Superannuation Industry (Supervision) Act 1993
(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 no later than 10 business days, after becoming aware of the breach.
(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) the person is:
(i) a body corporate that is an RSE licensee; or
(ii) a member of a group of individual trustees that is an RSE licensee; and
(b) the RSE licensee is in breach of subsection (1).
Penalty: 50 penalty units.29JA(3) [Strict liability]
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.