Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (25 of 2008)

Schedule 1   Court power of disqualification etc.

Part 1   Amendments commencing on Royal Assent

Superannuation Industry (Supervision) Act 1993

67   At the end of Part 16

Add:

131C Disqualified persons not to be auditor or actuary of superannuation entities

(1) A person commits an offence if:

(a) the person is, or acts as, an auditor or actuary of a superannuation entity for the purposes of this Act; and

(b) either:

(i) for a person who is disqualified under section 130D - the person is disqualified from being or acting as an auditor or actuary (as the case requires) of that superannuation entity; or

(ii) otherwise - the person is disqualified under section 131 from being or acting as an auditor or actuary (as the case requires); and

(c) the person knows that he or she is so disqualified.

Penalty: Imprisonment for 2 years.

(2) A person commits an offence if:

(a) the person is, or acts as, an auditor or actuary of a superannuation entity for the purposes of this Act; and

(b) either:

(i) for a person who is disqualified under section 130D - the person is disqualified from being or acting as an auditor or actuary (as the case requires) of that superannuation entity; or

(ii) otherwise - the person is disqualified under section 131 from being or acting as an auditor or actuary (as the case requires); and

(c) the person knows that he or she is so disqualified.

Penalty: 60 penalty units.

(3) Subsection (2) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code.