{"id":"F2019L00084","name":"ASIC Corporations (Asia Region Funds Passport) Instrument 2019/75","slug":"asic-corporations-asia-region-funds-passport-instrument-2019-75","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439910,"registerId":"F2019L00084-fast-fetch-1775955751888","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Asia Region Funds Passport) Instrument 2019/75","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Template (Principal Legislative Instruments - Jan 2019)\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Asia Region Funds Passport) Instrument 2019/75\n\nI, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate  31 January 2019\n\n \n\n \n\n \n\nGrant Moodie\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc536709810)\n\n[1 Name of legislative instrument](#_Toc536709811)\n\n[2 Commencement](#_Toc536709812)\n\n[3 Authority](#_Toc536709813)\n\n[4 Definitions](#_Toc536709814)\n\n[Part 2—Determination](#_Toc536709815)\n\n[5 Information that will not be available for inspection or copying](#_Toc536709816)\n\n[Schedule 1—Australian passport funds](#_Toc536709817)\n\n[Schedule 2—Foreign passport funds](#_Toc536709818)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Asia Region Funds Passport) Instrument 2019/75.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) 1 February 2019; and\n\n(b) the day it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under subsections 1212(4) and 1213(4) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\n(a) Act means the Corporations Act 2001;\n\npassport fund has the meaning given in section 1210 of the Act;\n\nPassport Rules has the meaning given by section 1211A of the Act;\n\n(b) unless the contrary intention appears, an expression that:\n\n(i) is used in a Schedule to this instrument; and\n\n(ii) is defined in the Passport Rules;\n\nhas the same meaning in the Schedule as in the Passport Rules.\n\nPart 2—Determination\n\n5 Information that will not be available for inspection or copying\n\nApplication for registration as an Australian passport fund\n\n(1) Information that is lodged with ASIC under section 1212 of the Act will not be available for inspection or copying from ASIC if it is information about any of the matters set out in Schedule 1 in connection with an application for registration as an Australian passport fund.\n\nNotice of intention to offer interests in a foreign passport fund\n\n(2) Information that is lodged with ASIC under section 1213 of the Act will not be available for inspection or copying from ASIC if it is information about any of the matters set out in Schedule 2 in connection with a notice of intention to offer interests in a foreign passport fund.\n\nSchedule 1—Australian passport funds\n\n#### Proposed fund\n\n1. The value of the assets of the fund, the number of issued shares or interests and the date of the most recent valuation.\n\n#### Single entity and group limits\n\n2. If the fund has exceeded the limit in relation to more than one entity, the earliest date on which a limit was exceeded.\n\n \n\n3. How the fund complies with the single entity limits and the group entity limits in sections 30 and 31 of the Passport Rules.\n\n \n\n4. Any plan in place to bring the portfolio allocation within the limit.\n\n#### Application of certain limits to index funds and benchmarks\n\n5. When the fund commenced exceeding the limit in subsection 33(2) of the Passport Rules.\n\n \n\n6. By how much the limit is exceeded.\n\n \n\n7. Any plan in place to bring the portfolio allocation within the limit.\n\n#### Portfolio allocation limit—financial asset regulated CIS\n\n8. When the fund commenced exceeding the limit in subsection 34(1) of the Passport Rules.\n\n \n\n9. Any plan in place to bring the portfolio allocation within the limit in subsection 34(1) of the Passport Rules.\n\n \n\n10. When the fund commenced exceeding the limit in subsection 34(2) of the Passport Rules.\n\n \n\n11. Any plan in place to bring the portfolio allocation within the limit in subsection 34(2) of the Passport Rules.\n\n#### Limit on unquoted transferable securities\n\n12. When the fund commenced exceeding the limit in section 35 of the Passport Rules.\n\n \n\n13. Any plan in place to bring the portfolio allocation within the limit.\n\n#### Limit on investments conferring significant management influence\n\n14. When the fund commenced exceeding the limit in subsection 36(1) of the Passport Rules.\n\n \n\n15. By how much the limit is exceeded.\n\n \n\n16. Any plan in place to bring the portfolio allocation within the limit.\n\n#### Limit on share of transferable securities or money market instruments on issue\n\n17. When the fund commenced exceeding the limit in section 37 of the Passport Rules.\n\n \n\n18. By how much the limit is exceeded.\n\n \n\n19. Any plan in place to bring the portfolio allocation within the limit.\n\n#### Limit on depository receipts over gold\n\n20. When the fund commenced exceeding the limit in section 38 of the Passport Rules.\n\n \n\n21. Any plan in place to bring the portfolio allocation within the limit.\n\nDerivatives and securities lending arrangements — global exposure limit\n\n22. When the fund commenced exceeding the limit in section 39 of the Passport Rules.\n\n \n\n23. Any plan in place to bring the portfolio allocation within the limit.\n\nSecurities lending limit\n\n24. When the fund commenced exceeding the 50% limit in section 41 of the Passport Rules.\n\n \n\n25. Any plan in place to bring the portfolio allocation within the limit.\n\nRelief\n\n26. Whether an exemption or modification of the Passport Rules has been applied for.\n\n \n\n27. Whether there is an intention to apply for an exemption or modification of the Passport Rules.\n\n \n\n28. Details of the exemption or modification sought or intended to be sought.\n\n\nDelegation of functions in connection with operating the fund\n\n \n\n29. Reasons why the delegate does not require an authorisation or licence.\n\nDelegation of investment management role\n\n30. Details of each person responsible for the investment management role.\n\nAnnual implementation reviewer\n\n31. Auditor type.\n\n \n\n32. Registered auditor number of lead auditor.\n\nFinancial statements auditor\n\n33. Name of individual auditor, lead auditor or review auditor.\n\nExternal legal firm or company\n\n34. Whether an external legal firm or company was used to help prepare the application.\n\n \n\n35. Name and other details of the external law firm or company.\n\nDirectors\n\n36. Details about each of the directors\n\nChief executive officer\n\n37. Details about each chief executive officer or equivalent.\n\nCompliance committee\n\n38. Whether the fund has a compliance committee.\n\n \n\n39. Details of each compliance committee member.\n\nResponsible persons\n\n40. Details of each person responsible for discretionary investment decisions.\n\nIdentification and role of relevant parties\n\n41. Whether there is a relevant party that is a natural person.\n\n \n\n42. Details of each relevant party.\n\n\nRelated party\n\n \n\n43. Details about the processes and staff of the related party which are materially different to those of the operator.\n\n \n\n44. Details about how the related party is related to the operator.\n\nChange in control\n\n45. Details about any changes to corporate governance arrangements.\n\n \n\n46. Details about changes to the operational arrangements over the last five years.\n\n \n\n47. Details about who has substantial influence over the operator or related party.\n\n \n\n48. Details about how the person exercises substantial influence.\n\n \n\n49. Details about circumstances which prevented the decisions being made without substantial influence.\n\n \n\n50. Details about the type of decisions made.\n\nGood standing of operator\n\n51. Details of any finding, infringement notice, enforcement action, decision, judgment, settlement or undertaking in relation to the conduct of the operator, controller or any officer.\n\nQualifications and experience\n\n52. Details about each compliance control to ensure compliance with obligations for officers having relevant qualifications and experience.\n\n \n\n53. Description of any other compliance controls to ensure compliance with section 6 of the Passport Rules.\n\nFinancial resources\n\n54. Details about each compliance control to ensure compliance with obligations about meeting the financial resources test.\n\n \n\n55. Description of any other compliance controls to ensure compliance with section 7 of the Passport Rules.\n\n#### Organisational arrangements\n\n56. Description of the procedures the operator must have in place to know when there are exceptional circumstances that would mean the derivative does not have to be closed or sold for a value in the time stated in paragraph 25(1)(c) of the Passport Rules.\n\n\nTrack record\n\n \n\n57. Details about each compliance control to ensure compliance with obligations to meet the track record test.\n\n \n\n58. Description of any other compliance controls to ensure compliance with section 9 of the Passport Rules.\n\n \n\n59. Details about the procedures the operator has in place to monitor decisions in relation to the operation of financial asset collective investment schemes without substantial influence by any person who controls the operator.\n\nGood standing\n\n60. Details about each compliance control to ensure compliance with obligations to meet the good standing test.\n\n \n\n61. Description of any other compliance controls to ensure compliance with section 10 of the Passport Rules.\n\nDelegation and engagement of service providers\n\n62. Details about each compliance control to ensure compliance with obligations about delegating functions and engaging service providers.\n\n \n\n63. Description of any other compliance controls to ensure compliance with sections 11, 13 and 15 of the Passport Rules.\n\nReporting breaches and changes\n\n64. Details about each compliance control to ensure compliance with obligations about reporting breaches and changes.\n\n \n\n65. Description of any other compliance controls to ensure compliance with section 12 of the Passport Rules.\n\nMonitoring by independent oversight entity\n\n66. Details about each compliance control to ensure compliance with obligations about monitoring by the independent oversight entity.\n\n \n\n67. Description of any other compliance controls to ensure compliance with section 14 of the Passport Rules.\n\nPermitted assets and portfolio allocation and exposure\n\n68. Details about each compliance control to ensure compliance with obligations about permitted assets and portfolio allocation and exposures.\n\n \n\n69. Description of any other compliance controls to ensure compliance with Divisions 6.2, 6.3 and 6.4 of the Passport Rules.\n\nRestrictions for loans, guarantees and underwriting\n\n70. Details about each compliance control to ensure compliance with obligations about restrictions for loans, guarantees or underwriting.\n\n \n\n71. Description of any other compliance controls to ensure compliance with section 43 of the Passport Rules.\n\nBorrowing\n\n72. Details about each compliance control for compliance obligations about borrowing.\n\n \n\n73. Description of any other compliance controls to ensure compliance with section 44 of the Passport Rules.\n\nShort-selling\n\n74. Details about each compliance control to ensure compliance with obligations about short-selling.\n\n \n\n75. Description of any other compliance controls to ensure compliance with section 45 of the Passport Rules.\n\nLiability of members\n\n76. Details about each compliance control to ensure compliance with obligations about liability of members.\n\n \n\n77. Description of any other compliance controls to ensure compliance with section 46 of the Passport Rules.\n\nPerformance fees\n\n78. Details about each compliance control to ensure compliance with obligations about performance fees.\n\n \n\n79. Description of any other compliance controls to ensure compliance with section 47 of the Passport Rules.\n\nWithdrawal\n\n80. Details about each compliance control to ensure compliance with obligations about withdrawal.\n\n \n\n81. Description of any other compliance controls to ensure compliance with sections 48, 49, 50, 51 and 52 of the Passport Rules.\n\n\nValuation\n\n \n\n82. Details about each compliance control to ensure compliance with obligations about valuation.\n\n \n\n83. Description of any other compliance controls to ensure compliance with section 53 of the Passport Rules.\n\nBreach history\n\n84. Whether the operator is in breach of the Corporations Act, the ASIC Act or the conditions of its Australian financial services licence.\n\n \n\n85. Whether the operator has contravened the Corporations Act, ASIC Act or the conditions of its Australian financial services licence in the last five years.\n\n### Constituent document\n\n86. References to each section in the constituent document that satisfy the requirements of subsection 4(3) of the Passport Rules.\n\n \n\n87. Details about each compliance control about amending the constituent document.\n\n \n\n88. Description of any other compliance controls to ensure compliance with subsection 4(3) of the Passport Rules.\n\n\nSchedule 2—Foreign passport funds\n\n#### Proposed operator\n\n1. Details of the operator’s local agent in Australia.\n\n#### Proposed fund\n\n2. A request to ASIC to manually review a proposed fund name.\n\n \n\n3. Whether the Minister’s consent was obtained to use the name.\n\n \n\n4. Evidence of the Minister’s consent to use the name.\n\n \n\n5. Whether the APRA’s consent was obtained to use the name.\n\n \n\n6. Evidence of APRA’s consent to use the name.\n\n \n\n7. Details of the fund’s local agent in Australia.\n\n \n\n8. The value of the assets of the fund, the number of issued shares or interests and the date of the most recent valuation.\n\n#### Application form ‘Part A’ submitted to home regulator\n\n9. A copy of Part A of the application form submitted to the home regulator.\n\nDirectors of the operator\n\n10. Details of directors of the operator.\n\nDistributors of interests in the fund\n\n11. Reasons why the distributor does not require an authorisation or licence.\n\n### Fund and operator compliance\n\n12. Whether the fund or operator is in breach of the laws and regulations of the home economy.\n\n \n\n13. In the last two years, whether the fund or operator has breached the laws and regulations of the home economy.\n\n \n\n14. In the last five years, whether the fund or operator has breached any Australian law or regulation including the Act and the ASIC Act.\n\n \n\n15. In the last five years, whether the fund or operator has breached the Passport Rules.\n\n \n\n16. Whether the operator has applied for, or been granted an exemption, modification or any other relief in relation to any law or regulation of its home economy in relation to the fund.\n\n \n\n17. Whether the operator has applied for, or been granted an exemption, modification or any other relief in relation to the Passport Rules.\n\nComplaints\n\n18. Details about each compliance control for ensuring compliance with obligations about complaints about the fund or the operator by Australian investors.\n\nDistribution\n\n19. Details about each compliance control for ensuring compliance with obligations to monitor Australian distributors.\n\nDisclosure and reporting\n\n20. Details about each compliance control for ensuring compliance with obligations about disclosure and reporting to Australian investors.\n\nMarketing\n\n21. Details about each compliance control for ensuring compliance with obligations about advertising and marketing.\n\nCommunication with Australian financial markets\n\n22. Details about each compliance control for ensuring compliance with obligations about lodging communications with an Australian financial market.\n\nLodgment of notices with ASIC\n\n23. Details about each compliance control for ensuring compliance with obligations about lodging notices with ASIC.\n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"This instrument does not amend the substantive scope of the Asia Region Funds Passport or the Passport Rules. It is a procedural determination made under subsections 1212(4) and 1213(4) of the Corporations Act (see section 3) that narrows public access by specifying categories of lodged information that ASIC will not make available for inspection or copying (section 5; Schedules 1 and 2)."},"complexity_factors":["Granular, itemised lists of non‑disclosable information across two extensive schedules — many different document types and facts are specified (Schedule 1; Schedule 2).","Cross‑referencing to numerous provisions of the Passport Rules and the Corporations Act for defined terms and limits increases interpretive burden (see Definitions; Schedule items referring to sections 30–53 of the Passport Rules).","Operational and governance detail required of applicants — e.g. descriptions of compliance controls, delegation arrangements, auditor identity, breach history — creates substantive compliance work (Schedule 1 items 31–83; Schedule 2 items 12–23).","The instrument functions as a confidentiality determination that modifies public access to material lodged under ss1212 and 1213 of the Corporations Act, so it interacts directly with statutory inspection/copying rights (section 5).","Discretion and administrative tasks for ASIC (manual review requests, assessing exemptions or evidence of consents) introduce case‑by‑case decision costs (Schedule 2 item 2; Schedule 2 items 3–6; section 5).","Potential for overlap and duplication: applicants must provide both factual data (valuations, dates, limits exceeded) and process descriptions (controls to remedy breaches), raising verification and documentation costs (multiple Schedule items asking for timing, plans and controls).","Dependence on external approvals and evidence (Minister, APRA, home economy regulators) adds coordination complexity for foreign passport funds (Schedule 2 items 3–6, 9)."],"plain_english_summary":"This instrument tells ASIC which materials lodged for registering or offering funds under the Asia Region Funds Passport will NOT be open for public inspection or copying. It affects Australian and foreign passport funds, their operators, service providers and distributors by creating confidential treatment for a long list of portfolio, governance and compliance documents. ASIC decides what is withheld; fund applicants bear the preparation and compliance costs of the detailed information that will be kept from public view."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument appears tightly scoped to its original purpose: specifying information to be withheld from public inspection under the Asia Region Funds Passport framework. The extensive lists in Schedules 1 and 2, while long, directly serve the core function of identifying commercially sensitive fund information. There is no evidence of scope creep into unrelated regulatory areas."},"complexity_factors":["Extensive enumeration: 88 separate items across two schedules specifying exempt information categories","Cross-referencing: Heavy reliance on undefined 'Passport Rules' (external instrument referenced but not reproduced)","Nested structure: Information categories grouped by thematic areas (portfolio limits, governance, compliance controls) with sub-numbering","Conditional logic: References to compliance controls 'to ensure compliance with' specific external rule sections (sections 6, 7, 9, 10, 11-15, etc.)","Dual regime structure: Parallel but distinct treatment of Australian passport funds (Schedule 1) and foreign passport funds (Schedule 2) with overlapping but non-identical categories","Delegated legislative basis: Made under two separate subsections of the Corporations Act (1212(4) and 1213(4)), requiring understanding of the parent Act's structure"],"plain_english_summary":"This instrument is an ASIC secrecy determination under the Asia Region Funds Passport: it designates certain commercial and operational information lodged with ASIC as non-public. It affects Australian and foreign passport fund managers and limits investor/public access to sensitive details. It matters because it shields competitively sensitive information while preserving ASIC’s regulatory visibility, helping facilitate cross‑border fund sales under the Passport."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-asia-region-funds-passport-instrument-2019-75","history":"/api/acts/asic-corporations-asia-region-funds-passport-instrument-2019-75/history","analysis":"/api/acts/asic-corporations-asia-region-funds-passport-instrument-2019-75/analysis","conflicts":"/api/acts/asic-corporations-asia-region-funds-passport-instrument-2019-75/conflicts","importantCases":"/api/acts/asic-corporations-asia-region-funds-passport-instrument-2019-75/important-cases","documents":"/api/acts/asic-corporations-asia-region-funds-passport-instrument-2019-75/documents"}}