Superannuation Industry (Supervision) Act 1993

PART 16A - APRA ' S POWERS TO ISSUE DIRECTIONS  

Division 1 - General powers to issue directions  

SECTION 131DD   NON-COMPLIANCE WITH A DIRECTION  

Failure to comply with a direction given to an RSE licensee - failure by the RSE licensee

131DD(1)  
A person commits an offence if:


(a) the person is an RSE licensee or a member of a group of individual trustees that is an RSE licensee; and


(b) a direction is given to the RSE licensee under this Division; and


(c) the RSE licensee does, or fails to do, something; and


(d) doing, or failing to do, the thing results in a contravention of the direction.

Penalty: 100 penalty units.

Note:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

Failure to comply with a direction given to an RSE licensee - failure by an officer of the RSE licensee

131DD(2)  
A person commits an offence if:


(a) the person is an officer of an RSE licensee that is a body corporate; and


(b) the officer fails to take reasonable steps to ensure that the RSE licensee complies with a direction given to it under this Division; and


(c) the officer ' s duties include ensuring that the RSE licensee complies with the direction or with a class of directions that includes the direction; and


(d) the RSE licensee does not comply with the direction.

Penalty: 100 penalty units.

Failure to comply with a direction given to a connected entity of an RSE licensee - failure by the connected entity

131DD(3)  
A connected entity of an RSE licensee commits an offence if:


(a) a direction is given to the connected entity under this Division; and


(b) the connected entity does, or fails to do, something; and


(c) doing, or failing to do, the thing results in a contravention of the direction.

Penalty: 100 penalty units.

Note:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

Failure to comply with a direction given to a connected entity of an RSE licensee - failure by an officer of the connected entity

131DD(4)  
A person commits an offence if:


(a) the person is an officer of a body corporate that is a connected entity of an RSE licensee; and


(b) the officer fails to take reasonable steps to ensure that the connected entity complies with a direction given to it under this Division; and


(c) the officer ' s duties include ensuring that the connected entity complies with the direction or with a class of directions that includes the direction; and


(d) the connected entity fails to comply with the direction.

Penalty: 100 penalty units.

Offence for each day on which a person continues to commit an offence

131DD(5)  
If a person commits an offence against subsection (1), (2), (3) or (4), the person commits an offence against that subsection in respect of:


(a) the first day on which the offence is committed; and


(b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

Strict liability

131DD(6)  
Subsections (1), (2), (3) and (4) are offences of strict liability. Meaning of officer

131DD(7)  
In this section, officer has the meaning given by section 9 of the Corporations Act 2001 .


 

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