Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person must not engage in conduct of a kind referred to in subsection (2) in relation to an interest in a foreign passport fund if the fund is not:
(a) a notified foreign passport fund; or
(b) a registered scheme.
This is so even if it is proposed that the fund will become a notified foreign passport fund or a registered scheme.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(2) Subject to subsection (3), the kinds of conduct that must not be engaged in in relation to an interest in such a foreign passport fund are as follows:
(a) making a recommendation, as described in subsection 1012A(3), that is received in this jurisdiction;
(b) making an offer, as described in subsection 1012B(3) or 1012C(3), that is received in this jurisdiction;
(c) accepting an offer, made as described in subsection 1012B(3) or (4), that was received in this jurisdiction.
(3) Subsection (2) does not apply to:
(a) a recommendation or offer made in a situation to which a subsection of section 1012D, other than subsection 1012D(1), applies; or
(b) a recognised offer.