Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)

Schedule 4   Approval to own or control an RSE licensee

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

9   After section 29JCA

Insert:

29JCB Holding a controlling stake in an RSE licensee without approval

(1) A person commits an offence if:

(a) the person holds a controlling stake in an RSE licensee; and

(b) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee.

Penalty: 400 penalty units for each day on which the person holds a controlling stake in the RSE licensee without approval.

(2) Strict liability applies to subsection (1).