Superannuation Industry (Supervision) Act 1993
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.
A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
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.
Subsection (2A) is an offence of strict liability.
A contravention of subsection (1) or (2A) does not affect the validity of a transaction.
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