(1)  The regulations may make provision for or with respect to any matter to which this Part relates, including for or with respect to –

(a) the establishment, maintenance and closure of general trust accounts and controlled money accounts; and

(b) the manner of receiving, depositing, withdrawing, making records about and otherwise dealing with and accounting for trust money; and

(c) without limiting paragraph (a) or (b)  –

(i) the keeping and reconciliation of trust records; and

(ii) the establishment and keeping of trust ledger accounts; and

(iii) the establishment and keeping of records about controlled money and transit money; and

(iv) the establishment and keeping of registers of powers and estates where trust money is involved; and

(v) the recording of information about the investment of trust money; and

(vi) the furnishing of statements regarding trust money; and

(d) the notification to the prescribed authority and the Board of information relating directly or indirectly to matters to which this Part relates, including information about –

(i) trust accounts, trust money and trust records; and

(ii) the proposed or actual termination of a law practice that holds trust money; and

(iii) the proposed or actual termination of engaging in legal practice in this jurisdiction by a law practice that holds trust money; and

(iv) the proposed or actual restructuring of the business of a law practice so that it no longer holds or no longer will hold trust money; and

(e) the creation and exercise of liens over trust money; and

(f) providing exemptions, or providing for the giving of exemptions, from all or any specified requirements of this Part.

(2)  The regulations may provide for any of the following:

(a) penalties for offences against the regulations not exceeding 25 penalty units for a natural person and 50 penalty units for a body corporate;

(b) the payment of a prescribed amount instead of a penalty that may otherwise be imposed for an offence against this Part or the regulations;

(c) the service of an infringement notice, in respect of payment of a prescribed amount, on a person alleged to have committed an offence referred to in paragraph (b) and the particulars to be included in the notice.