FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 1 - Authorisation of RSE licensees as FHSA providers  

Subdivision F - Offences and self-incrimination  

SECTION 111   Failing to notify breach of condition on authorisation  

111(1)    
If an FHSA provider becomes aware that:

(a) the FHSA provider has breached or will breach a condition imposed on its authorisation as an FHSA provider; and

(b) the breach is or will be significant (see subsection (2));

the FHSA provider must give APRA a written report about the breach as soon as practicable, and in any case no later than 10 business days, after becoming aware of the breach.

111(2)    
For the purposes of subsection (1), a breach is or will be significant if the breach is or will be significant having regard to any one or more of the following factors:

(a) the number or frequency of similar previous breaches;

(b) the impact the breach has or will have on the FHSA provider ' s ability to fulfil its obligations as an FHSA provider;

(c) the extent to which the breach indicates that the FHSA provider ' s arrangements to ensure compliance with this Act, the regulations and the Prudential Standards might be inadequate;

(d) the actual or potential financial loss arising or that will arise from the breach to the holders of FHSAs provided by the FHSA provider;

(e) any other matters specified in regulations made for the purposes of this paragraph.

111(3)    
A person commits an offence if:

(a) the person is an FHSA provider; and

(b) the person is in breach of subsection (1).

Penalty: 50 penalty units.

111(4)    
Subsection (2) is an offence of strict liability.

Note:

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