A body corporate that operates a registered scheme and is named in ASIC's record of the scheme's registration as its responsible entity. To be a responsible entity, the body corporate must be an Australian Financial Services Licensee whose licence authorises it to operate managed investment schemes (section 601FA, Corporations Act 2001 (Cth) (CA 2001)). The responsible entity either:

(Sections 601FB(2) and 601FC(2), CA 2001.)

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):

(Section 601FC, CA 2001.)

These duties coexist with the common law and equitable duties imposed on trustees as well as the duties of the directors of the responsible entity (see Practice note, Directors' duties: overview).

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).