Superannuation Industry (Supervision) Act 1993

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

Division 2 - Directions  

SECTION 159   RECTIFICATION DIRECTION  

159(1)    
This section applies if the Regulator reasonably believes that a person who is:


(a) a trustee of a self managed superannuation fund; or


(b) a director of a body corporate that is a trustee of a self managed superannuation fund;

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


159(2)    
The Regulator may give the person a written direction (a rectification direction ) requiring the person:


(a) to take specified action to rectify the contravention; and


(b) to provide the Regulator with evidence of the person ' s compliance with the direction.

159(3)    
In deciding whether to give a person a rectification direction, the Regulator is to have regard to:


(a) any financial detriment that might reasonably be expected to be suffered by the fund as a result of the person ' s compliance with the direction; and


(b) the nature and seriousness of the person ' s contravention; and


(c) any other relevant circumstances.

159(4)    
A rectification 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) .


159(5)    
The Regulator must not give a rectification direction in relation to a contravention if:


(a) the Regulator has, under section 262A , accepted an undertaking given by a person; and


(b) the contravention is covered by the undertaking; and


(c) the undertaking has neither been withdrawn nor varied in a way that means the contravention is no longer covered by it.

159(6)    
A person to whom a rectification direction is given must comply with the direction before the end of the period specified in the direction for the purposes of subsection (4).

159(7)    
A person commits an offence of strict liability if the person contravenes subsection (6).

Penalty: 10 penalty units.



 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.