Corporations Act 2001
A monitoring body for a compliance scheme must cause another person to complete a review of the scheme before the end of:
(a) the 5-year period beginning on the day ASIC approves the scheme under section 921K ; and
(b) each subsequent 5-year period. 921S(2)
The other person mentioned in subsection (1) must not be:
(a) an associate of the monitoring body; or
(b) a person covered by the scheme; or
(c) if a relevant provider covered by the scheme is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - the licensee; or
(d) if a relevant provider covered by the scheme is a member of a professional association - the professional association. 921S(3)
As soon as reasonably practical after the review has been completed, the monitoring body must:
(a) make the review publicly available; and
(b) give a copy of the review to ASIC.
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