(1) A member of a scheme's compliance committee must:
- (a)
- act honestly; and
- (b)
- exercise the degree of care and diligence that a reasonable person would
exercise if they were in the member's position; and
- (c)
- not make use of information acquired through being a member of the
committee in order to:
- (i)
- gain an improper advantage for the member or another person; or
- (ii)
- cause detriment to the members of the scheme; and
- (d)
- 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.
- Note: Subsection (1) is a civil penalty provision as defined in
section 1317DA and Part 9.4B provides for civil and criminal
consequences of contravening it.
(2) A member of the compliance committee is to take all reasonable steps to
assist ASIC in carrying out a check under subsection 601FF(1).