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		Legislation

Trustee corporations are authorised under individual State or Territory legislation to carry out their traditional business of managing deceased estates and trusts, and being an attorney.

Like individuals who act as trustees, trustee corporations are also subject to the relevant Trustee Act and to the duties of a trustee at general law.

Trustee corporations are supervised by the relevant Attorney General or equivalent. They are required to have adequate levels of capital and insurance. Directors and senior management are expected to be "fit and proper" persons with appropriate experience and expertise, so as to ensure that trustee activities are carried out in an ethical, professional and efficient manner.

Trustee corporations are obliged to maintain accurate client information and records of transactions. The supervisors receive regular financial reports from each licensed trustee corporation, and have the power to impose sanctions and conduct on-site inspections.

(Relevant State and Territory legislation can be accessed via www.austlii.edu.au)

Trustee corporations are also subject to certain Commonwealth legislation in respect of some of their other activities, ie:

• the Superannuation Industry (Supervision) Act 1993 (SIS), when they act as an "Approved Trustee" for superannuation funds.
  (Information on supervision of superannuation funds can be obtained at www.apra.gov.au
• the Managed Investments Act 1998 (MIA), when they operate managed funds as a "Responsible Entity".
  (Information on supervision of managed investment schemes can be obtained at www.asic.gov.auu)
• the Financial Services Reform Act 2001 (FSRA).
  (Information on FSRA can be obtained at www.asic.gov.au)

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