Application for approval of fidelity fund scheme
54DA Application for approval of fidelity fund scheme
(1) The trustees of a fidelity fund scheme may apply to the Minister for approval of the scheme to provide fidelity certificates.
The application must:
be signed by all the trustees of the fidelity fund scheme; and
(b) be accompanied by a copy of the trust deed for the scheme, certified as prescribed by regulation; and
(c) include all the information required to satisfy the Minister that the scheme complies with the approval criteria.
(3) The approval criteria for a fidelity fund scheme are the requirements, prescribed by regulation, with which the scheme must comply to be an approved scheme.
(4) The approval criteria must include requirements for the following:
(a) the management of the fidelity fund scheme in accordance with the scheme's trust deed;
(b) qualifications or suitability for appointment as a trustee of the scheme;
the powers and duties of the trustees of the scheme;
the financial management of the scheme;
(e) the prescribed residential building work for which a fidelity certificate may be issued;
(f) the people who are entitled to make claims under a fidelity certificate;
applications for claims under a fidelity certificate;
dealing with claims under the scheme;
compliance with prudential standards.
(5) A regulation prescribing a requirement for the approval criteria may apply, adopt or incorporate (with or without changes) the whole or part of a law in force in the Territory, or the whole or part of a document, as in force or existing at a particular time or from time to time.
This provision refers to the regulations (prescribed by regulation
, A regulation
). Made under this Act:
This Act’s bill:Second reading speech
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