SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 20 - ADMINISTRATIVE DIRECTIONS AND PENALTIES FOR CONTRAVENTIONS RELATING TO SELF MANAGED SUPERANNUATION FUNDS  

Division 2 - Directions  

SECTION 160   EDUCATION DIRECTION  

160(1)  
This section applies to the following persons:


(a) a trustee of a self managed superannuation fund, if the Regulator reasonably believes that the trustee has contravened a provision of this Act (other than Part 3B ) or the regulations in relation to the fund;


(b) a director of a body corporate that is a trustee of a self managed superannuation fund, if the Regulator reasonably believes that:


(i) the director has contravened a provision of this Act (other than Part 3B ) or the regulations in relation to the fund; or

(ii) the trustee has contravened a provision of this Act (other than Part 3B ) or the regulations in relation to the fund.

160(2)  
The Regulator may give the person a written direction (an education direction ) requiring the person:


(a) to undertake a specified approved course of education (see section 161 ); and


(b) to provide the Regulator with evidence of completion of the course.

Note:

See also section 104A (recognition of obligations and responsibilities).

160(3)  
An education direction must specify the period within which the person must comply with the direction (which must be a period that is reasonable in the circumstances).

Note:

The period may be affected by the operation of subsection 164(7) .

160(4)  
A person to whom an education direction is given must comply with the direction before the end of the specified period.

Note:

Section 166 imposes an administrative penalty for a contravention of subsection (4).

160(5)  
A person commits an offence of strict liability if the person contravenes subsection (4).

Penalty: 10 penalty units.




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