Section 1216K — Corporations Act 2001: ASIC’s power to continue the application of the Corporations legislation

Declarations on continued application of the Corporations legislation (1) ASIC may: (a) declare that the Corporations legislation continues to apply: (i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and (ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and (b) declare that the Corporations legislation continues to apply: (i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and (ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; as if specified provisions were omitted, modified or varied as specified in the declaration. (2) The continued application of the Corporations legislation may: (a) apply to all or specified provisions of the Corporations legislation; and (b) apply to all entities, a specified class of entities or a specified entity; and (c) apply to all former passport funds, a specified class of former passport funds or a specified former passport fund; and (d) relate to any other matter generally or as specified. Declarations relating to all or a class of entities or passport funds (3) A declaration that relates to all entities, a specified class of entities, all former passport funds or a specified class of former passport funds, must be made by legislative instrument. Declarations relating to specified entities or passport funds (4) A declaration that relates to a specified entity or a specified former passport fund must be made by notifiable instrument. (5) ASIC must also: (a) give a copy of a declaration that relates to a specified entity to the entity; and (b) give a copy of a declaration that relates to a specified former passport fund to the most recent operator of the fund. ASIC must do so as soon as is reasonably practicable after the declaration is made.