Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 5   Miscellaneous and technical amendments

Part 3   Other amendments: duty of superannuation trustees to notify the Regulator of significant adverse events

Superannuation Industry (Supervision) Act 1993

53   Subsection 106(2)

Repeal the subsection, substitute:

(1A) Subsection (2) applies if a trustee of a superannuation entity is required by regulations made for the purposes of paragraph 1017DA(1)(a) of the Corporations Act 2001 to provide fund information (within the meaning of regulations made for the purposes of this subsection) to holders of interests in the entity.

(2) An event has a significant adverse effect on the financial position of the entity if:

(a) the event occurs before that fund information is provided; and

(b) as a result of the event, a trustee of the entity will not, or may not, be able, at a time occurring before the entity gives the fund information, to make payments to beneficiaries as and when the obligation to make those payments arises.