601FF
In forceSurveillance checks by ASIC
Volume 3Chapter 5A, Part 5A.1 to Chapter 6D, Part 6D.5 sections 601 to 742
Chapter 5CManaged investment schemes
Part 5C.2The responsible entity
Division 1Responsibilities and powers
601FF Surveillance checks by ASIC
(1)
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.
(2)
The responsible entity and its officers must take all reasonable steps to assist ASIC in carrying out a check under subsection (1).
(3)
A person must not intentionally or recklessly fail to comply with subsection (2).
This Act’s bill:Explanatory memorandumSecond reading speech
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