Superannuation Industry (Supervision) Act 1993

PART 15 - STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

Division 3 - Disqualified persons  

Subdivision C - Other matters relating to disqualification  

SECTION 126K   DISQUALIFIED PERSONS NOT TO BE TRUSTEES, INVESTMENT MANAGERS OR CUSTODIANS OF SUPERANNUATION ENTITIES  

126K(1)   [ Offence relating to superannuation entities]  

A person commits an offence if:

(a) the person is a disqualified person; and

(b) the person knows he or she is a disqualified person; and

(c) the person is or acts as a trustee, investment manager or custodian of a superannuation entity; and

(d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H - the person is disqualified from being or acting as a trustee of that superannuation entity.

Penalty: Imprisonment for 2 years.

126K(2)   [ Strict liability offence]  

A person commits an offence if:

(a) the person is a disqualified person; and

(b) the person knows he or she is a disqualified person; and

(c) the person is or acts as a trustee, investment manager or custodian of a superannuation entity; and

(d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H - the person is disqualified from being or acting as a trustee of that superannuation entity.

Penalty: 60 penalty units.

126K(3)   [ Strict liability]  

Subsection (2) is an offence of strict liability.

Note:

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

126K(4)   [ Offence relating to body corporates]  

A person commits an offence if:

(a) the person is a disqualified person; and

(b) the person knows he or she is a disqualified person; and

(c) the person is or acts as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity; and

(d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H - the person is disqualified from being or acting as that responsible officer.

Penalty: Imprisonment for 2 years.

126K(5)   [ Strict liability offence]  

A person commits an offence if:

(a) the person is a disqualified person; and

(b) the person knows he or she is a disqualified person; and

(c) the person is or acts as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity; and

(d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H - the person is disqualified from being or acting as that responsible officer.

Penalty: 60 penalty units.

126K(6)   [ Strict liability]  

Subsection (5) is an offence of strict liability.

Note:

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

126K(7)   [ Offence relating to informing of Regulator]  

A person commits an offence if:

(a) the person is a trustee of a superannuation entity; and

(b) the person is or becomes a disqualified person; and

(c) the person does not tell the Regulator in writing immediately.

Penalty: 50 penalty units.

126K(8)   [ Strict liability]  

Subsection (7) is an offence of strict liability.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

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