Superannuation Industry (Supervision) Act 1993

Pt 2B inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Div 5 heading substituted by No 40 of 2019, s 3 and Sch 7 item 4, applicable in relation to years of income of a registrable superannuation entity beginning on or after 6 April 2019. Div 5 heading formerly read:

Division - Offences

Div 5 inserted by No 171 of 2012 (as amended by No 21 of 2015), s 3 and Sch 3 item 42, effective 1 July 2013. No 21 of 2015, s 3 and Sch 7 item 51, contains the following provision:

51 Validation of regulations  
(1)
Regulations made under the Superannuation Industry (Supervision) Act 1993 before the commencement of this item are as valid as they would have been if they had been made under that Act as amended by the corrected Act.

(2)
For the purposes of this item, the corrected Act is the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 as amended by items 49 and 50 of this Schedule.

Former Div 5 repealed by No 117 of 2012, s 3 and Sch 2 item 33, effective 9 September 2012. Div 5 formerly read:

Division 5 - Risk management plans

Subdivision A - Contents of risk management plans

 View history note

 Hide history note

History

Subdiv A inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

SECTION 29P CONTENTS OF RISK MANAGEMENT PLANS  
29P(1)
The risk management plan for a registrable superannuation entity must set out reasonable measures and procedures that the RSE licensee of the entity is to apply to identify, monitor and manage the risks that arise in operating the entity.

29P(2)
Without limiting subsection (1), the risk management plan for a registrable superannuation entity must set out:

(a) reasonable measures and procedures that the RSE licensee of the entity is to apply to identify, monitor and manage:

(i) the risks to the investment strategy relevant to the entity; and

(ii) the risks to the entity's financial position; and

(iii) the risks from entering into outsourcing arrangements relating to the entity; and

(b) the circumstances in which an audit of the risks referred to in this section is to be undertaken; and

(c) such other matters as are prescribed by regulations made for the purposes of this paragraph.

29P(3)
The risk management plan must be signed by the RSE licensee of the entity.

Note:

If the RSE licensee is a group of individual trustees, the plan must be signed by each of the individual trustees: see subsection 13A(6) .

29P(4)
The risk management plan must not by reference incorporate provisions of any other document unless that other document is available, without charge, to members of the public.

29P(5)
A risk management plan does not fail to comply with the above section merely because it reproduces information contained in the risk management strategy of the RSE licensee of the entity or in a risk management plan for another entity that has the same RSE licensee.

 View history note

 Hide history note

History

S 29P inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Subdivision B - Maintaining and reviewing risk management plans

 View history note

 Hide history note

History

Subdiv B inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

SECTION 29PA REQUIREMENT TO MAINTAIN AND REVIEW RISK MANAGEMENT PLANS  
29PA(1)
An RSE licensee of a registrable superannuation entity that has been registered under this Part must:

(a) ensure that at all times the risk management plan for the entity is up-to-date; and

(b) ensure that the risk management plan for the entity is reviewed at least once each year to ensure that it complies with section 29P ; and

(c) modify, or replace, the risk management plan for the entity in accordance with section 29PB if at any time the trustee becomes aware that the risk management plan no longer complies with section 29P .

29PA(2)
An RSE licensee of a registrable superannuation entity must review the risk management plan for the entity within 60 days after the RSE licensee:

(a) becomes the RSE licensee of the entity (unless the entity is a registrable superannuation entity of which, at the time of the application for an RSE license, the RSE licensee proposed to become the RSE licensee); or

(b) becomes an acting trustee appointed under Part 17 of a superannuation entity following the suspension or removal of a former trustee of the entity under that Part.

However, this subsection does not apply if a review of the risk management plan is due under paragraph (1)(b) within the 60 days after the RSE licensee becomes the RSE licensee, or trustee, of the entity.

Note:

Only a person may be appointed as an acting trustee under Part 17 : see section 134 .

 View history note

 Hide history note

History

S 29PA inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

SECTION 29PB MODIFICATIONS ETC. TO RISK MANAGEMENT PLANS  
29PB(1)
An RSE licensee of a registrable superannuation entity that has been registered under this Part may:

(a) modify the risk management plan for the entity; or

(b) repeal the risk management plan for the entity and replace it with a new risk management plan.

29PB(2)
However, after the modification or the repeal and replacement, the risk management plan must comply with section 29P .

29PB(3)
APRA may direct an RSE licensee of a registrable superannuation entity that has been registered under this Part to modify the risk management plan for the entity, as set out in the direction, by a specified time, to ensure that the plan complies with section 29P . The direction is to be given by notice to the RSE licensee.

Note:

A failure to comply with a direction may be an offence: see section 29Q .

29PB(4)
A time specified in a direction given to an RSE licensee under subsection (3) must be at least 14 days after the direction is given to the RSE licensee.

 View history note

 Hide history note

History

S 29PB inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

SECTION 29PC NOTIFICATION OF MODIFICATIONS ETC. TO RISK MANAGEMENT PLANS  
29PC(1)
If an RSE licensee modifies a risk management plan for a registrable superannuation entity that has been registered under this Part, the RSE licensee must give APRA:

(a) a copy of the modification; and

(b) a copy of the plan as modified;

within 14 days after making the modification.

29PC(2)
If an RSE licensee repeals a risk management plan (the old plan ) for a registrable superannuation entity that has been registered under this Part and replaces it with another risk management plan (the new plan ), the RSE licensee must give APRA:

(a) a copy of the new plan; and

(b) a written statement to the effect that the new plan replaces the old plan;

within 14 days after the old plan is repealed.

29PC(3)
Any copy or statement given to APRA under this section must be signed by the RSE licensee.

Note:

If the RSE licensee is a group of individual trustees, the copy or statement must be signed by each of the individual trustees: see subsection 13A(6) .

29PC(4)
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), (2) or (3).

Penalty: 50 penalty units.

29PC(5)
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), (2) or (3).

This is an offence of strict liability.

Penalty: 25 penalty units.

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.

 View history note

 Hide history note

History

S 29PC inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Subdivision C - Miscellaneous

 View history note

 Hide history note

History

Subdiv C inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

SECTION 29PD ACCESS TO RISK MANAGEMENT PLANS  
29PD(1)
If a member or unit holder of a registrable superannuation entity that has been registered under this Part requests a copy of the risk management plan for the entity, the RSE licensee of the entity must make a copy of the plan available, without charge, to the member or unit holder as soon as practicable after the RSE licensee receives the request.

29PD(2)
If an employer-sponsor of a registrable superannuation entity that:

(a) has been registered under this Part; and

(b) is a defined benefit fund;

requests a copy of the risk management plan for the entity, the RSE licensee of the entity must make a copy of the plan available, without charge, to the employer-sponsor as soon as practicable after the RSE licensee receives the request.

 View history note

 Hide history note

History

S 29PD inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

SECTION 29PE APRA TO BE GIVEN INFORMATION  
29PE(1)
APRA may give an RSE licensee of a registrable superannuation entity that has been registered under this Part a notice requesting the RSE licensee to give APRA, in a specified way, specified information relating to the risk management plan for the entity by a specified time that is reasonable in the circumstances.

29PE(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) there has been a failure by the RSE licensee to comply with the notice.

Penalty: 50 penalty units.

29PE(3)
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) there has been a failure by the RSE licensee to comply with the notice.

This is an offence of strict liability.

Penalty: 25 penalty units.

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.

Note 3:

Sections 137.1 and 137.2 of the Criminal Code also create offences for providing false or misleading information or documents.

29PE(4)
Subsection (2) or (3) does not apply if the RSE licensee has a reasonable excuse for the failure to comply with the notice under subsection (1).

Note:

A defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ).

 View history note

 Hide history note

History

S 29PE inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Former Div 5 inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Subdiv B heading inserted by No 40 of 2019, s 3 and Sch 7 item 5, applicable in relation to years of income of a registrable superannuation entity beginning on or after 6 April 2019.

S 29QB repealed by No 29 of 2023, s 3 and Sch 6 item 207, effective 1 July 2023. S 29QB formerly read:

SECTION 29QB CERTAIN INFORMATION REQUIRED TO BE MADE PUBLICLY AVAILABLE  
29QB(1)
An RSE licensee of a registrable superannuation entity must ensure that the following is made publicly available, and kept up to date, at all times on the registrable superannuation entity ' s website:
(a) details of the remuneration of:

(i) if the RSE licensee is a body corporate - each executive officer in relation to the RSE licensee; and

(ii) if the RSE licensee is a group of individual trustees - each trustee of the registrable superannuation entity;

being details of a kind prescribed by the regulations;
(b) any other document or information prescribed by the regulations.

[ CCH Note 1: ASIC Class Order [CO 14/509] (F2016C00415) (repealed by ASIC Superannuation (Repeal) Instrument 2017/573 (F2017L00739), effective 24 June 2017), made the declaration below.

SECTION 4 Declaration  
4
Section 29QB of the Act has effect in relation to an RSE licensee of a registrable superannuation entity as if that section were modified by inserting after subsection 29QB(1):

29QB(1A)
If subsection (1) requires the RSE licensee of a registrable superannuation entity to make publicly available, or update, particular details, a particular document or particular information on the registrable superannuation entity ' s website, the RSE licensee is taken to satisfy that requirement if:

(a) for details prescribed by regulation 2.37 of the Superannuation Industry (Supervision) Regulations 1994 ( Regulations ) - the details (as updated if applicable) are included on the registrable superannuation entity ' s website by the following time:

(i) for details about a person referred to in item 1 of the table in subregulation 2.37(1) - within 20 business days after the person referred to in the item:

(A) is appointed as a relevant executive officer or relevant individual trustee; or

(B) advises the RSE licensee that they have changed their name; and

(ii) for details referred to in any of items 2 to 4 of the table in subregulation 2.37(1) - within 20 business days after the event referred to in the relevant item occurs; and

(iii) for details referred to in any of items 5 to 7 and 9 to 16 of the table in subregulation 2.37(1) (as affected by subregulation 2.37(2) ) - within 4 months after the end of the most recently completed financial year referred to in the relevant item; and

(iv) for details referred to in item 8 of the table in subregulation 2.37(1) (as affected by subregulation 2.37(2) ) - within 4 months after the end of the financial year referred to in the item; and

(b) for a document or information prescribed by regulation 2.38 of the Regulations - the document or information (as updated if applicable) is included on the registrable superannuation entity ' s website by the following time:

(i) for a document referred to in any of paragraphs 2.38(2)(a) to (c) of the Regulations - within 20 business days after the document beginning to apply in relation to the registrable superannuation entity or in the case of being amended, the later of the date of amendment and the effective date of the amendment; and

(ii) for an actuarial report referred to in paragraph 2.38(2)(d) of the Regulations - within 20 business days after the RSE licensee receives the report; and

(iii) for a product disclosure statement referred to in paragraph 2.38(2)(e) of the Regulations - within 20 business days after a copy of the product disclosure statement (including any Supplementary Product Disclosure Statement or Replacement Product Disclosure Statement) is first given to a person in a recommendation, issue or sale situation; and

(iv) for an annual report referred to in paragraph 2.38(2)(f) of the Regulations - within 20 business days after the annual report is first provided or made available to a member; and

(v) for a financial services guide referred to in paragraph 2.38(2)(g) of the Regulations - within 20 business days after the financial services guide is first given to a person under section 941A or 941B of the Corporations Act 2001 ; and

(vi) for a summary of a significant event or material change notice referred to in paragraph 2.38(2)(h) of the Regulations - within 20 business days after the notice is first sent to members; and

(vii) for information in relation to a person referred to in paragraph 2.38(2)(i) of the Regulations - within 20 business days after the person is appointed to provide a service referred to in that paragraph; and

(viii) for information in relation to a person referred to in paragraph 2.38(2)(j) of the Regulations - within 20 business days after:

(A) the person is appointed as an executive officer of the RSE licensee or an individual trustee; or

(B) the end of each financial year (as defined in subregulation 2.37(6) of the Regulations) during which the person served as a trustee or executive officer; and

(ix) for a record of attendance for a director referred to in paragraph 2.38(2)(k) of the Regulations - within 20 business days after the end of each financial year of the RSE licensee during some or all of which the director has served; and

(x) for a register referred to in paragraph 2.38(2)(l) of the Regulations - the register as at the end of the most recent quarter is included within 20 business days after the end of the quarter; and

(xi) for a summary of the conflicts management policy referred to in paragraph 2.38(2)(m) - within 20 business days after the policy being established or amended; and

(xii) for a policy referred to in paragraph 2.38(2)(n) of the Regulations - within 20 business days after the policy being established or amended; and

(xiii) for the summary referred to in paragraph 2.38(2)(o) of the Regulations - within 20 business days after the end of the previous financial year referred to in the paragraph; and

(xiv) for a constitution of an RSE licensee referred to in paragraph 2.38(3)(a) of the Regulations - within 20 business days after the constitution beginning to apply in relation to the RSE licensee or being amended; and

(xv) for the annual financial statement referred to in paragraph 2.38(3)(b) of the Regulations - the day that the statement is first lodged with ASIC or provided to a member of the RSE licensee.

29QB(1B)
In subsection (1A), a reference to:

(a) a document includes a reference to a redacted version of the document that the Regulations permit the RSE licensee to make available and update; and

(b) a document being amended or updated includes a reference to the document being replaced.

29QB(1C)
In subsection (1A):

recommendation, issue or sale situation
means a recommendation situation , an issue situation or a sale situation within the meaning of Division 2 of Part 7.9 of the Corporations Act 2001 .

Replacement Product Disclosure Statement
has the same meaning as in the Corporations Act 2001 .

relevant executive officer
has the same meaning as in subregulation 2.37(1) of the Regulations.

relevant individual trustee
has the same meaning as in subregulation 2.37(1) of the Regulations.

Supplementary Product Disclosure Statement
has the same meaning as in the Corporations Act 2001 .

SECTION 5
5
Regulation 2.37 of the Superannuation Industry (Supervision) Regulations 1994 (the Regulations ) has effect in relation to an RSE licensee of a registrable superannuation entity as if that regulation were modified by inserting after subregulation 2.37(5) :

2.37(6)
In this regulation,

financial year
means:

(a) in relation to a relevant executive officer, the financial year of the RSE licensee; and

(b) in relation to an individual trustee, a period of 12 months ending on 30 June.

SECTION 6
6
Regulation 2.38 of the Regulations has effect in relation to an RSE licensee of a registrable superannuation entity as if that regulation were modified by inserting after subregulation 2.38(4) :

2.38(4A)
Despite subregulation (2):

(a) until 30 June 2017, the RSE licensee:

(i) does not need to make available or update a document referred to in any of paragraphs (2)(a), (b), (d), (e), (f) and (h) if the document only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan; and

(ii) instead of making available and updating a document referred to in any of paragraphs (2)(a), (b), (d), (e), (f) and (h), may make available and update a version of the document that has been redacted to exclude information that:

(A) only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan; or

(B) is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity; and

(b) from 30 June 2017, instead of making available and updating a document referred to in any of paragraphs (2)(a), (b), (d), (e), (f) and (h), the RSE licensee may make available and update a version of the document that has been redacted to exclude information that is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity.

2.38(5)
In this regulation:

financial year
means:

(a) in paragraphs (2)(f) and (o), the financial year of the registrable superannuation entity; and

(b) in paragraph (2)(k) and subregulation (3), the financial year of the RSE licensee.

personal information
has the same meaning as in subsection 6(1) of the Privacy Act 1988 .

standard employer-sponsored sub-plan
means a segment of a public offer superannuation fund for which each member of the segment is:

(a) a standard employer-sponsored member; or

(b) a member of a prescribed class for the purposes of sub-subparagraph 18(1)(a)(ii)(B) of the Act.

Note:

Regulation 3.01 specifies what is a prescribed class for the purposes of sub-subparagraph 18(1)(a)(ii)(B) of the Act.

]

[ CCH Note 2: ASIC Superannuation (RSE Websites) Instrument 2017/570 (F2017L00738) (repealed by ASIC Corporations, Credit and Superannuation (Amendment and Repeal) Instrument 2023/699 (F2023L01309), effective 28 September 2023), provided relief as below.

PART 2 - EXEMPTION

5 Exemption from timing requirements for updating or making available details, documents and information  
(1)
An RSE licensee of a registrable superannuation entity does not have to comply with subsection 29QB(1) of the Act to the extent that it requires the RSE licensee to make publicly available, or update, any of the following details, documents or information on the registrable superannuation entity ' s website earlier than:

(a) for details about a person referred to in item 1 of the table in subregulation 2.37(1) of the Regulations - 20 business days after the person referred to in the item:

(i) is appointed as a relevant executive officer or relevant individual trustee; or

(ii) advises the RSE licensee that they have changed their name; and

(b) for details referred to in any of items 2 to 4 of the table in subregulation 2.37(1) of the Regulations - 20 business days after the event referred to in the relevant item occurs; and

(c) for details referred to in any of items 5 to 7 and 9 to 16 of the table in subregulation 2.37(1) of the Regulations (as affected by subregulation 2.37(2) ) - 4 months after the end of the most recently completed financial year referred to in the relevant item; and

(d) for details referred to in item 8 of the table in subregulation 2.37(1) of the Regulations (as affected by subregulation 2.37(2) ) - 4 months after the end of the financial year referred to in the item; and

(e) for a document referred to in any of paragraphs 2.38(2)(a) to (c) of the Regulations - 20 business days after the document beginning to apply in relation to the registrable superannuation entity or in the case of being amended, the later of the date of amendment and the effective date of the amendment; and

(f) for an actuarial report referred to in paragraph 2.38(2)(d) of the Regulations - 20 business days after the RSE licensee receives the report; and

(g) for a product disclosure statement referred to in paragraph 2.38(2)(e) of the Regulations - 20 business days after a copy of the product disclosure statement (including any Supplementary Product Disclosure Statement or Replacement Product Disclosure Statement) is first given to a person in a recommendation, issue or sale situation; and

(h) for an annual report referred to in paragraph 2.38(2)(f) of the Regulations - 20 business days after the annual report is first provided or made available to a member; and

(i) for a financial services guide referred to in paragraph 2.38(2)(g) of the Regulations - 20 business days after the financial services guide is first given to a person under section 941A or 941B of the Corporations Act 2001 ; and

(j) for a summary of a significant event or material change notice referred to in paragraph 2.38(2)(h) of the Regulations - 20 business days after the notice is first sent to members; and

(k) for information in relation to a person referred to in paragraph 2.38(2)(i) of the Regulations - 20 business days after the person is appointed to provide a service referred to in that paragraph; and

(l) for information in relation to a person referred to in paragraph 2.38(2)(j) of the Regulations:

(i) 20 business days after the person is appointed as an executive officer of the RSE licensee or an individual trustee; or

(ii) 20 business days after the end of:

(A) if the person is an executive officer - each financial year during some or all of which the person served as an executive officer; or

(B) if the person is an individual trustee - each period of 12 months ending on 30 June during some or all of which the person served as a trustee; and

(m) for a record of attendance for a director referred to in paragraph 2.38(2)(k) of the Regulations - 20 business days after the end of each financial year of the RSE licensee during some or all of which the director has served; and

(n) for a register referred to in paragraph 2.38(2)(l) of the Regulations - 20 business days after the end of each quarter; and

(o) for a summary of the conflicts management policy referred to in paragraph 2.38(2)(m) - 20 business days after the policy being established or amended; and

(p) for a policy referred to in paragraph 2.38(2)(n) of the Regulations - 20 business days after the policy being established or amended; and

(q) for the summary referred to in paragraph 2.38(2)(o) of the Regulations - 20 business days after the end of the previous financial year referred to in the paragraph; and

(r) for a constitution of an RSE licensee referred to in paragraph 2.38(3)(a) of the Regulations - 20 business days after the constitution beginning to apply in relation to the RSE licensee or being amended; and

(s) for the annual financial statement referred to in paragraph 2.38(3)(b) of the Regulations - the day that the statement is first lodged with ASIC or provided to a member of the RSE licensee.

(2)
In subsection (1), a reference to a document being amended or updated includes a reference to the document being replaced.

6 Exemption for disclosure in relation to a financial year  
(1)
An RSE licensee of a registrable superannuation entity does not have to comply with subsection 29QB(1) of the Act to the extent that it requires the RSE licensee to make publicly available, or update, details referred to in an item of the table in subregulation 2.37(1) of the Regulations (as affected by subregulation 2.37(2) ) on the registrable superannuation entity ' s website if:

(a) the requirement applies in relation to a financial year referred to in the item and in relation to a relevant executive officer or a relevant individual trustee; and

(b) the financial year referred to is not:

(i) in the case of a relevant executive officer, the financial year of the RSE licensee; and

(ii) in the case of a relevant individual trustee, a period of 12 months ending on 30 June.

(2)
An RSE licensee of a registrable superannuation entity does not have to comply with subsection 29QB(1) of the Act to the extent that it requires the RSE licensee to make publicly available, or update, a document or information referred to in paragraph 2.38(2)(f) , (k), (o) or (3)(b) of the Regulations on the registrable superannuation entity ' s website if the financial year referred to in the paragraph is not:

(a) in the case of paragraphs (2)(f) and (o), the financial year of the registrable superannuation entity; and

(b) in the case of paragraphs (2)(k) and (3)(b), the financial year of the RSE licensee.

7 Exemption for documents that relate to a standard employer-sponsored sub-plan or contain personal information  
(1)
Until 30 June 2024, an RSE licensee of a registrable superannuation entity does not have to comply with paragraph 29QB(1)(b) of the Act to the extent that it requires the RSE licensee to make available or update a document referred to in any of paragraphs 2.38(2)(a) , (b), (d), (e), (f) and (h) of the Regulations if the document only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan.

(2)
Until 30 June 2024, an RSE licensee of a registrable superannuation entity does not have to comply with paragraph 29QB(1)(b) of the Act to the extent that it requires the RSE licensee to make available or update a document referred to in any of paragraphs 2.38(2)(a) , (b), (d), (e), (f) and (h) of the Regulations if the document contains information that only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan.

(3)
An RSE licensee of a registrable superannuation entity does not have to comply with paragraph 29QB(1)(b) of the Act to the extent that it requires the RSE licensee to make available or update a document referred to in any of paragraphs 2.38(2)(a) , (b), (d), (e), (f) and (h) of the Regulations if the document contains information that is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity.

8 Conditions  
Details, documents and information to be made publicly available, or updated, within the specified time

(1)
Subject to subsections (2) and (3), an RSE licensee of a registrable superannuation entity that relies on an exemption in section 5 or 6 or subsection 7(2) or (3) in relation to details, a document or information must make publicly available, or update, on the registrable superannuation entity ' s website the details, document or information:

(a) within the period of time referred to in subsection 5(1) in relation to the details, document or information; and

(b) otherwise in accordance with regulation 2.37 or 2.38 of the Regulations (as applicable).

Details, documents and information to be made publicly available, or updated, in relation to a relevant financial year

(2)
Subject to subsection (3), if:

(a) the RSE licensee relies on an exemption in section 5 or 6 or subsection 7(2) or (3) in relation to a requirement to make publicly available, or update, details, a document or information on the registrable superannuation entity ' s website; and

(b) the requirement applies in relation to a financial year referred to in:

(i) an item of the table in subregulation 2.37(1) of the Regulations (as affected by subregulation 2.37(2) ); or

(ii) paragraph 2.38(2)(f) , (k), (o) or (3)(b) of the Regulations; and

(c) the financial year referred to is not:

(i) in the case of a requirement that applies in relation to a relevant executive officer as a result of regulation 2.37 , the financial year ( relevant financial year ) of the RSE licensee; and

(ii) in the case of a requirement that applies in relation to a relevant individual trustee as a result of regulation 2.37 , a period of 12 months ( relevant financial year ) ending on 30 June; and

(iii) in the case of a requirement that applies as a result of paragraph 2.38(2)(f) or (o), the financial year ( relevant financial year ) of the registrable superannuation entity; and

(iv) in the case of a requirement that applies as a result of paragraph 2.38(2)(k) or (3)(b) , the financial year ( relevant financial year ) of the RSE licensee;

instead of making publicly available, or updating, the details in accordance with subsection (1), the RSE licensee must make publicly available, or update, the details:

(d) as if the financial year referred to in the item or the paragraph were the relevant financial year; and

(e) otherwise in accordance with subsection (1).

Option to make publicly available, and update, redacted versions of documents

(3)
If a document is referred to in any of paragraphs 2.38(2)(a) , (b), (d), (e), (f) and (h) of the Regulations, instead of making publicly available or updating the document in accordance with subsection (1) or (2) (as applicable), the RSE licensee may make publicly available, or update, in accordance with subsection (1) or (2) (as applicable) a version of the document that has been redacted to exclude any or all of the following information:

(a) personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity;

(b) if the version of the document is made publicly available, or updated, by 30 June 2024 - information that only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan.

]

29QB(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 contravenes subsection (1).

Penalty: 50 penalty units.

29QB(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 liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.

 View history note

 Hide history note