MSC Group Compliance

Financial Requirements

MSC Trustees is required to meet strict financial guidelines as set out in the Australian Corporations Act 2001 and under its AFSL and ACL, including holding minimum net tangible assets and it must produce regular cash flow projections to ensure it has the financial resources to meet its obligations on an ongoing basis.

MSC Advisory is also required to meet strict requirements as set out in the Australian Corporations Act 2001 and under its AFSL and ACL.

Compliance Committee

A Compliance Committee has been established to monitor compliance and report to directors of MSC Trustees on a regular basis regarding adherence of the company to the Corporations Act and ASIC requirements.

If any issues or breaches are not addressed by either the management or the Board of the company, the Compliance Committee is obliged to report directly to ASIC.   The Compliance Committee is currently comprised of an executive director of MSC Trustees and two independent, external members – with a majority of external members as required by the Australian Corporations Act.

Insurance Requirements

MSC Trustees and MSC Advisory are required under licensing obligations to hold adequate insurance including professional indemnity at all times.

Audit

In adherence with Corporations Act requirements, MSC Trustees is subject to independent financial audit.

Both MSC Trustees and MSC Advisory are subject to independent licensing compliance audit on a minimum annual basis.