Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:1_29hc
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 1 cl 29HC
Character Range: 58624–60434

29HC  Notification of modifications etc. to risk management strategies

 (1) If an RSE licensee modifies its risk management strategy, the RSE licensee must give APRA:
 (a) a copy of the modification; and
 (b) a copy of the strategy as modified;
within 14 days after making the modification.

 (2) If an RSE licensee repeals its risk management strategy (the old strategy) and replaces it with another risk management strategy (the new strategy), the RSE licensee must give APRA:
 (a) a copy of the new strategy; and
 (b) a written statement to the effect that the new strategy replaces the old strategy;
within 14 days after the old strategy is repealed.

 (3) Any copy or statement given to APRA by an RSE licensee under this section must be signed by the RSE licensee.

Note: If the RSE licensee is a group of individual trustees, the copy or statement must be signed by each of the members of the group: see subsection 13A(6).

 (4) A person commits an offence if:
 (a) the person is:
 (i) a body corporate that is an RSE licensee; or
 (ii) a member of a group of individual trustees that is an RSE licensee; and
 (b) the RSE licensee is in breach of subsection (1), (2) or (3).

Penalty: 50 penalty units.

 (5) A person commits an offence if:
 (a) the person is:
 (i) a body corporate that is an RSE licensee; or
 (ii) a member of a group of individual trustees that is an RSE licensee; and
 (b) the RSE licensee is in breach of subsection (1), (2) or (3).
This is an offence of strict liability.

Penalty: 25 penalty units.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.

Subdivision C—Miscellaneous