Superannuation Industry (Supervision) Act 1993

PART 3 - OPERATING STANDARDS  

Division 2 - Operating standards  

SECTION 34   PRESCRIBED OPERATING STANDARDS MUST BE COMPLIED WITH   Standards must be complied with

34(1)  


Each trustee of a superannuation entity must ensure that the prescribed standards applicable to the operation of the entity are complied with at all times.
Note:

Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.

Offence

34(2)  


A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.
Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Standards relating to record keeping obligations

34(2A)  


If standards are prescribed by the regulations for the purposes of paragraph 31(2)(n) , 32(2)(g) or 33(2)(e) , each trustee of a superannuation entity must ensure that those standards are, when applied to the operation of the entity, complied with at all times.

Penalty: 50 penalty units.

34(2B)  


Subsection (2A) is an offence of strict liability. Validity of transaction not affected by contravention

34(3)  


A contravention of subsection (1) or (2A) does not affect the validity of a transaction.

 

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