Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.2 - THE RESPONSIBLE ENTITY  

Division 1 - Responsibilities and powers  

SECTION 601FE   DUTIES OF EMPLOYEES OF RESPONSIBLE ENTITY  

601FE(1)   [ Duties of employee]  

An employee of the responsible entity of a registered scheme must not:


(a) make use of information acquired through being an employee of the responsible entity in order to:


(i) gain an improper advantage for the employee or another person; or

(ii) cause detriment to members of the scheme; or


(b) make improper use of their position as an employee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

601FE(2)   [ Conflicting duty]  

A duty of an employee of the responsible entity under subsection (1) overrides any conflicting duty the employee has under Part 2D.1.

601FE(3)   [ Contravention]  

A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

601FE(4)   [ Intentional contravention or involvement in contravention]  

A person must not intentionally contravene, or be involved in a contravention of, subsection (1).


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