Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 3   Actuaries, auditors and defined benefit funds

Part 1   Actuaries and auditors

Superannuation Industry (Supervision) Act 1993

9   Subsections 130(2A), (2B), (3), (4), (5) and (6)

Repeal the subsections, substitute:

The person may not have to tell the Regulator or a trustee about the matter

(2A) The person does not have to:

(a) tell the Regulator about the matter if:

(i) the person has been told by another person to whom this section applies that the other person has already told the Regulator about the matter; and

(ii) the first-mentioned person has no reason to disbelieve that other person; or

(b) tell a trustee of the entity about the matter if:

(i) the person has been told by another person to whom this section applies that the other person has already told a trustee of the entity about the matter; and

(ii) the first-mentioned person has no reason to disbelieve that other person.

Penalty for misinformation

(2B) A person (the first person ) commits an offence if:

(a) this section applies to the first person; and

(b) the first person is aware of a matter that must, under this section, be told to the Regulator and a trustee; and

(c) the first person tells another person to whom this section applies that the first person has told either or both the Regulator and a trustee about the matter; and

(d) the first person has not done what the first person told the other person he or she had done.

Penalty: Imprisonment for 12 months.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

No civil liability for telling about a matter

(3) A person to whom this section applies is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of the entity, about a matter as required by this section.

Offences

(4) A person is guilty of an offence if the person contravenes subsection (2).

Penalty: 50 penalty units.

(5) A person is guilty of an offence if the person contravenes subsection (2). 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.