61Minister may require information about operation and

61 Minister may require information about operation and management (1) For section 54DE(1)(b) of the Act, the Minister may give the trustees of an approved scheme a notice requiring information relevant to the operation and management of the scheme.

Chapter 3 Fidelity fund schemes and approved schemes Part 3.3 Approved schemes – general matters Division 4 Suspensions, cancellations and changes Building (RBI and Fidelity Fund Schemes) Regulations 2012 34 (2) The notice must specify a reasonable period for complying with the notice. (3) Without limiting subregulation (1), the Minister may require information about any of the following: (a) the scheme's liabilities and potential liabilities at a particular date or time or at particular intervals; (b) contributions to the scheme; (c) administrative or other costs of the scheme; (d) claims received by the scheme; (e) applications for certificates received by the scheme; (f) contracts or arrangements for services provided to the trustees of the scheme. (4) If relevant to the requirement, the information may be given by an audit certificate. (5) Each trustee of the approved 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. Division 4 Suspensions, cancellations and changes