Financial Markets Conduct Regulations 2014

197A Condition for manager of passport fund

(1)

A market services licence for a person acting as a manager of a passport fund is subject to a condition that, in respect of the passport fund, the manager must comply with the following to the extent that those rules, laws, or regulations apply to an operator of the fund (including rules, laws, or regulations that impose obligations on the fund):

(a)

the passport rules:

(b)

the laws and regulations (as defined in paragraph 4.1(f) of the memorandum of cooperation) of each host economy in which the fund operates.

(2)

If regulation 82B(3) applies, the reference to rules, laws, or regulations that impose obligations on the fund must be treated as the rules, laws, and regulations referred to in subclause (1)´╗┐(a) and (b) applied with all necessary modifications in relation to each relevant fund as if the relevant fund were a passport fund.

(3)

See also regulation 199A (which relates to limitations on investment options).

Regulation 197A: inserted, on 14 June 2019, by regulation 10 of the Financial Markets Conduct (Asia Region Funds Passport) Amendment Regulations 2019 (LI 2019/101).