Corporations Act 2001

A member of a scheme’s compliance committee must:

act honestly; and

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

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

gain an improper advantage for the member or another person; or

cause detriment to the members of the scheme; and

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.

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

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

Section 79 defines involved.

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

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