ASIC has released the findings of a proactive review of responsible entities (REs) operating managed investment schemes in the unlisted property sector. As part of this review, ASIC is highlighting some areas where compliance behaviors could be improved to meet both the legal obligations of the REs and good practice within the industry. Some areas of non-compliance with key obligations include: (i) non-compliance with key Australian financial services (AFS) licence conditions including net tangible assets (NTA), base level financial requirements, professional indemnity; insurance, external dispute resolution scheme membership and key persons; (ii) inappropriate compliance arrangements for the nature, scale and complexity of the REs business and insufficient resources to undertake the compliance function; (iii) poor risk management systems/plans; (iv) insufficient measures to control and monitor the release of information to investors; and (v) inadequate controls to manage related party transactions.