Retirement Savings Accounts Act 1997

Part 10 heading substituted by No 158 of 2012, s 3 and Sch 4 item 33, effective 29 November 2012. The heading formerly read:

PART 10 - MONITORING AND INVESTIGATING RSA PROVIDERS

Div 3 heading substituted by No 54 of 1998.

S 95(1) amended by No 121 of 2001, s 3 and Sch 2 item 89, by inserting " or the Financial Sector (Collection of Data) Act 2001 " after " regulations " , effective 1 July 2002. For application provision see history note under s 3(1).

S 95(1) substituted by No 54 of 1998.

S 95(1A) amended by No 76 of 2023, s 3 and Sch 2 item 696, by omitting " Chapter 7 of " before " the Corporations Act 2001 " , effective 20 October 2023.

S 95(1A) substituted by No 13 of 2018 (as amended by No 35 of 2022), s 3 and Sch 3 item 13, effective 5 March 2022. No 13 of 2018 (as amended by No 35 of 2022), s 3 and Sch 3 items 32 - 35 contain the following application, saving and transitional provisions:

Part 3 - Application, saving and transitional provisions

32 Existing determinations unaffected  
…

(2)
The amendments of Acts made by Part 2 of this Schedule do not apply in relation to such a determination, and those Acts continue to apply after the commencement of that Part in relation to such a determination as if those amendments had not been made.
33 Transfer of records  
(1)
This item applies to any records or documents that were in the possession of the following immediately before the commencement of Part 1 of this Schedule:
(a) a member of the Superannuation Complaints Tribunal;
(b) a member of the staff of the Australian Securities and Investments Commission who had been made available to the Superannuation Complaints Tribunal under section 62 of the Superannuation (Resolution of Complaints) Act 1993 .

(2)
The records and documents are to be transferred to the Australian Securities and Investments Commission after that commencement.

Note:

The records and documents are Commonwealth records for the purposes of the Archives Act 1983 .

Records and documents taken to be protected information

(3)
For the purposes of section 127 of the Australian Securities and Investments Commission Act 2001 , a record or document transferred to the Australian Securities and Investments Commission under subitem (2) of this item is taken to be protected information, unless the document or record has already been lawfully made available to the public.
34 Remittal of matters by the Federal Court  
(1)
This item applies in relation to an appeal to the Federal Court under section 46 of the Superannuation (Resolution of Complaints) Act 1993 , as in force immediately before the commencement of Part 1 of this Schedule, from a determination of the Superannuation Complaints Tribunal, if the appeal was not finally determined before that commencement.

(2)
Without limiting the powers of the Federal Court, the Federal Court may make an order remitting the matter to be determined by the Australian Financial Complaints Authority in accordance with the directions of the Court.
35 Transitional rules  
(1)
The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Schedule.

(2)
To avoid doubt, the rules may not do the following:
(a) create an offence or civil penalty;
(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;
(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
(e) directly amend the text of this Act.

S 95(1A) formerly read:

95(1A)
If it appears to ASIC that an RSA provider has refused or failed to give effect to:

(a) a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993 ; or

(b) a determination made under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 );

ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider.

S 95(1A) substituted by No 13 of 2018, s 3 and Sch 1 item 16, effective 6 March 2018 and applicable on and after the day on which the first authorisation of an external dispute resolution scheme, under Part 7.10A of the Corporations Act 2001 , comes into force. S 95(1A) formerly read:

95(1A)
If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993 , ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider.

S 95(1A) inserted by No 54 of 1998.

S 95(2) amended by No 54 of 1998.