“1213MA Reporting obligations of a notif“1213MA Reporting obligations of a notified foreign passport fund during winding up

“1213MA Reporting obligations of a notified foreign passport fund during winding up

(1) This section applies to an operator of a notified foreign passport fund being wound up. (2) This section only applies where a copy of a notified foreign passport fund insolvency resolution has been lodged with ASIC by the operator. (3) The operator must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up: (a) information about the progress and status of the winding up of the fund, including details (as applicable) of: (i) the actions taken during the period; and (ii) the actions required to complete the winding up; and (iii) the actions proposed to be taken in the next 12 months; and (iv) the expected time to complete the winding up; (b) financial information about receipts and payments for the fund during the period; (c) the following information as at the end of the period: (i) the value of assets of the fund; and (ii) any potential return to fund members. (4) A report required to be prepared under this section in relation to a relevant period must be made available to fund members within 3 months after the end of the relevant period. (5) The operator must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the fund about the winding up. (6) In this section: relevant period, in relation to a report, means: (a) for a report on the completion of a winding up that has taken less than 12 months to complete—the period commencing from the day the winding up commenced and ending on the day of completion of the winding up; and (b) for a report on the completion of a winding up that has taken more than 12 months to complete—the period commencing on the day after the end of the immediately preceding relevant period and ending on the day of the completion of the winding up; and (c) for a report during the winding up—each period of 12 months. notified foreign passport fund insolvency resolution means a resolution to the effect that, for a period of at least 12 months, the assets have been insufficient to meet the debts incurred in operating the fund as and when they were due and payable.”.

Part 4—Repeal

20 Repeal

This instrument is repealed at the start of 1 October 2030.