Superannuation Industry (Supervision) Act 1993
Subject to subsection (2), if:
(a) an RSE licensee is required to give information to APRA under a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001 ); and
(b) under the reporting standard, the information is required to be calculated in a particular way; and
(c) the same or equivalent information is given by the RSE licensee to a person other than an agency of the Commonwealth or of a State or Territory, whether or not by publishing the information on a website;
the RSE licensee must ensure that the information given to the other person is calculated in the same way as the information given to APRA.
ASIC Class Order [CO 14/541] (as amended by ASIC Superannuation (Amendment) Instrument 2018/1080 [F2018L01779]) provides relief as below:
A RSE licensee of a registrable superannuation entity does not have to comply with subsection 29QC(1) of the Act until 1 January 2024.
Subsection (1) does not apply to information given to the other person in circumstances prescribed by the regulations. 29QC(3)
A person commits an offence if:
(a) the person is:
(i) a body corporate that is an RSE licensee; or
(ii) a member of a group of individual trustees that is an RSE licensee; and
(b) the RSE licensee contravenes subsection (1).
Penalty: 50 penalty units.29QC(4)
Subsection (3) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code .
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