Superannuation Industry (Supervision) Act 1993

PART 25 - MONITORING AND INVESTIGATION  

Division 3A - Regulator may accept and enforce undertakings  

SECTION 262A   ACCEPTANCE AND ENFORCEMENT OF UNDERTAKINGS  

262A(1)   [Acceptance]  

The Regulator may accept a written undertaking given by a person in connection with a matter in relation to which the Regulator has a function or power under this Act, the regulations or the prudential standards.

262A(2)   [Withdrawal with consent]  

The person may withdraw or vary the undertaking at any time, but only with the Regulator's consent.

262A(3)   [Breach of terms]  

If the Regulator considers that the person who gave the undertaking has breached any of its terms, the Regulator may apply to the Court for an order under subsection (4).

262A(4)   [Court orders]  

If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders:

(a) an order directing the person to comply with that term of the undertaking;

(b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach;

(c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach;

(d) any other order that the Court considers appropriate.