SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 19 - PUBLIC OFFER ENTITIES: PROVISIONS RELATING TO SUPERANNUATION INTERESTS  

Division 2 - Issuing, offering etc. superannuation interests in public offer entities  

SECTION 154   COMMISSION AND BROKERAGE  

154(1)  
The trustee of a public offer entity must comply with the requirements of the regulations in relation to the payment of commission or brokerage in respect of:


(a) an application for the issue of a superannuation interest in the entity; or


(b) an application to become a standard employer-sponsor of the entity.

154(2)  


The trustee commits an offence if the trustee contravenes subsection (1).

Penalty: 100 penalty units.

154(2A)  


The trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.

Penalty: 50 penalty units.

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 .

154(3)  
Requirements specified in regulations for the purposes of subsection (1) must relate to all or any of the following:


(a) the classes of persons to whom payments of commission or brokerage may be made;


(b) the situations in which payments of commission or brokerage may be made;


(c) the disclosure of information about payments of commission or brokerage;


(d) the keeping of records about payments of commission or brokerage.




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