Compliance
The Responsible Entity has prepared, and ASIC has registered, a Compliance Plan which sets out procedures that the Responsible Entity will apply in operating the Trust to ensure compliance with the Corporations Act and the Trust’s Constitution. A summary of the principal terms of the Compliance Plan is set out below.
The Responsible Entity is required to adhere to the Compliance Plan that seeks to ensure compliance by the Responsible Entity with the Corporations Act and the Constitution by prescribing principles and procedures for the Responsible Entity to adopt in the management of the Trust.
The Compliance Plan identifies the personnel, the structure and the duties of the Responsible Entity as a whole as well as the duties of each officer.
The Compliance Plan also describes procedures and systems for the Responsible Entity to implement concerning various aspects of the management function.
These aspects include:
- meetings and reports of the Compliance Committee;
- the safekeeping and inspection of records;
- valuation of the Properties;
- engagement of external service providers;
- payment of fees;
- receipt of subscription money and its use to purchase the properties;
- maintenance and audit of books of account;
- reporting to Unit Holders;
- handling, collecting and dealing with money received for the Trust;
- all staff of the Responsible Entity are required to become familiar with, and comply with, the Compliance Plan; and
- the Responsible Entity is required to maintain an appropriate level of professional indemnity and fidelity insurances in respect of its operations.
Compliance Committee
A Compliance Committee has been established to monitor compliance by the Responsible Entity with the Compliance Plan and report any breaches to the Responsible Entity and otherwise report to the Responsible Entity on a regular basis.
The Compliance Committee is to report to ASIC if the Responsible Entity does not address any issues raised in an adverse report issued to the Responsible Entity. The Compliance Committee members must disclose all their interests (if any) relating to the Trust.
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