Corporations (Passport) Rules 2018
13Custody of passport fund assets
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13 Custody of passport fund assets
Legal responsibility for holding passport fund assets (1) For this section, the responsible holding party of the assets of a passport fund under the laws of a participating economy is the entity who is responsible for the safekeeping of the assets of the passport fund, as shown in the following table:
| Item | Home economy for the passport fund | Responsible holding party |
|---|---|---|
| 1 | Australia | The operator of the passport fund. |
| 2 | Japan | The trust company or a financial institution engaged in trust business designated by the Act on Investment Trusts and Investment Corporations. |
| 3 | Korea | The trust business entity for the collective investment scheme under the Financial Investment Services and Capital Markets Act of Korea. |
| 4 | New Zealand | The supervisor of the registered managed investment scheme who is licensed under the Financial Markets Supervisors Act 2011. |
| 5 | Singapore | An approved trustee under the Securities and Futures Act of Singapore of an authorised scheme. |
| 6 | Thailand | In the case of a scheme established as a mutual fund, the mutual fund supervisor appointed for the mutual fund under the Securities and Exchange Act B.E. 2535 (1992). In the case of a scheme established as a trust, the entity approved by the Securities and Exchange Commission under the Trust for Transactions in Capital Market Act B.E. 2550 (2007) to perform the custodial function of assets of the authorised scheme. |
(2) The function of holding passport fund assets may, subject to any limitation in the laws of the home economy for the fund, be delegated, or sub‑delegated, only if the responsible holding party remains legally responsible for the safekeeping of the fund’s assets as if it held the assets itself. Entities that hold passport fund assets (3) For this section, a custodian for a passport fund is an entity that holds assets of the passport fund. (4) The responsible holding party of a passport fund must ensure that: (a) each custodian meets one of the following criteria: (i) the custodian is authorised in its place of business to carry on a business of holding assets on behalf of others; (ii) the asset holding activity of the custodian is subject to regulatory requirements in the home economy for the fund or the custodian’s place of business; and (b) the operator is not the custodian.