Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.4 - THE COMPLIANCE PLAN  

SECTION 601HA   CONTENTS OF THE COMPLIANCE PLAN  

601HA(1)    
The compliance plan of a registered scheme must set out adequate measures that the responsible entity is to apply in operating the scheme to ensure compliance with this Act and the scheme ' s constitution, including the arrangements for:

(a)    ensuring that all scheme property is clearly identified as scheme property and held separately from property of the responsible entity and property of any other scheme (see paragraph 601FC(1)(i) ); and

(b)    if the scheme is required to have a compliance committee (see section 601JA ) - ensuring that the compliance committee functions properly, including adequate arrangements relating to:

(i) the membership of the committee; and

(ii) how often committee meetings are to be held; and

(iii) the committee ' s reports and recommendations to the responsible entity; and

(iv) the committee ' s access to the scheme ' s accounting records and to the auditor of the scheme ' s financial statements; and

(v) the committee ' s access to information that is relevant to the responsible entity ' s compliance with this Act; and

(c)    ensuring that the scheme property is valued at regular intervals appropriate to the nature of the property; and

(d)    ensuring that compliance with the plan is audited as required by section 601HG ; and

(e)    ensuring adequate records of the scheme ' s operations are kept; and

(f)    any other matter prescribed by the regulations.

601HA(2)    
If:

(a)    a registration application is made as a result of a resolution passed under subparagraph 1457(1)(a)(i) ; and

(b)    the resolution included a direction under subsection 1457(1A) ;

the compliance plan lodged with the application must provide for scheme property to be held by a person other than the responsible entity, or a person that is not related to the responsible entity, as the responsible entity ' s agent.