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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify regulatory requirements
   • Research legislation that applies to a trustee organisation
   • Identify the regulators and ombudsman that regulate trustee organisations and their employees
   • Research and identify industry standards and guidelines relevant to a trustee organisation and the provision of its products and services
2. Analyse regulatory issues and risks for a trustee organisation
   • Identify and evaluate the regulatory and broader risks for a trustee organisation
   • Apply risk mitigation strategies to assist in compliance with regulatory requirements
3. Apply knowledge of regulatory requirements
   • Research and apply relevant trustee organisation policies and procedures to day-to-day work
   • 3.2 Provide trustee organisation's products and services to clients according to regulatory and organisational requirements
   • Incorporate regulatory and organisational requirements into relevant documentation and work practices
   • Seek specialist advice and guidance where required to interpret, analyse and apply regulatory requirements
4. Maintain knowledge of regulatory requirements
   • Access and use systems for maintaining up-to-date information about relevant regulatory requirements
   • 4.2 Review trustee organisation's practices and procedures against current regulatory requirements and update as necessary

Performance Evidence

Evidence of the ability to:

research current legislation and regulatory requirements in relation to the operations of a trustee organisation and its products, services and employees

provide products and services according to relevant regulatory and organisational requirements

develop and apply mitigation strategies to reduce any probable or potential chance of non-compliance

use systems and information sources to access and maintain current knowledge of regulatory requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe traditional trustee organisation products and services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering ppowers of aattorney

acting as guardian or financial manager, usually under court or ttribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

outline the differences in products and services offered by public and private trustee organisations including:

trustee or administrator for small super funds

providing tax advice and preparing tax returns

financial planning

funds management

corporate activities such as registry operations,custodial services ,trustee for debenture and convertible note issues,securitisation facilities ,compliance monitoring,trustee or administrator for retail super funds

explain relevant elements and any associated penalties for breach of the key regulatory requirements when operating a trustee organisation providing products and services including:

licensing regime

role of Australian Securities and Investments Commission (ASIC) including relevant regulatory guides and class orders

disclosure of capacity

fee transparency

financial services guides (FSG)

dispute resolution process

competency of representatives

fidelity duty of officers and employees

fee caps

financial management and risk management

describe the role of internal and external specialists relating to the application of regulatory requirements relevant to the trustee organisation

outline key sources of information on regulatory requirements including:

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

courts

existing or proposed trust deeds

fund managers

industry bodies

relevant federal, state and territory organisations

organisational policy and procedure manuals.

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