Corporations Act 2001
CCH Note: Section 601JC is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
The functions of a scheme ' s compliance committee are: (a) to monitor to what extent the responsible entity complies with the scheme ' s compliance plan and to report on its findings to the responsible entity; and (b) to report to the responsible entity:
(i) any breach of this Act involving the scheme; or
of which the committee becomes aware or that it suspects; and (c) to report to ASIC if the committee is of the view that the responsible entity has not taken, or does not propose to take, appropriate action to deal with a matter reported under paragraph (b); and (d) to assess at regular intervals whether the compliance plan is adequate, to report to the responsible entity on the assessment and to make recommendations to the responsible entity about any changes that it considers should be made to the plan.
(ii) any breach of the provisions included in the scheme ' s constitution in accordance with section 601GA ;
601JC(2)
In carrying out its functions, the compliance committee may commission independent legal, accounting or other professional advice or assistance, at the reasonable expense of the responsible entity.
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