Superannuation Industry (Supervision) Act 1993

PART 7 - PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS  

SECTION 68B   PROMOTION OF ILLEGAL EARLY RELEASE SCHEMES  

68B(1)  
A person must not promote a scheme that has resulted, or is likely to result, in a payment being made from a regulated superannuation fund otherwise than in accordance with payment standards prescribed under subsection 31(1) .

68B(2)  
Subsection (1) is a civil penalty provision as defined by section 193 , and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, that subsection.

68B(3)  
In this section:

promote
, in relation to a scheme, includes the following:


(a) enter into the scheme;


(b) induce another person to enter into the scheme;


(c) carry out the scheme;


(d) commence to carry out the scheme;


(e) facilitate entry into, or the carrying out of, the scheme.

scheme
means:


(a) any agreement, arrangement, understanding, promise or undertaking:


(i) whether express or implied; or

(ii) whether or not enforceable, or intended to be enforceable, by legal proceedings; or


(b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.


 

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