How to register as an Australian passport fund
An Australian passport fund operator seeking to register an Australian passport fund will need to complete and submit an application to ASIC.
To become an Australian passport fund, the fund must already be a registered scheme. However, the fund does not need to be a registered scheme at the time the application to register as an Australian passport fund is lodged.
We must register an Australian passport fund if we are of the opinion that the Australian passport fund operator:
- meets the eligible entity requirements. For information on these requirements, see Section C of Regulatory Guide 131 Funds management: Establishing and registering a fund (RG 131) and the summary in Table 1 below
- is likely to comply with the Corporations Act, including the Australian Passport Rules, and the Australian Securities and Investments Commission 2001 (ASIC Act).
Table 1: Summary of eligibility entity requirements
|
Test |
Explanation |
Reference |
|
Assets under management test |
The Australian passport fund operator or its related parties must have assets under management with a total value of at least US$500 million |
Section 3 of Annex 2 of the Memorandum of Cooperation |
|
Relevant qualifications test |
The Australian passport fund operator must have officers with the relevant qualifications |
Section 6 of the Australian Passport Rules |
|
Financial resources test |
The Australian passport fund operator must have equity resources of at least US$1 million, plus the additional capital amount |
Section 7 of the Australian Passport Rules |
|
Organisational arrangements test |
The Australian passport fund operator must have in place processes and procedures to ensure it meets the organisational arrangements test |
Section 8 of the Australian Passport Rules |
|
Track record test |
The Australian passport fund operator or a related party must have at least five years relevant experience |
Section 9 of the Australian Passport Rules |
|
Good standing test |
The Australian passport fund operator and relevant officers must satisfy background checks and meet integrity and competence requirements |
Section 10 of the Australian Passport Rules |
|
Home economy and home regulator test |
The Australian passport fund operator must have its principal place of business in Australia and be regulated by ASIC as responsible entity of a registered scheme |
Section 3 of Annex 2 of the Memorandum of Cooperation |
To apply for registration
To register an Australian passport fund you can apply online through ASIC's Regulatory Portal.
For more information about registering for the Regulatory Portal, please see our user guide. Key steps for submitting the application are outlined below:
- From the top navigation bar, select 'Transactions' and then select 'All transactions index' from the drop-down list. This will take you to a page listing all available transactions.
- Select ‘Apply for registration as an Australian passport fund’. This will take you to a landing page for the registration application. This page contains information about fees, relevant legislation, privacy, etc.
- At the bottom of the landing page, select the 'Launch transaction' button to start your application.
For more information read:
- Regulatory Guide 131 Funds management: Establishing and registering a fund (RG 131)
- Regulatory Guide 132 Funds management: Compliance and oversight (RG 132)
- Regulatory Guide 181 Licensing: Managing conflicts of interest (RG 181)
- Regulatory Guide 259 Risk management systems of responsible entities (RG 259)
Got a question?
If you have a question about applying for registration as an Australian passport fund email us at arfp@asic.gov.au.