(1)  An ADI at which a trust account is maintained must report any deficiency in the account to the prescribed authority as soon as practicable after becoming aware of the deficiency.

Penalty:  Fine not exceeding 50 penalty units.

(2)  An ADI at which a trust account is maintained must report a suspected offence in relation to the trust account to the prescribed authority as soon as practicable after forming the suspicion.

Penalty:  Fine not exceeding 50 penalty units.

(3)  An ADI must furnish to the prescribed authority reports about trust accounts in accordance with the regulations.

Penalty:  Fine not exceeding 50 penalty units.

(4)  An ADI at which a trust account is maintained must without charge –

(a) produce for inspection or copying by an investigator or external examiner any records relating to the trust account or trust money deposited in the trust account; and

(b) provide the investigator or external examiner with full details of any transactions relating to the trust account or trust money –

on demand by the investigator or external examiner and on production to the ADI of evidence of the appointment of the investigator or the external examiner in relation to the law practice concerned.

Penalty:  Fine not exceeding 50 penalty units.

(5)  Subsections (1) , (2) , (3) and (4) apply despite any legislation or duty of confidence to the contrary.

(6)  An ADI or an officer or employee of an ADI is not liable to any action for any loss or damage suffered by another person as a result of –

(a) reporting a deficiency in accordance with subsection (1) ; or

(b) making or furnishing a report in accordance with subsection (2) or (3) ; or

(c) producing records or providing details in accordance with subsection (4) .

Division 7 - Miscellaneous provisions