Corporations Regulations 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.2 - POWERS ETC OF LICENSED TRUSTEE COMPANIES  

Division 2.2 - Common funds  

REGULATION 5D.2.08   FINANCIAL REPORTS  

5D.2.08(1)    
A licensed trustee company must comply with this regulation in relation to each common fund established by the company that is not a registered scheme.

Account keeping

5D.2.08(2)    
The licensed trustee company commits an offence if it does not keep accounts that:

(a) correctly record and explain its transactions for the common fund and the fund ' s financial position and performance; and

(b) would enable true and fair financial statements to be prepared and audited.

Penalty: 500 penalty units.

Auditing

5D.2.08(3)    
The licensed trustee company commits an offence if it does not:

(a) have the financial statements for a financial year for the common fund audited by a registered company auditor; and

(b) obtain an auditor ' s report for the financial statements.

Penalty: 500 penalty units.

Lodging financial statements with ASIC

5D.2.08(4)    
The licensed trustee company commits an offence if it does not lodge the audited financial statements for the fund with ASIC within 3 months of the end of the financial year.

Penalty: 500 penalty units.

Request for financial information

5D.2.08(5)    
A person who is entitled to request an annual information return under subregulation 5D.2.01(3) may request, in writing, that the licensed trustee company provide the information mentioned in subregulation (7).

5D.2.08(6)    
The licensed trustee company commits an offence if it does not provide the information mentioned in subregulation (7) to the person within 30 days of receiving the request under subregulation (5).

Penalty: 500 penalty units.

5D.2.08(7)    
The information that must be provided is:

(a) a copy of the common fund ' s financial statements and audit report; and

(b) the classes of investments in which the common fund is invested and how the investment is divided between each class; and

(c) the trustee company ' s investment strategy for the common fund.

Offence for involvement in contravention

5D.2.08(8)    

A person commits an offence if the person is involved in a contravention of subregulation (2), (3), (4), or (6) by a licensed trustee company.

Penalty:

(a) for an individual - 50 penalty units; and

(b) for a body corporate - 500 penalty units.