Bill
Corporations Amendment (Asia Region Funds Passport) Bill 2018
passed, as at 2018-06-29. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-03-28
- second reading — 2018-03-28
- second reading — 2018-06-25
- second reading — 2018-06-25
- committee — 2018-06-25
- third reading — 2018-06-25
- introduced — 2018-06-27
- second reading — 2018-06-27
- second reading — 2018-06-28
- second reading — 2018-06-28
- third reading — 2018-06-28
- passed — 2018-06-28
- royal assent — 2018-06-29
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-03-28.
The bill would let eligible investment funds market themselves across several Asian economies under one set of rules.
It would add a new chapter to the Corporations Act and change the ASIC Act to create a framework based on an international agreement called the Asia Region Funds Passport.
New offences would include strict liability crimes and extend Australian criminal law to certain acts committed overseas.
- Creates a process for registering Australian funds as passport funds and for foreign funds to notify ASIC of their intent to offer interests in Australia.
- Gives ASIC extra powers to enforce the rules, accept enforceable undertakings, and share confidential information with other passport regulators.
- Allows ASIC and regulations to exempt entities from the new rules or modify how they apply.
Eligible collective investment schemes, their operators, and Australian investors in foreign passport funds.
Sources
em
em revised
em supp
billhome
frl act