Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 9 - Offences and self-incrimination  

SECTION 29JA   FAILING TO NOTIFY BREACH OF LICENCE CONDITION  

29JA(1)    

If an RSE licensee becomes aware that:

(a)    the RSE licensee has breached or will breach a condition imposed on its RSE licence; and

(b)    the breach is or will be significant (see subsection (1A) );

the RSE licensee must give APRA a written report about the breach as soon as practicable, and in any case within 30 days, after becoming aware of the breach.

29JA(1A)    

For the purposes of subsection (1), a breach is or will be significant if the breach is or will be significant having regard to any one or more of the following factors:

(a)    the number or frequency of similar previous breaches;

(b)    the impact the breach has or will have on the RSE licensee ' s ability to fulfil its obligations as trustee of the superannuation entity;

(c)    

the extent to which the breach indicates that the RSE licensee ' s arrangements to ensure compliance with the RSE licensee law or Chapter 2M of the Corporations Act 2001 might be inadequate;

(d)    the actual or potential financial loss arising or that will arise from the breach to the beneficiaries of the entity or to the RSE licensee;

(e)    any other matters prescribed by regulations made for the purposes of this paragraph.

29JA(2)    
A person commits an offence if:

(a)    the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b)    the RSE licensee is in breach of subsection (1).

Penalty: 50 penalty units.

29JA(3)    
Subsection (2) is an offence of strict liability.

Note 1:

For strict liability , see section 6.1 of the Criminal Code .

Note 2:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.