The powers, responsibilities and obligations of the responsible entity are set out in the CA 2001 and constitution of the registered scheme. The CA 2001 also sets out certain duties of responsible entities that require the responsible entity to (among other things):
Act honestly in the exercise of its powers and duties.
Exercise the degree of care and diligence that a reasonable person would exercise if they were in the responsible entity's position.
Act in the best interests of the members of the managed investment scheme and, if there is a conflict between the members' interests and the responsible entity's own interests, give priority to the members' interests.
For the purposes of the ASX Listing Rules, in relation to a trust that is not a registered scheme, a responsible entity is the entity that, in the ASX’s opinion, performs a substantially equivalent role in relation to the trust as a responsible entity performs in relation to a registered scheme (ASX Listing Rule 19.12).