Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this section, a person is a prescribed person in relation to a designated security trust fund if:
(a) the person is, or has at any time been, the trustee, custodian or investment manager of the trust fund; or
(b) the person would be a prescribed person (within the meaning of Part V) in relation to a person referred to in paragraph (a) if it were assumed that a reference in the definition of prescribed person in subsection 50(1) to a body corporate included a reference to an individual.
(2) If APRA or the inspector is investigating a designated security trust fund, APRA or the inspector may, by written notice given to a person who is a prescribed person in relation to the fund, require the person:
(a) to produce to APRA or the inspector any or all of the books relating to the affairs of the fund that are in the custody or under the control of the person; or
(b) to give to APRA or the inspector all reasonable assistance in connection with the investigation; or
(c) to appear before an authorised person or the inspector for examination concerning matters relevant to the investigation.
(3) If books are produced to APRA or the inspector under this section:
(a) APRA or the inspector may take possession of them for such period as APRA or inspector thinks necessary for the purposes of the investigation; and
(b) APRA or inspector may make copies of, and take extracts, from them.
However, APRA must permit a person otherwise entitled to possession of the books, or a person authorised by that person, to inspect those books.
(3A) APRA's powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA's behalf by an authorised person.
(4) A person who complies with a requirement of APRA or the
inspector under this section does not incur any liability to any other person
only because of that compliance.