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(1) An approved trustee of a registered scheme shall ensure that the scheme's financial statements for a financial period are audited before the deadline after that period.

(2) An approved trustee who fails to take reasonable steps to comply with sub- regulation (1) commits an offence and is liable on summary conviction to a fine of not less than one thousand, two hundred and fifty penalty units and not more than two thousand, five hundred and fifty penalty units or to a term of imprisonment not more than five years or to both.