Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 6   Financial reporting and auditing requirements for superannuation entities

Part 1   Amendment of the Corporations Act 2001

Corporations Act 2001

115   At the end of Subdivision C of Division 3 of Part 2M.4

Add:

324CLA Extended meaning of officer of a registrable superannuation entity

(1) For the purposes of this Division, a person is taken to be an officer of a registrable superannuation entity if:

(a) the person is an officer of:

(i) a related body corporate of the RSE licensee for the registrable superannuation entity; or

(ii) an entity that the RSE licensee for the registrable superannuation entity controls; or

(b) the person has, at any time within the immediately preceding period of 12 months, been an officer or promoter of:

(i) a related body corporate of the RSE licensee for the registrable superannuation entity; or

(ii) an entity that the RSE licensee for the registrable superannuation entity controlled at that time.

Note: Officer of a registrable superannuation entity is defined in section 345AAD. This subsection extends the meaning of that expression for the purposes of this Division.

(2) Paragraph (1)(b) does not apply if ASIC directs that it does not apply in relation to the person in relation to the RSE licensee for the registrable superannuation entity. ASIC may give the direction only if ASIC thinks that it is appropriate to do so in the circumstances of the case.