17Requirement of offer in the home economy

17 Requirement of offer in the home economy

The operator of a passport fund must not offer interests in the fund as a passport fund in a participating economy other than the home economy for the fund unless: (a) all of the following are satisfied when the interests are offered: (i) there is an ongoing offer of interests in the passport fund in the home economy for the fund; (ii) the offer of interest in the passport fund is subject to the laws of the home economy for the fund that would normally apply to an offer of interests in a regulated CIS to the general public; (iii) the offer is bona fide and does not exclude general subscription by retail investors resident in the home economy for the fund; or (b) all of the following are satisfied when the interests are offered: (i) there is an ongoing offer of interests in a sub‑fund which forms part of the same regulated CIS as the passport fund; (ii) the offer of interests in that sub‑fund is subject to the laws of the home economy for the fund that would normally apply to an offer of interests in a regulated CIS to the general public; (iii) the offer is bona fide and does not exclude general subscription by retail investors resident in the home economy for the fund; or (c) both of the following were satisfied at the time the operator initiated the entry process in relation to the passport fund that the participating economy has implemented under subsection 4(3) of Annex 2 of the Memorandum of Cooperation: (i) at least 30% of the value of interests in CISs for the operation of which the operator is responsible are held by members of those CISs who have provided an address in the home economy for the passport fund, unless the operator is aware the person is not a resident of the home economy for the fund; (ii) the operator has provided a disclosure document to the home regulator for the passport fund that meets the requirements for a disclosure document for an offer of interests in the passport fund that would normally apply to an offer of interests in a regulated CIS that is a passport fund to the general public in the home economy for the fund.