Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 1   Licensing, registration and amalgamation

Part 1   Amendments commencing first

Superannuation Industry (Supervision) Act 1993

47   After subsection 63(7A)

Insert:

Additional rule for certain funds not complying with equal representation rules

(7B) An RSE licensee of a fund that is not a public offer superannuation fund must not, while subsection (7D) applies to the fund, accept any contributions made to the fund by an employer-sponsor.

Penalty: 60 penalty units.

(7C) Subsection (7B) 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.

(7D) This subsection applies to the fund if:

(a) the fund is failing to comply with subsection 92(4) or 93(4) (whichever is applicable); or

(b) having previously failed to comply, the fund does so comply but the RSE licensee has not given to APRA a notice in the approved form that:

(i) states that the fund so complies; and

(ii) if the RSE licensee is a group of individual trustees and the compliance is as a result of the appointment of one or more other individual trustees to the group - states the appointee's name or the appointees' names; and

(iii) if the RSE licensee is a body corporate and the compliance is as a result of the appointment of one or more directors to the board of directors of the body corporate - states the appointee's name or the appointees' names.

Note: The heading to section 63 is replaced by the heading " Certain regulated superannuation funds not to accept employer contributions in certain circumstances ".