Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.2 - THE RESPONSIBLE ENTITY  

Division 1 - Responsibilities and powers  

SECTION 601FF   SURVEILLANCE CHECKS BY ASIC  

601FF(1)   [ ASIC checks]  

ASIC may, from time to time, check whether the responsible entity of a registered scheme is complying with the scheme's constitution and compliance plan and with this Act.

Note: For this purpose ASIC may exercise the powers set out in Division 3 of Part 3 of the ASIC Act.

601FF(2)   [ Assistance]  

The responsible entity and its officers must take all reasonable steps to assist ASIC in carrying out a check under subsection (1).

601FF(3)   [ Failure to comply]  

A person must not intentionally or recklessly fail to comply with subsection (2).