60Minister may require compliance with prudential standards

60 Minister may require compliance with prudential standards (1) For section 54DE(1)(a) of the Act, this regulation applies if the Minister is satisfied on reasonable grounds that the trustees of an approved scheme: (a) are contravening a provision of the prudential standards; or (b) are likely to contravene a provision of the prudential standards in a way that is likely to give rise to prudential risk. (2) The Minister may, by written notice given to the trustees of the scheme, require them to comply with the provision of the prudential standards. (3) The notice must specify a reasonable time for compliance with the provision. (4) The trustees must comply with the notice despite anything to the contrary in the scheme's trust deed or in any contract or arrangement to which they are a party. (5) Each trustee of the scheme commits an offence if the trustees fail to comply with the notice. Maximum penalty: 60 penalty units. (6) An offence against subregulation (5) is a regulatory offence. (7) It is a defence to a prosecution for an offence against subregulation (5) if the defendant establishes a reasonable excuse.