Superannuation Industry (Supervision) Act 1993
If an RSE licensee becomes aware that: (a) the RSE licensee has breached or will breach a condition imposed on its RSE licence; and (b) the breach is or will be significant (see subsection (1A));
the RSE licensee must give APRA a written report about the breach as soon as practicable, and in any case within 30 days, after becoming aware of the breach.
For the purposes of subsection (1), a breach is or will be significant if the breach is or will be significant having regard to any one or more of the following factors: (a) the number or frequency of similar previous breaches; (b) the impact the breach has or will have on the RSE licensee ' s ability to fulfil its obligations as trustee of the superannuation entity; (c) the extent to which the breach indicates that the RSE licensee ' s arrangements to ensure compliance with the RSE licensee law might be inadequate; (d) the actual or potential financial loss arising or that will arise from the breach to the beneficiaries of the entity or to the RSE licensee; (e) any other matters prescribed by regulations made for the purposes of this paragraph.
A person commits an offence if: (a) the person is:
(i) a body corporate that is an RSE licensee; or
(b) the RSE licensee is in breach of subsection (1).
(ii) a member of a group of individual trustees that is an RSE licensee; and
Penalty: 50 penalty units.29JA(3)
Subsection (2) is an offence of strict liability.
For strict liability , see section 6.1 of the Criminal Code .
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.