Retirement Savings Accounts Act 1997
35Notification of breach of conditions
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35 Notification of breach of conditions
(1) An RSA institution must, as soon as practicable, and in any event within 30 days, after becoming aware of a contravention of a condition to which the approval of the RSA institution is subject, give APRA a written notice setting out particulars of the contravention. (2) An RSA institution must not, without reasonable excuse, contravene subsection (1).
Penalty: 250 penalty units.
(3) Subsection (2) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.