THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

PART 5C.5 - THE COMPLIANCE COMMITTEE

SECTION 601JD   DUTIES OF MEMBERS  

601JD(1)  [Members' duties]  

A member of a scheme's compliance committee must:

(a)  act honestly; and

(b)  exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

(c)  not make use of information acquired through being a member of the committee in order to:

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

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

(d)  not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

Note:

Subsection (1) is a civil penalty provision as defined in section 1317DA and Part 9.4B provides for civil and criminal consequences of contravening it.

601JD(2)  [Assist ASIC]  

A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).