Document ID: chunk:federal_register_of_legislation:F2024L00374:body:0:p7
Version: federal_register_of_legislation:F2024L00374
Segment Type: other
Provision Reference: 
Character Range: 15393–18250

the terms of the agreement; and
(ii) in any case, the requirements that the responsible entity must do all things necessary to ensure under paragraph 601FCAA(1)(c) and subsections 601FCAA(2) to (4), (7) and (9) are met by the custodian or the sub-custodian in relation to scheme property or assets held by the custodian or a sub-custodian (except to the extent that the responsible entity is not complying with a requirement to comply with the conditions of an exemption under section 601QA and the custodian is not aware of any non-compliance);
                  other than in relation to matters:
(iii) that:
                         (A) are disclosed in writing to the responsible entity; or
                         (B) the custodian reasonably believes are trivial;  and
(iv) for which the custodian acknowledges that it or the sub-custodian must continue to meet the relevant obligations; and
(c) to the effect that the custodian must acknowledge to the responsible entity on request that the scheme property or assets to which the agreement relates are held for the responsible entity and notify any other person where the custodian is aware to do so might protect the beneficial interest of the responsible entity that the property or assets are so held unless the responsible entity directs in writing otherwise; and
(d) specifying how instructions will be given by the responsible entity to the custodian; and
(e) to the effect that the custodian must not take or grant a security interest, mortgage, lien or other encumbrance over, or in relation to, the scheme property or assets held under the agreement unless it is accordance with the agreement and does not cover unpaid fees of the custodian; and
(f) specifying how the custodian will maintain records of the scheme property or assets to which the agreement relates and the transactions in relation to that property and assets, including by whom, when and how transactions were authorised; and
(g) specifying procedures for reconciliation each business day or, if it is ordinary and reasonable commercial practice to reconcile certain property less frequently, in accordance with that practice, by checking information the custodian is given as to the existence and quantity of the scheme property or assets against the records of the custodian and for reporting by the custodian concerning the outcomes of the reconciliation in case of any unreconciled matter; and
(h) to the effect that the custodian must provide all reasonable access and assistance to any auditor engaged to audit the responsible entity's financial statements or the scheme's financial statements; and
(i) to the effect that the custodian will provide the responsible entity with written notice of, and contact information for, any other person holding scheme property or other assets appointed or to be appointed by the