How to become a notified foreign passport fund
A foreign passport fund is a registered passport fund with a home economy in Japan, New Zealand, the Republic of Korea or Thailand. If the operator of a foreign passport fund seeks to offer interests in the fund to investors in Australia under the Asia Region Funds Passport, the fund must become a notified foreign passport fund (under section 1213C of the Corporations Act).
To become a notified foreign passport fund, the operator of the foreign passport fund will need to submit a notice of intention to ASIC. They will also need to attach a copy of the Product Disclosure Statement (PDS) and any consents required to use the fund’s proposed name.
When completing a notice of intention, the operator will be asked about its processes and procedures that demonstrate capability to comply with applicable Australian law. This includes questions about:
- receiving, considering and responding to complaints by Australian members and potential investors
- monitoring the compliance of distributors in Australia
- preparing and reviewing disclosure and reporting to Australian members
- preparing advertising and marketing in Australia
- if relevant, lodging communications with an Australian financial market
- lodging ongoing notifications with ASIC.
We have 15 business days, or a longer period if agreed with the foreign passport fund operator, to assess a notice of intention.
To notify your intention
To notify your intention to offer interests in a foreign passport fund to investors in Australia you can use ASIC's Regulatory Portal.
For more information about registering for the Regulatory Portal, please see our user guide. Key steps to submitting the notification 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 ‘Notify intention to offer interests in a foreign passport fund in Australia’. 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.
When does the foreign passport fund become notified?
The foreign passport fund will become a notified foreign passport fund if, by the end of the consideration period:
- ASIC has not advised the operator that required information has not been provided;
- ASIC has not rejected the notice of intention; and/or
- the notice of intention has not been withdrawn.
Got a question?
If you have a question about notifying of an intention to offer interests in a fund to investors in Australia email us at firstname.lastname@example.org.
For more information read:
- Regulatory Guide 138 Foreign passport funds (RG 138)