Summary

Gives effect to the Australian Government’s commitment, as a signatory to the Memorandum of Cooperation (MOC) on the Establishment and Implementation of the Asia Region Funds Passport (the Passport), to introduce the Asia Region Funds Passport by amending the:

to: incorporate key definitions and the mechanism for incorporating the rules for passport funds into Australian domestic law; specify the processes for Australian and foreign passport funds to offer interests in Australia and for registration of passport funds; specify processes for deregistration of Australian passport funds and de-notification of foreign passport funds; set out requirements in relation to disclosure and financial reporting for foreign passport funds; and provide transitional arrangements for delegations of functions or powers by the minister and certain decisions of ASIC; and , and to make consequential amendments.