Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 3   Actuaries, auditors and defined benefit funds

Part 1   Actuaries and auditors

Retirement Savings Accounts Act 1997

4   After section 66

Insert:

66A Auditor may give information to the Regulator

(1) A person who is or was an auditor of an RSA provider may give to the Regulator information about the RSA provider obtained in the course of, or in connection with, the performance by the person of audit functions under:

(a) this Act; or

(b) the regulations; or

(c) the Financial Sector (Collection of Data) Act 2001;

if the person considers that giving the information will assist the Regulator in performing its functions under this Act or the regulations or the Financial Sector (Collection of Data) Act 2001.

(2) A person who, in good faith, gives information to the Regulator in accordance with this section is not subject to any action, claim or demand by, or any liability to, any other person in respect of the information.

66B Self incrimination

(1) An individual is not excused from complying with a requirement under section 66 to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty.

(2) The information given by the individual in compliance with such a requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information, if:

(a) before giving the information, the individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and

(b) giving the information might in fact tend to incriminate the individual or make the individual liable to a penalty.