Acquisitions and disposals of trust property by trustee companies

Offence title:

Acquisitions and disposals of trust property by trustee companies

Act:

42 Australian Securities and Investments Commission Act

Offence:

(1)   ASIC may require a trustee company to disclose to it, in relation to an acquisition or disposal of trust property by the trustee company, all or any of the following:

(a)   the name of:

                                           i.         the person from or through whom the trust property was acquired; or

                                         ii.         the person to or through whom the trust property was disposed;

(b)   whether the acquisition or disposal was effected on the instructions of another person, and the nature of any such instructions;

(c)    the names of the beneficiaries of the trust.

(2)   Information required to be disclosed under this section need only be disclosed to the extent to which it is known to the person required to make the disclosure.

Penalty:

120 penalty units

Summary/Indictable/mixed:

Summary

Jurisdiction:

Local, District or Supreme Court

How committed:

Failure by the trustee company to provide the required information.

Important note:

S.63(2) A person must not fail to comply with a requirement made under section 41, 42, 43 or 44.

Penalty: 120 penalty units