Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actssubstitute
100 Approved scheme—conditions
(1) A fidelity fund scheme's approval is subject to the following conditions:
(a) the approved scheme must continue to comply with the approval criteria;
(b) the trustees of the approved scheme must tell the Minister, in writing, if there is a material change to the way in which the approved scheme complies with the approval criteria;
(c) a condition prescribed by regulation;
(d) any other condition the Minister considers appropriate.
(2) A condition may be expressed to have effect despite anything in the prudential standards.
(3) The trustees of an approved scheme each commit an offence if the scheme does not comply with a condition mentioned in subsection (1).
Maximum penalty: 60 penalty units.
(4) An offence against this section is a strict liability offence.
101 Approved scheme—application to change
(1) The trustees of an approved scheme may apply to the Minister to change the scheme.
(2) The application must—
(a) be in writing and signed by all the trustees of the scheme; and
(b) set out the proposed change to the scheme and the reasons for the change; and
(c) include evidence to show the proposed change to the scheme complies with the approval criteria.
(3) However, the Minister may declare a change to an approved scheme to be a change for which approval is not required.
(4) A declaration is a notifiable instrument.
102 Approved scheme—decision on application to change
(1) If the Minister receives an application under section 101, the Minister must approve, or refuse to approve, the change.
(2) The Minister may approve a change to a fidelity fund scheme only if satisfied the scheme would continue to comply with the approval criteria and the prudential standards.
(3) An approval or refusal is a notifiable instrument.