How to register as an Australian passport fund

To become an Australian passport fund, the fund must already be a registered scheme. However, it does not need to be a registered scheme at the time the application to register as an Australian passport fund is lodged.

An Australian passport fund operator seeking to register a passport fund will need to complete and submit to ASIC an application. They will also need to attach a copy of the product disclosure statement (PDS) and criminal history and bankruptcy checks for each director and each CEO (or equivalent) of the operator as well as any entity that controls it.

Request a copy of Form 5301 Apply for registration as an Australian passport fund by emailing us at arfp@asic.gov.au.

Completing the form

You will need to have the following information to complete this form:

  • asset and equity valuation information including assets of the fund at the most recent valuation;
  • delegated functions including the:
    • name and identifier of the custodian;
    • name and identifier of each other delegate including any administration, compliance, investment management, distribution and marketing, IT risk management, registry and any other delegated function;
    • the name and registered auditor number (where relevant) of the individual auditor, audit company or audit firm, together with the lead auditor registered auditor number, carrying out the annual implementation review;
    • financial statement; and
    • the name of the lead auditor of the financial statements.
  • qualifications details including organisation names, dates and duties carried out in the role to demonstrate the experience requirements for:
    • the operator’s chief executive officer or equivalent and directors; and
    • each operator employee or officer and investment manager employee who makes or supervises discretionary investment decisions for the fund;
  • compliance committee member details including name and date of birth;
  • details including identifiers of the collective investment scheme and any related party relied on by the operator to demonstrate track record;
  • each finding, infringement notice, action, decision, judgment, settlement or undertaking relating to the operator, a controller of the operator or an officer of the operator or controller covering the last 10 years;
  • each breach by the operator of Australian legislation or Australian financial services licence conditions covering the last 5 years; and
  • the compliance controls and monitoring processes to ensure compliance with the Corporations Act 2001 (including the Australian Passport Rules) and the Australian Securities and Investments Act 2001.

The form, a copy of the Part A application, a copy of the PDS and criminal history checks and bankruptcy checks should be emailed to us at arfp@asic.gov.au.

When does the Australian passport fund become registered?

We must register an Australian passport fund if we are of the opinion that the Australian passport fund operator:

  1. meets the eligible entity requirements in section 3 of Annex 2 to the Memorandum of Cooperation on the Establishment and Implementation of the Asia Region Funds Passport; and
  2. is likely to comply with the Corporations Act, including the Australian Passport Rules, and the Australian Securities and Investments Commission 2001 (ASIC Act).

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Last updated: 31/01/2019 06:44