Superannuation Industry (Supervision) Act 1993
View history note
Hide history noteThe trustee of a public offer entity must comply with the requirements of the regulations in relation to the payment of commission or brokerage in respect of:
(a) an application for the issue of a superannuation interest in the entity; or
(b) an application to become a standard employer-sponsor of the entity.
154(2)
The trustee commits an offence if the trustee contravenes subsection (1).
Penalty: 100 penalty units.
154(2A)
The trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
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 .
154(3)
Requirements specified in regulations for the purposes of subsection (1) must relate to all or any of the following:
(a) the classes of persons to whom payments of commission or brokerage may be made;
(b) the situations in which payments of commission or brokerage may be made;
(c) the disclosure of information about payments of commission or brokerage;
(d) the keeping of records about payments of commission or brokerage.
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