54DD
In forceCompliance with conditions and prudential standards
Part 5APrescribed residential building work - consumer protection
Division 4Fidelity certificates and approved fidelity fund schemes
54DD Compliance with conditions and prudential standards
(1) Each trustee of an approved scheme must ensure the scheme complies with:
(a)
the conditions of the scheme's approval; and
(b)
the prudential standards.
Maximum penalty: 60 penalty units.
(2) An offence against subsection (1)(a) or (b) is a regulatory offence.
This Act’s bill:Second reading speech
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