Document ID: chunk:federal_register_of_legislation:F2024L00374:body:0:p8
Version: federal_register_of_legislation:F2024L00374
Segment Type: other
Provision Reference: 
Character Range: 17997–20755

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 custodian:
(i) as soon as reasonably practicable; and
(ii) in any event before the property or assets are held, except in exceptional circumstances identified in the agreement; and
(j) to the effect that the responsible entity may terminate the agreement without:
(i) payment other than in relation to entitlements previously accrued or the reasonable expenses involved in transfer of the scheme property and assets to the responsible entity or another custodian; and
(ii) limiting any right to damages the responsible entity may have under the agreement, including recovering expenses referred to in subparagraph (i) if the custodian is in breach;
if the responsible entity has reasonable grounds for believing that:
(iii) there is or has been an act or omission of the custodian or a sub-custodian that results in the custodian being in breach of the agreement; and
(iv) as a result of the act or omission, to a material extent the custodian or a sub-custodian is not complying with or is unlikely to comply with 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 that the custodian arranged to be held, having regard to any remedy provided or that may be expected to be provided by the custodian or the sub-custodian; and
(k) to the effect that on termination of the engagement, the scheme property or assets must be transferred to the responsible entity, or as the responsible entity directs, within a reasonable period subject to reasonable provisions for the obligations of the parties at termination, including the payment of outstanding fees and charges to the custodian and any costs of the transfer; and
(l) to the effect that the custodian must notify material or systemic breaches of the agreement by it or by the responsible entity in writing to the board of directors of the responsible entity or the compliance committee of the relevant scheme within a reasonable time of becoming aware of the breach; and
(m) specifying the terms on which the custodian is authorised to engage another person to hold the scheme property or assets to which the agreement relates and providing that any such engagement must be either:
(i) under a written agreement meeting the requirements of subsections (2) to (5) (including this subparagraph and subparagraph (ii), but not including