(1) The compliance plan of a registered scheme must set out adequate measures that the responsible entity is to apply in operating the scheme to ensure compliance with this Act and the scheme's constitution, including the arrangements for:

(a)

ensuring that all scheme property is clearly identified as scheme property and held separately from property of the responsible entity and property of any other scheme (see paragraph 601FC(1)(i)); and

(b)

if the scheme is required to have a compliance committee (see section 601JA)-ensuring that the compliance committee functions properly, including adequate arrangements relating to:

(i)

the membership of the committee; and

(ii)

how often committee meetings are to be held; and

(iii)

the committee's reports and recommendations to the responsible entity; and

(iv)

the committee's access to the scheme's accounting records and to the auditor of the scheme's financial statements; and

(v)

the committee's access to information that is relevant to the responsible entity's compliance with this Act; and

(c)

ensuring that the scheme property is valued at regular intervals appropriate to the nature of the property; and

(d)

ensuring that compliance with the plan is audited as required by section 601HG; and

(e)

ensuring adequate records of the scheme's operations are kept; and

(f)

any other matter prescribed by the regulations.

(2) If:

(a)

a registration application is made as a result of a resolution passed under subparagraph 1457(1)(a)(i); and

(b)

the resolution included a direction under subsection 1457(1A);