of assets); or (c) subsection 12(4) of the Passport Rules for this jurisdiction (there has been a significant breach of the law of a host economy adversely affecting the value of assets) | no fee |
| 79G | On lodging a notice with ASIC, under the table in section 12 of the Passport Rules for this jurisdiction, that the operator of a notified foreign passport fund is changed | $1,187 |
| 79H | On lodging a report with ASIC, under section 15 of the Passport Rules for this jurisdiction, of an implementation review of an Australian passport fund or a notified foreign passport fund | no fee |
| 79J | On application for ASIC to give a notice under subsection 33(3) of the Passport Rules for this jurisdiction (exceptional market circumstances for Australian passport funds) | $1,540 |
17 Schedule 1 (table item 80, column 1, paragraph (a))
Omit "or 8", substitute ", 8 or 8A".
18 Schedule 1 (table item 146, column 1, paragraph (a))
After "mentioned in section 1015B", insert ", other than a Product Disclosure Statement lodged under paragraph 1212(2)(b) with an application to register an Australian passport fund, or under paragraph 1213(2)(b) with a notice of intention to offer interests in a foreign passport fund".
19 Schedule 2 (table items 3 and 4)
Repeal the items, substitute:
| 3 | On application under subsection 345B(1), (2) or (2A) for approval of a choice of a review date, by a company, the responsible entity of a registered scheme or the operator of a notified foreign passport fund to which item 4 of this Schedule does not apply | $40 |
| 4 | On application under subsection 345B(1), (2) or (2A) for approval of a choice of a review date, by one or more companies having the same ultimate holding company, director or company secretary, the responsible entity of one or more registered schemes or the operator of one or more notified foreign passport funds: |
|
|
| (a) for an application relating to fewer than 10 companies, registered schemes or notified foreign passport funds; or | $40 for each company, scheme or fund |
|
| (b) for an application relating to at least 10 companies, registered schemes or notified foreign passport funds | $397 |
20 Schedule 2 (table item 5)
Omit "or registered scheme", substitute ", registered scheme or notified foreign passport fund".
21 Schedule 2 (after table item 7)
Insert:
| 7A | On lodging an application for the consent of the Minister under subsection 1213B(6) to a name being available to a foreign passport fund | $1,217 |
22 Schedule 2 (after table item 12)
Insert:
| 12A | On application, under subsection 601PBB, to deregister an Australian passport fund as a registered scheme | no fee |
| 12B | On application, under section 1216, for deregistration of an Australian passport fund as an Australian passport fund | $899 |
| 12C | On application, under section 1216E, for a notified foreign passport fund to be removed as a notified foreign passport fund | no fee |
23 Schedule 2 (table items 15 and 16)
Omit "or registered scheme", substitute ", registered scheme or notified foreign passport fund".
24 Schedule 2 (after table item 19)
Insert:
| 19A | For inspecting, or an inquiry involving the inspection of, the Register of Passport Funds: |
|
|
| (a) if the documents are reproduced using a computer system: |
|
|
| (i) for less than 10 pages; or | $17 |
|
| (ii) for 10 pages or more; or |
$40 |
|
| (b) in any other case | $17 |
25 Schedule 2 (table item 22)
Omit "a corporation or a registered scheme, or a director or secretary of a company,", substitute "a corporation, registered scheme or a notified foreign passport fund, or a director or secretary of a company or of the operator of a notified foreign passport fund,".
26 Schedule 2 (after table item 23)
Insert:
| 23A | On lodging a notice under Chapter 8A of the Corporations Act or the Passport Rules for this jurisdiction for which a fee is not provided by any other item in this Schedule or Schedule 1, unless "no fee" appears in column 2 of an item in this Schedule or Schedule 1 in relation to the notice | $40 |
Corporations (Review Fees) Regulations 2003
27 Subregulations 4(1) to (4)
Omit "company or registered scheme" (wherever occurring), substitute "company, registered scheme or notified foreign passport fund".
28 Subregulation 4(4) (note)
Omit "company or scheme", substitute "company, scheme or fund".
29 Subregulation 4(6)
Omit "company or registered scheme" (first occurring), substitute "company, registered scheme or notified foreign passport fund".
30 Subregulation 4(6) (definition of previous indexable amount)
Omit "company or registered scheme", substitute "company, registered scheme or notified foreign passport fund".
31 Subregulation 4(7)
Omit "a company or a registered scheme", substitute "a company, registered scheme or notified foreign passport fund".
32 Paragraph 5(1)(a)
Omit "a company or responsible entity of a registered
scheme", substitute "a company, responsible entity of a registered scheme or
operato