30Requirements for determinations of breach

30 Requirements for determinations of breach

Secretary must give notice of proposed determination (1) Before determining under Subdivision A that an approved participant committed an individual breach, a serious breach or a disqualifying breach, the Secretary must give written notice of the proposed determination to: (a) the approved participant; and (b) if the Secretary proposes to make the determination because an investor made a transfer request—the investor. (2) The notice must: (a) state that the Secretary proposes to determine that the approved participant has committed the breach; and (b) invite the approved participant or investor, as the case requires, to make a written submission to the Secretary about the proposed determination no later than 14 days after the day the Secretary gives the notice. Secretary must have regard to certain matters (3) In deciding whether to make the determination, the Secretary must have regard to: (a) any submission made in accordance with paragraph (2)(b); and (b) the interests of investors, including the need to ensure that investors maintain confidence in the Scheme. (4) Subsection (3) does not limit the matters to which the Secretary may have regard in deciding whether to make the determination. Secretary must give notice of decision (5) If the Secretary gives notice under subsection (1) to an approved participant or investor of a proposed determination, the Secretary must, after having decided whether or not to make the determination, give written notice to the approved participant or investor of that decision.