Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
(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).
(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.
Note 1: Section 79 defines involved .
Note 2: Subsection (3) is a civil penalty provision (see section 1317E).
(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).