Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 (61 of 2013)

Schedule 1   Amendments

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

43   Section 29VP

Repeal the section, substitute:

29VP Contravention of section 29VN

(1) A person must not contravene section 29VN.

(2) A contravention of subsection (1) is not an offence and a contravention of that subsection does not result in the invalidity of a transaction.

(3) A person who suffers loss or damage as a result of the conduct of another person that was engaged in in contravention of subsection (1) may recover the amount of the loss or damage by action against that other person or against any person involved in the contravention.

(4) An action under subsection (3) may be begun at any time within 6 years after the day on which the cause of action arose.

29VPA Contravention of section 29VO

(1) A person must not contravene section 29VO.

(2) A contravention of subsection (1) is not an offence and a contravention of that subsection does not result in the invalidity of a transaction.

(3) A person who suffers loss or damage as a result of the conduct of another person that was engaged in in contravention of subsection (1) may, with the leave of the court, recover the amount of the loss or damage by action against that other person or against any person involved in the contravention.

(4) A person may, within 6 years after the day on which the cause of action arose, seek the leave of the court to bring such an action.

(5) In deciding whether to grant leave to bring such an action, the court must take into account whether:

(a) the applicant is acting in good faith; and

(b) there is a serious question to be tried.

(6) The court may, in granting leave to bring such an action, specify a period within which the action may be brought.