Superannuation Industry (Supervision) Act 1993

PART 6A - ANNUAL PERFORMANCE ASSESSMENTS ETC.  

SECTION 60J   FORMULAS FOR RANKING PRODUCTS  

60J(1)    
APRA may give the following, in writing, to the Australian Taxation Office in relation to a period or periods:

(a)    a description of one or more methods for ranking Part 6A products;

(b)    information relating to all Part 6A products that allows that method or those methods to be used to rank those Part 6A products.

60J(2)    
In giving the description mentioned in paragraph (1)(a) , APRA may take into account regulations mentioned in subsection (3) .

60J(3)    
Regulations made for the purposes of this section may:

(a)    specify one or more formulas as a basis for ranking Part 6A products, or classes of Part 6A products, according to relative fee levels, investment returns or any other criterion; and

(b)    specify one or more methods for ranking Part 6A products according to that formula or those formulas.

60J(4)    
As soon as practicable after receiving the information, the Commissioner of Taxation must ensure that the information, to the extent that it relates to Part 6A products that are MySuper products, is made available on a website maintained by the Commissioner of Taxation.

Note:

If the disclosure of information is for the purposes of this Act, subsection 56(3) of the Australian Prudential Regulation Authority Act 1998 provides an exception to the secrecy offence in subsection 56(2) of that Act.

60J(5)    
For the purposes of subsection (4) , the information may be made available by:

(a)    making it available only in response to a query by a particular person; and

(b)    making it available in the form of a ranked list or ranked lists of Part 6A products, or classes of Part 6A products.

60J(6)    
Subsection (5) does not limit the ways in which the information may be made available for the purposes of subsection (4) .