Corporations (Passport) Rules 2018
15Annual implementation review
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15 Annual implementation review
Annual implementation reviews must be conducted (1) The operator of a passport fund must ensure that an implementation review of the operation of the fund that complies with this section is conducted in relation to each period for which it prepares, or is required to prepare, a financial statement for the fund under the Passport Rules for the home economy for the fund (the review period). (2) If the home regulator for a passport fund has notified the operator of the fund and each host regulator for the fund that this section does not apply, because the home regulator for the fund is satisfied non‑application is appropriate having regard to actions taken or to be taken by the home regulator to check compliance during the review period or on an ongoing basis, and, if applicable, reports to be provided by the independent oversight entity during the review period or on an ongoing basis, then this section does not apply to the passport fund or its operator for the review period or until revoked as the case may be, as set out in the notice. Requirements for the implementation reviewer (3) Subject to subsection (4), the implementation review for a passport fund registered in a participating economy listed in the following table must be conducted by a reviewer that is an entity of the kind shown in the table:
| Item | Home economy for the passport fund | Entity that can conduct implementation reviews (the implementation reviewer) |
|---|---|---|
| 1 | Australia | A registered company auditor, audit firm or authorised audit company under the Corporations Act 2001. |
| 2 | Japan | An external member of the board of company auditors, audit committee, or audit and supervisory committee designated by the Companies Act, the trust company or a financial institution engaged in trust business designated by the Act on Investment Trusts and Investment Corporations or a Certified Public Accountant or an Auditing Corporation designated by the Certified Public Accountants Act. |
| 3 | Korea | A trustee under the Financial Investment Services and Capital Markets Act of Korea. |
| 4 | New Zealand | A licensed auditor under the Auditor Regulation Act 2011 or the supervisor of the registered managed investment scheme who is licensed under the Financial Markets Supervisors Act 2011. |
| 5 | Singapore | A public accountant who is registered or deemed to be registered under the Accountants Act of Singapore or a trustee approved under the Securities and Futures Act. |