Corporations Regulations 2001

A licensed trustee company must comply with this regulation in relation to each common fund established by the company that is not a registered scheme.

The licensed trustee company commits an offence if it does not keep accounts that:

correctly record and explain its transactions for the common fund and the fund’s financial position and performance; and

would enable true and fair financial statements to be prepared and audited.

The licensed trustee company commits an offence if it does not:

have the financial statements for a financial year for the common fund audited by a registered company auditor; and

obtain an auditor’s report for the financial statements.

The licensed trustee company commits an offence if it does not lodge the audited financial statements for the fund with ASIC within 3 months of the end of the financial year.

A person who is entitled to request an annual information return under subregulation 5D.2.01(3) may request, in writing, that the licensed trustee company provide the information mentioned in subregulation (7).

The licensed trustee company commits an offence if it does not provide the information mentioned in subregulation (7) to the person within 30 days of receiving the request under subregulation (5).

The information that must be provided is:

a copy of the common fund’s financial statements and audit report; and

the classes of investments in which the common fund is invested and how the investment is divided between each class; and

the trustee company’s investment strategy for the common fund.

A person commits an offence if the person is involved in a contravention of subregulation (2), (3), (4), or (6) by a licensed trustee company.

for an individual—50 penalty units; and

for a body corporate—500 penalty units.