Superannuation Safety Amendment Act 2004 (53 of 2004)
Schedule 1 Licensing, registration and amalgamation
Part 1 Amendments commencing first
Superannuation Industry (Supervision) Act 1993
47 After subsection 63(7A)
Additional rule for certain funds not complying with equal representation rules
(7B) An RSE licensee of a fund that is not a public offer superannuation fund must not, while subsection (7D) applies to the fund, accept any contributions made to the fund by an employer-sponsor.
Penalty: 60 penalty units.
(7C) Subsection (7B) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability , see section 6.1 of the Criminal Code.
(7D) This subsection applies to the fund if:
(a) the fund is failing to comply with subsection 92(4) or 93(4) (whichever is applicable); or
(b) having previously failed to comply, the fund does so comply but the RSE licensee has not given to APRA a notice in the approved form that:
(i) states that the fund so complies; and
(ii) if the RSE licensee is a group of individual trustees and the compliance is as a result of the appointment of one or more other individual trustees to the group - states the appointee's name or the appointees' names; and
(iii) if the RSE licensee is a body corporate and the compliance is as a result of the appointment of one or more directors to the board of directors of the body corporate - states the appointee's name or the appointees' names.
Note: The heading to section 63 is replaced by the heading " Certain regulated superannuation funds not to accept employer contributions in certain circumstances ".