Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may, by legislative instrument, determine that the operators of passport funds, or a class of passport funds, the home economy for which is specified in the determination, must not offer interests in the funds in this jurisdiction.
(2) The Minister may only make a determination under subsection (1), if:
(a) the Minister is satisfied that:
(i) under the Memorandum of Cooperation, there are grounds for requiring the operators of the funds to which the determination applies not to offer interests in the funds in this jurisdiction; and
(ii) the processes that, under the Memorandum of Cooperation, are to be followed before requiring the operators of the funds to which the determination applies not to offer interests in the funds in this jurisdiction, have been complied with; or
(b) the Memorandum of Cooperation has been terminated; or
(c) Australia or the home economy for the funds to which the determination applies withdraws from the Memorandum of Cooperation.
(3) If the Minister makes a determination under this section, the regulations may deal with matters of a transitional nature relating to the movement of funds to which the determination applies from participation in this jurisdiction under this Chapter to participation in this jurisdiction under the other provisions of the Corporations legislation dealing with managed investment schemes.