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

Schedule 8   Reporting standards

Financial Sector (Collection of Data) Act 2001

4   Application - reporting standards

(1) Subsection 13(4E) of the Financial Sector (Collection of Data) Act 2001, as inserted by this Schedule, applies in relation to a contract or arrangement whether entered into before, on or after this item commences.

(2) Despite subitem (1), that subsection does not apply in relation to a contract or arrangement that is entered into before this item commences, to the extent that the operation of a reporting standard mentioned in that subsection would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).

(3) If, because of subitem (2), an RSE licensee is unable to obtain particular information that a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001) requires an RSE licensee to provide in relation to any money, consideration or other benefit given to an entity by the RSE licensee, or a person connected with the RSE licensee, out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee, then the RSE licensee is not required to comply with the reporting standard to the extent that it requires the RSE licensee to provide that particular information.