TREASURY LAWS AMENDMENT (STREAMLINING AND IMPROVING ECONOMIC OUTCOMES FOR AUSTRALIANS) BILL 2022

2019-2020-2021-2022

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment

(Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(Treasury)

A Bill for an Act to amend the law relating to

financial services, registrable superannuation

entities and taxation, and for related purposes

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Contents

Short title ........................................................................................... 1

Commencement ................................................................................. 1

Schedules ........................................................................................... 2

Schedule 1--Licensing exemptions for foreign financial services

providers

Corporations Act 2001

Schedule 2--Financial reporting and auditing requirements for

registrable superannuation entities

Part 1--Amendment of the Corporations Act 2001

Division 1--General amendments

Corporations Act 2001

Division 2--Amendments contingent on the commencement of the

Treasury Laws Amendment (Registries Modernisation

and Other Measures) Act 2020

Corporations Act 2001

Part 2--Amendments of other Acts

Australian Securities and Investments Commission Act 2001

Superannuation Industry (Supervision) Act 1993

Schedule 3--Increased Tribunal powers for small business tax

decisions

Taxation Administration Act 1953

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

A Bill for an Act to amend the law relating to

financial services, registrable superannuation

entities and taxation, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (Streamlining and

Improving Economic Outcomes for Australians) Act 2022

2 Commencement

(1) Each provision of this Act specified in column 1 of the table

commences, or is taken to have commenced, in accordance with

column 2 of the table. Any other statement in column 2 has effect

according to its terms.

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. Sections 1 to 3

and anything in

this Act not

elsewhere covered

by this table

The day this Act receives the Royal Assent.

2. Schedule 1

1 April 2023.

1 April 2023

3. Schedule 2,

Part 1, Division 1

1 July 2023.

1 July 2023

4. Schedule 2,

Part 1, Division 2

The later of:

(a) immediately after the commencement of

the provisions covered by table item 3;

and

(b) the commencement of item 609 of

Schedule 1 to the

Treasury Laws

Amendment (Registries Modernisation

and Other Measures) Act 2020

5. Schedule 2,

Part 2

1 July 2023.

1 July 2023

6. Schedule 3

The day after this Act receives the Royal

Assent.

Note:

This table relates only to the provisions of this Act as originally

enacted. It will not be amended to deal with any later amendments of

this Act.

(2) Any information in column 3 of the table is not part of this Act.

Information may be inserted in this column, or information in it

may be edited, in any published version of this Act.

3 Schedules

Legislation that is specified in a Schedule to this Act is amended or

repealed as set out in the applicable items in the Schedule

concerned, and any other item in a Schedule to this Act has effect

according to its terms.

Licensing exemptions for foreign financial services providers

Schedule 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

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Schedule 1--Licensing exemptions for foreign

financial services providers

Corporations Act 2001

1 Section 910A

Insert:

comparable regulator

, for a financial service, has the meaning

given by subparagraph 911A(2)(ep)(iv).

2 Before section 911A

Insert:

Subdivision A--General

3 After paragraph 911A(2)(en)

Insert:

(eo) all of the following apply:

(i) the financial service is provided only to professional

investors;

(ii) the person provides the financial service from a place

outside this jurisdiction, unless subsection 911E(1)

(about marketing visits) applies to the financial service;

(iii) the person's head office and principal place of business

are located at one or more places outside this

jurisdiction;

(iv) the person reasonably believes that providing the same

or substantially the same financial service would not

contravene any law applying in any of the places

referred to in subparagraph (ii) or (iii);

Note:

There may be exceptions that make this exemption unavailable,

and this exemption is subject to conditions (see Subdivision B).

(ep) all of the following apply:

(i) the financial service is provided only to wholesale

clients;

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(ii) the person is a foreign company or is a partnership

formed outside this jurisdiction;

(iii) the person has and maintains any authorisations,

registrations or licences (however described) necessary

to legally provide the same or substantially the same

financial service in a place outside this jurisdiction (the

comparable jurisdiction

);

(iv) the regulator administering those authorisations,

registrations or licences for the comparable jurisdiction

is a regulator determined under subsection 911W(1) (the

financial service's

comparable regulator

);

(v) the person provides the financial service from this

jurisdiction or from the comparable jurisdiction;

Note:

This exemption is subject to conditions (see Subdivision B).

4 At the end of Division 2 of Part 7.6

Add:

Subdivision B--Extensions, exceptions and conditions for

certain licensing exemptions for foreign financial

services providers

911E Exemption for financial services provided to professional

investors--extends to financial services provided in

Australia during limited marketing visits

(1) For the purposes of subparagraph 911A(2)(eo)(ii), this subsection

applies to a financial service provided by a person:

(a) from this jurisdiction; and

(b) on a day during a financial year;

if the financial service is provided during one or more marketing

visits to this jurisdiction by one or more representatives of the

person.

(2) However, subsection (1) does not apply to the financial service for

that day if, at the start of that day, the total length of the person's

marketing visits to this jurisdiction during the financial year is

already 28 days or more.

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(3) For the purposes of subsection (2), work out the total length of

those marketing visits as follows:

(a) count each marketing visit to this jurisdiction:

(i) by any representative of the person; and

(ii) that includes time spent with any client (or prospective

client) of the person in relation to any financial service;

(b) count each day of the visit, whether or not time is spent with

a client (or prospective client) on all of the days;

the visit;

(d) count as a single day any day on which 2 or more of the

person's representatives are making such visits.

911F Exemption for financial services provided to professional

investors--regulations may provide exceptions

Despite paragraph 911A(2)(eo), the regulations may provide that

the exemption under that paragraph does not apply for:

(a) a particular kind of financial service; or

(b) a particular kind of financial service in relation to a particular

kind of financial product; or

(d) a particular kind of professional investor.

911G Certain licensing exemptions for foreign financial services

providers are subject to conditions

Conditions for the exemption for financial services provided to

professional investors

(1) The exemption under paragraph 911A(2)(eo) applies to a person

for a financial service subject to conditions. These conditions for

the exemption are:

(a) the conditions in sections 911H, 911J, 911K and 911L; and

(b) any additional conditions imposed under section 911T for the

exemption's future application to the person.

Note:

ASIC may cancel the exemption from applying to the person if:

(a) the person contravenes any of these conditions; or

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(b) ASIC reasonably believes that the person (or a related person) is

not a fit and proper person;

(see sections 911Q and 911R).

Conditions for the exemption for comparably regulated providers

(2) The exemption under paragraph 911A(2)(ep) applies to a person

for a financial service subject to conditions. These conditions for

the exemption are:

(a) the conditions in sections 911H, 911J, 911K, 911L, 911M

and 911N; and

(b) any additional conditions imposed under section 911T for the

exemption's future application to the person.

Note:

ASIC may cancel the exemption from applying to the person if:

(a) the person contravenes any of these conditions; or

(b) ASIC reasonably believes that the person (or a related person) is

not a fit and proper person;

(see sections 911Q and 911R).

Contravening a condition may result in a civil penalty

(3) A person contravenes this subsection if:

(a) apart from the exemption under paragraph 911A(2)(eo) or

(ep), the person would contravene subsection 911A(5B) in

relation to providing a financial service; and

(b) the person contravenes a condition for the exemption.

Note 1:

This subsection is a civil penalty provision (see section 1317E).

Note 2:

The conditions set out in this Subdivision apply to one or both of the

exemptions referred to in subsections (1) and (2).

Note 3:

A condition set out in this Subdivision can require something to be

done outside of Australia (see subsection 5(4)).

911H Certain licensing exemptions for foreign financial services

providers--conditions about notifying or assisting ASIC

(1) For the purposes of section 911G, this section sets out conditions

for a person that proposes to rely on the exemption under

paragraph 911A(2)(eo) or (ep) for providing one or more kinds of

financial service (the

notifiable kinds of service

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Notifying ASIC of intention to rely on the exemption

(2) The person must notify ASIC that the person intends to rely on the

exemption for providing the notifiable kinds of service:

(a) during the period (the

notification period

(i) starting on the 15th business day before the first day on

which the person intends to start providing any of the

notifiable kinds of service in reliance on the exemption;

and

(ii) ending on the 15th business day after the first day on

which the person starts providing any of the notifiable

kinds of service in reliance on the exemption; and

(b) by giving ASIC the notice in a written form that:

(i) is approved by ASIC; and

(ii) includes the person's contact details; and

(iii) describes each of the notifiable kinds of service; and

(iv) includes the information, statements, explanations or

other matters required by the approved form; and

(v) is accompanied by any other material required by the

approved form; and

(vi) is given in a manner required by the approved form

(including in electronic form).

Note:

A single notice can cover one or more of the notifiable kinds of

service.

Giving ASIC such assistance as ASIC reasonably requests

(3) The person must give such assistance to ASIC, or a person

authorised by ASIC, as ASIC or the authorised person reasonably

requests in relation to the performance of ASIC's functions or the

exercise of ASIC's powers.

(4) Such assistance may include showing ASIC the person's books,

giving ASIC a copy of the person's books, or giving ASIC other

information.

Submitting to the non-exclusive jurisdiction of Australian courts

(5) The person must notify ASIC that the person agrees:

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(a) that legal proceedings relating to providing any of the

notifiable kinds of service in reliance on the exemption may

be brought in a Court; and

(b) if such proceedings are brought in a Court--that the law

relating to providing such a service is the law in force in this

jurisdiction; and

from such proceedings.

(6) The person must give this notice to ASIC:

(a) during the notification period (see paragraph (2)(a)) for the

notifiable kinds of service; and

(b) in a written form that:

(i) is approved by ASIC; and

(ii) includes the information, statements, explanations or

other matters required by the approved form; and

(iii) is accompanied by any other material required by the

approved form; and

(iv) is given in a manner required by the approved form

(including in electronic form).

Note:

A single notice can cover one or more of the notifiable kinds of

service.

(7) Paragraph (5)(c) does not require compliance with an order to the

extent that the order conflicts with an order made by a court in:

(a) for the exemption under paragraph 911A(2)(eo)--any of the

places referred to in subparagraph 911A(2)(eo)(ii) or (iii) for

such a service; or

(b) for the exemption under paragraph 911A(2)(ep)--a

comparable jurisdiction referred to in

subparagraph 911A(2)(ep)(iii) for such a service.

911J Certain licensing exemptions for foreign financial services

providers--condition to comply with ASIC directions

(1) For the purposes of section 911G, this section sets out conditions

for a person that proposes to rely on the exemption under

paragraph 911A(2)(eo) or (ep) for providing one or more kinds of

financial service.

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(2) ASIC may, by giving written notice to the person, direct the person

to give ASIC a statement containing specified information about

one or more of the following:

(a) one or more of those financial services;

(b) one or more of those kinds of financial service;

(3) Directions given under subsection (2) to the person:

(a) may be given at any time; and

(b) may require a statement containing information to be given

to ASIC on a periodic basis, or each time a particular event

or circumstance occurs, without ASIC having to give a

further direction; and

form that:

(i) is approved by ASIC; and

(ii) includes the information, statements, explanations or

other matters required by the approved form; and

(iii) is accompanied by any other material required by the

approved form; and

(iv) is given in a manner required by the approved form

(including in electronic form).

(4) The person must comply with a direction given under

subsection (2):

(a) within the time specified in the direction if that is a

reasonable time; or

(b) in any other case--within a reasonable time.

ASIC may extend the time within which the person must comply

with the direction by giving written notice to the person.

911K Certain licensing exemptions for foreign financial services

providers--condition about giving notice of the

exemption to each recipient of a kind of financial service

(1) For the purposes of section 911G, this section sets out a condition

for a person that proposes to rely on the exemption under

paragraph 911A(2)(eo) or (ep) for providing one or more kinds of

financial service.

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(2) The person must provide written notice to each recipient of each of

those kinds of financial service either:

(a) before the person starts providing that kind of financial

service to the recipient in reliance on the exemption; or

(b) if that is not practicable--as soon as practicable after starting

to do so.

(3) The notice must include:

(a) a statement to the effect the person is exempt from the

requirement to hold an Australian financial services licence

covering the provision of that kind of financial service; and

(b) a statement explaining either that:

(i) the exemption is under paragraph 911A(2)(eo) of this

Act, which is an exemption for a financial service

provided only to professional investors; or

(ii) the exemption is under paragraph 911A(2)(ep) of this

Act, which is an exemption for a financial service

provided only to wholesale clients.

Note 1:

The notice only needs to be given once to each recipient for each

exemption for that kind of financial service.

Note 2:

A single notice can cover one or more of those kinds of financial

service.

Note 3:

For subsection (2), the recipient will be:

(a) for the exemption under paragraph 911A(2)(eo)--a professional

investor; or

(b) for the exemption under paragraph 911A(2)(ep)--a wholesale

client.

911L Certain licensing exemptions for foreign financial services

providers--condition to notify ASIC of changes to contact

details

(1) For the purposes of section 911G, this section sets out a condition

for a person that proposes to rely on the exemption under

paragraph 911A(2)(eo) or (ep).

(2) The person must notify ASIC of any change to the person's contact

details:

(a) as soon as practicable after the change happens; and

(b) by giving the notice to ASIC in a written form that:

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(i) is approved by ASIC; and

(ii) includes the information, statements, explanations or

other matters required by the approved form; and

(iii) is accompanied by any other material required by the

approved form; and

(iv) is given in a manner required by the approved form

(including in electronic form).

911M Exemption for comparably regulated providers--information

about the person and investigations etc.

(1) For the purposes of subsection 911G(2), this section sets out

conditions for a person that proposes to rely on the exemption

under paragraph 911A(2)(ep) for providing one or more kinds of

financial service.

Consent to information sharing between ASIC and any comparable

regulator

(2) During the notification period (see paragraph 911H(2)(a)) for each

of those kinds of financial service, the person must notify ASIC

that the person consents to:

(a) ASIC; and

(b) the comparable regulator for each financial service of that

kind;

sharing information about the person.

(3) The person must give this notice to ASIC in a written form that:

(a) is approved by ASIC; and

(b) includes the information, statements, explanations or other

matters required by the approved form; and

approved form; and

(d) is given in a manner required by the approved form

(including in electronic form).

Note:

A single notice can cover one or more of those kinds of financial

service.

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Notifying ASIC of investigations etc. in other jurisdictions

(4) The person must notify ASIC of any significant enforcement action

taken, any significant disciplinary action taken or any significant

investigation undertaken against the person by:

(a) any regulator in any place outside this jurisdiction; or

(b) any government authority in any place outside this

jurisdiction; or

jurisdiction, in which the person is a participant.

(5) The person must give this notice to ASIC:

(a) as soon as practicable, and before the 15th business day, after

the day on which the person becomes aware, or would

reasonably be expected to have become aware, of the action

or investigation; and

(b) by giving the notice to ASIC in a written form that:

(i) is approved by ASIC; and

(ii) includes the information, statements, explanations or

other matters required by the approved form; and

(iii) is accompanied by any other material required by the

approved form; and

(iv) is given in a manner required by the approved form

(including in electronic form).

(6) Subsection (4) does not apply to the extent that complying with

subsection (4) would be contrary to another law in force in this

jurisdiction or elsewhere.

911N Exemption for comparably regulated providers--agents and

representatives

(1) For the purposes of subsection 911G(2), this section sets out

conditions for a person that proposes to rely on the exemption

under paragraph 911A(2)(ep) for providing one or more kinds of

financial service.

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Having an agent when providing each of those financial services

(2) The person must have an agent in this jurisdiction when providing

each of those financial services in reliance on the exemption unless

the consecutive period during which the person so provides the

financial service without an agent is less than 10 business days.

(3) The person must ensure that:

(a) if the person is a foreign company--the person's agent is

appointed under Division 2 of Part 5B.2 as the person's local

agent; or

(b) if the person is not a foreign company but is a partnership

formed outside this jurisdiction--the person complies with

any obligations under paragraph 912A(1)(j) relating to the

person's agent that the person would have to comply with if

the person were a financial services licensee.

Note:

For paragraph (a), a foreign company that appoints a local agent must

give ASIC a statement under subsection 601CG(4).

Adequate oversight over representatives etc.

(4) The person must:

(a) maintain adequate oversight over its representatives who

provide each of those financial services in reliance on the

exemption; and

(b) ensure that its representatives who provide each of those

kinds of financial service in reliance on the exemption are

adequately trained, and are competent, to provide that kind of

financial service.

911P Either exemption--person must notify ASIC of any

contravention of a condition for the exemption

If a person contravenes a condition for an exemption under

paragraph 911A(2)(eo) or (ep) that applies to the person, the

person must provide ASIC with full particulars of the

contravention:

(a) as soon as practicable, and before the 15th business day, after

the day on which the person becomes aware, or would

reasonably be expected to have become aware, of the

contravention; and

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(b) by giving the particulars to ASIC in a written form that:

(i) is approved by ASIC; and

(ii) includes the information, statements, explanations or

other matters required by the approved form; and

(iii) is accompanied by any other material required by the

approved form; and

(iv) is given in a manner required by the approved form

(including in electronic form).

Note 1:

A failure to provide ASIC with particulars of the contravention may

result in ASIC imposing additional conditions for the exemption (see

section 911T).

Note 2:

For the conditions for an exemption, see subsection 911G(1) or (2).

911Q Cancelling either exemption--person contravenes a condition

for the exemption

ASIC may, in writing, decide to cancel an exemption under

paragraph 911A(2)(eo) or (ep) from:

(a) applying to a person for providing one or more specified

kinds of financial service; or

(b) applying to a person for providing any kind of financial

service;

if the person contravenes a condition for the exemption (see

subsection 911G(1) or (2)).

Note 1:

Paragraphs (a) and (b) mean the cancellation may be partial or

complete.

Note 2:

For an alternative to partially or completely cancelling the exemption,

see section 911T.

911R Cancelling either exemption--person fails the fit and proper

person test

(1) ASIC may, in writing, decide to cancel an exemption under

paragraph 911A(2)(eo) or (ep) from applying to a person for

providing any kind of financial service if ASIC reasonably believes

that:

(a) the person (the

first person

) is not a fit and proper person to

provide a financial service; or

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(b) a person mentioned in a paragraph of subsection 913BA(1) in

relation to the first person is not a fit and proper person for a

purpose mentioned in that paragraph (assuming any reference

in that paragraph to a licence were a reference to the

exemption).

Note:

A cancellation under this subsection is a complete cancellation.

(2) In considering whether a person referred to in paragraph (1)(a) or

(b) is fit and proper for a purpose referred to in that paragraph,

ASIC must have regard to the matters in section 913BB.

911S Procedures for cancelling an exemption

ASIC must first give a show cause notice

(1) ASIC may only decide under section 911Q or 911R to cancel an

exemption from applying to a person after:

(a) taking reasonable steps to give the person written notice of:

(i) the proposed cancellation and the reasons for it; and

(ii) the opportunity to appear (or be represented) at a

hearing before ASIC that takes place in private, and to

make submissions to ASIC in relation to the matter; and

(b) taking into account any information given to ASIC at such a

hearing or in such submissions.

Note 1:

For decisions under section 911Q, this subsection applies whether the

cancellation is partial as described in paragraph 911Q(a) or is

complete as described in paragraph 911Q(b).

Note 2:

A hearing mentioned in subparagraph (a)(ii) could take place without

the person being physically present at the hearing (see section 911V).

Notice of cancellation

(2) If ASIC decides under section 911Q or 911R to cancel an

exemption from applying to a person, ASIC must take reasonable

steps to give the person written notice of:

(a) the cancellation and the reasons for it; and

(b) the day the cancellation is to take effect (which must not be

before the day the notice is given to the person).

Note:

The notice could also include notice of the person's right to seek

review of the decision (see subsection 1317D(2)).

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911T Imposing additional conditions as an alternative to cancelling

an exemption

(1) ASIC may, in writing, decide to impose one or more additional

conditions for the future application of an exemption under

paragraph 911A(2)(eo) or (ep) to a person for providing one or

more specified kinds, or any kind, of financial service if:

(a) the person contravenes a condition for the exemption (see

subsection 911G(1) or (2)); or

(b) the person fails to comply with section 911P in relation to a

contravention of a condition for the exemption.

Note 1:

If the person contravenes any of these additional conditions, ASIC

may:

(a) cancel the exemption partially or completely (see section 911Q);

(b) vary the additional condition, or impose another additional

condition, under this section.

Note 2:

The contravention may also result in a civil penalty (see

subsection 911G(3)).

(2) ASIC may, in writing, vary or revoke a condition imposed under

subsection (1):

(a) on the person's request under subsection (3); or

(b) on ASIC's own initiative.

(3) The person may request a condition imposed under subsection (1)

to be varied or revoked by giving the request to ASIC in a written

form that:

(a) is approved by ASIC; and

(b) includes the information, statements, explanations or other

matters required by the approved form; and

approved form; and

(d) is given in a manner required by the approved form

(including in electronic form).

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911U Procedures for additional conditions

(1) This section applies if ASIC is proposing to make any of the

following decisions (the

proposed decision

) under section 911T in

relation to a person:

(a) impose an additional condition;

(b) vary an additional condition on ASIC's own initiative;

subsection 911T(3).

ASIC must first give a show cause notice

(2) ASIC may only make the proposed decision after:

(a) taking reasonable steps to give the person written notice of:

(i) the proposed decision and the reasons for it; and

(ii) the opportunity to appear (or be represented) at a

hearing before ASIC that takes place in private, and to

make submissions to ASIC in relation to the matter; and

(b) taking into account any information given to ASIC at such a

hearing or in such submissions.

Note:

A hearing mentioned in subparagraph (a)(ii) could take place without

the person being physically present at the hearing (see section 911V).

Notice of making the proposed decision

(3) If ASIC makes the proposed decision, ASIC must take reasonable

steps to give the person written notice of:

(a) the decision and the reasons for it; and

(b) the day the decision is to take effect (which must not be

before the day the notice is given to the person).

Note:

The notice could also include notice of the person's right to seek

review of the decision (see subsection 1317D(2)).

911V Proceedings at hearings

(1) For the purposes of a hearing referred to in

subparagraph 911S(1)(a)(ii) or 911U(2)(a)(ii), ASIC may decide to

hold all or part of the hearing:

(a) at one or more physical venues (whether or not it is also held

using technology); or

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(b) using any technology that allows a person to participate in or

be represented at the hearing, or that part of the hearing,

without being physically present at the hearing or that part of

the hearing.

(2) If ASIC decides to hold all or part of a hearing using technology,

ASIC must ensure that the technology provides each participant in

the hearing (including ASIC and the person appearing at the

hearing) with a reasonable opportunity to participate in or be

represented at the hearing.

(3) For the purposes of (but without limiting) subsection 57(2) of the

ASIC Act, ASIC may appoint a single place and a time for the

hearing if the hearing is held:

(a) at more than one physical venue (whether or not it is also

held using technology); or

(b) using technology.

Example: For a hearing held using technology where not all participants are

physically present, the place could be the venue at which ASIC uses

the technology, and the time could be the time at that venue when the

hearing is to start.

Note:

Subsection 57(2) of the ASIC Act requires ASIC to appoint a place

and time for the hearing and cause notice of that place and time to be

given to the person who is to appear at the hearing.

911W List of comparable regulators

(1) The Minister may, by legislative instrument, determine regulators

that administer broadly comparable regulatory regimes of

authorisations, registrations or licences (however described)

necessary to legally provide financial services in places outside this

jurisdiction.

Note:

Regulators determined under this subsection are relevant for:

(a) the licensing exemption under paragraph 911A(2)(ep); and

(b) the exemptions under subsections 913B(2A) and 914B(2A) from

the fit and proper person test.

Matters to have regard when making determinations

(2) In deciding whether to determine a regulator under subsection (1),

the Minister must have regard to:

Licensing exemptions for foreign financial services providers

Schedule 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(a) whether the regulatory regime that the regulator administers

produces broadly comparable outcomes to this jurisdiction in

regulating and improving the performance of:

(i) the relevant financial services system; and

(ii) the financial services providers in that system; and

(b) whether that regulatory regime is clear, transparent, certain

and adequately enforced; and

Objectives and Principles of Securities Regulation,

developed by the International Organization of Securities

Commissions (

IOSCO

) and as in force from time to time;

and

(d) whether the regulator:

(i) is a signatory to the Multilateral Memorandum of

Understanding Concerning Consultation and

Cooperation and the Exchange of Information,

developed by the IOSCO and as in force from time to

time; or

(ii) is a party to any other effective cooperation arrangement

with ASIC; and

(e) any relevant submission received:

(i) from the regulator; or

(ii) from any entity in relation to the regulator or that

regulatory regime; and

(f) any relevant advice (including any assessment) received from

ASIC in relation to the regulator or that regulatory regime;

and

(g) any other matters prescribed by the regulations for the

purposes of this paragraph.

The Minister may also have regard to any other matter that the

Minister considers relevant.

Note:

The regulation mentioned in paragraph (c), and the memorandum

mentioned in subparagraph (d)(i), could in 2022 be viewed on

IOSCO's website (see https://www.iosco.org).

(3) To assist the Minister decide whether to determine a regulator

under subsection (1), ASIC may:

(a) give advice to the Minister; and

Schedule 1

Licensing exemptions for foreign financial services providers

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(b) if the Minister requests, include with the advice an

assessment of one or more of the matters in subsection (2) in

relation to the regulator or the regulatory regime that the

regulator administers.

5 At the end of subsection 913B(1)

Add:

Note 3:

There is an exemption from paragraph (c) for certain foreign

companies or partnerships (see subsection (2A)).

6 After subsection 913B(2)

Insert:

Fit and proper person test does not apply to certain foreign

companies or partnerships

(2A) Paragraph (1)(c) does not apply to an applicant for an Australian

financial services licence if:

(a) the applicant is a foreign company or is a partnership formed

outside this jurisdiction; and

(b) the licence, if granted, would be restricted to the provision of

financial services to wholesale clients; and

licences (however described) that:

(i) are necessary to legally provide the same or

substantially the same financial services in a place

outside this jurisdiction; and

(ii) are issued (however described) by a regulator

determined under subsection 911W(1).

7 Before subsection 914B(2)

Insert:

Refusing to grant the application if the fit and proper person test is

not satisfied

8 After subsection 914B(2)

Insert:

Licensing exemptions for foreign financial services providers

Schedule 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(2A) However, subsection (2) does not apply if:

(a) the applicant is a foreign company or is a partnership formed

outside this jurisdiction; and

(b) the licence, if the application is granted, would be restricted

to the provision of financial services to wholesale clients; and

licences (however described) that:

(i) are necessary to legally provide the same or

substantially the same financial services in a place

outside this jurisdiction; and

(ii) are issued (however described) by a regulator

determined under subsection 911W(1).

9 In the appropriate position in subsection 1317E(3)

Insert:

subsection 911G(3)

contravening a condition of a

licensing exemption for foreign

financial services providers

uncategorised

10 In the appropriate position in Chapter 10

Insert:

Part 10.65--Transitional provisions relating to the

Treasury Laws Amendment (Streamlining

and Improving Economic Outcomes for

Australians) Act 2022

1695 Application of amendments--exemptions from the

requirement to hold an Australian financial services

licence

Paragraphs 911A(2)(eo) and (ep), as inserted by Schedule 1 to the

Treasury Laws Amendment (Streamlining and Improving

Economic Outcomes for Australians) Act 2022

, apply in relation to

financial services provided on or after the commencement of that

Schedule.

Schedule 1

Licensing exemptions for foreign financial services providers

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

1695A Application of amendments--exemption from the fit and

proper person test

(1) Subsection 913B(2A), as inserted by Schedule 1 to the

Treasury

Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Act 2022

, applies in relation to

applications for Australian financial services licences made on or

after the commencement of that Schedule.

(2) Subsection 914B(2A), as inserted by Schedule 1 to the

Treasury

Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Act 2022

, applies in relation to

applications:

(a) for ASIC to take certain action in relation to Australian

financial services licences; and

(b) that are made on or after the commencement of that

Schedule;

whether the licences were granted before, on or after that

commencement.

1695B Transitional--first list of comparable regulators

Subsection 911W(2) does not apply in relation to the determination

of a regulator in the first legislative instrument made under

subsection 911W(1) after the commencement of this section if the

Minister is satisfied that:

(a) the regulator can be identified from a legislative instrument

made by ASIC and in force immediately before the

commencement of this section; and

(b) the regulator is responsible for regulating the provision of

financial services by providers in a place outside this

jurisdiction; and

certain provisions of Part 7.6 (about licensing of providers of

financial services) in relation to the provision of financial

services.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Schedule 2--Financial reporting and auditing

requirements for registrable

superannuation entities

Part 1--Amendment of the Corporations Act 2001

Division 1

--General amendments

Corporations Act 2001

1 Section 9 (definition of audit company)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

2 Section 9 (definition of audit-critical employee)

After "a registered scheme,", insert "or a registrable superannuation

entity,".

3 Section 9 (paragraph (a) of the definition of audit-critical

employee)

Omit "or of the responsible entity for the registered scheme", substitute

", of the responsible entity for the registered scheme or of the RSE

licensee for the registrable superannuation entity".

4 Section 9 (definition of audited body)

Omit "or registered scheme" (wherever occurring), substitute ",

registered scheme or registrable superannuation entity".

5 Section 9 (definition of audit firm)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

6 Section 9

Insert:

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

auditor for the purposes of the RSE licensee law

means an auditor

appointed in fulfilment of a requirement imposed by a provision of

the RSE licensee law.

7 Section 9 (definition of consolidated entity)

After "registered scheme", insert ", registrable superannuation entity".

8 Section 9 (note to the definition of director)

Omit "Note", substitute "Note 1".

9 Section 9 (at the end of the definition of director)

Add:

Note 2:

For directors of registrable superannuation entities, see

section 345AAC.

10 Section 9 (after paragraph (a) of the definition of financial

year)

Insert:

(aa) for a registrable superannuation entity--the meaning given

by section 323DAAA;

11 Section 9 (definition of individual auditor)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

12 Section 9

Insert:

officer

of a registrable superannuation entity has the meaning

given by section 345AAD.

13 Section 9 (definition of play a significant role)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

14 Section 9 (paragraph (a) of the definition of play a

significant role)

Omit "or scheme" (wherever occurring), substitute ", scheme or entity".

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

15 Section 9 (subparagraph (a)(ii) of the definition of play a

significant role)

Omit "or the scheme", substitute ", scheme or entity".

16 Section 9 (paragraph (b) of the definition of play a

significant role)

Omit "or scheme" (wherever occurring), substitute ", scheme or entity".

17 Section 9 (definition of registrable superannuation entity)

Repeal the definition, substitute:

registrable superannuation entity

(a) when used in a provision outside Chapter 2M or an

associated definition--has the same meaning as in the

Superannuation Industry (Supervision) Act 1993

; and

(b) when used in Chapter 2M or an associated definition--means

a registrable superannuation entity (within the meaning of the

Superannuation Industry (Supervision) Act 1993

), but does

not include the following:

(i) an exempt public sector superannuation scheme (within

the meaning of the

Superannuation Industry

(Supervision) Act 1993

);

(ii) an excluded approved deposit fund (within the meaning

of the

Superannuation Industry (Supervision) Act 1993

);

(iii) a small APRA fund (within the meaning of

section 1017BB).

For the purposes of this definition, each of the following is an

associated definition

(a) the definition of

audit company

;

(b) the definition of

audit-critical employee

;

audited body

;

(d) the definition of

audit firm

;

(e) the definition of

consolidated entity

;

(f) the definition of

director

;

(g) the definition of

financial year

;

(h) the definition of

individual auditor

;

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(i) the definition of

officer of a registrable superannuation

entity

;

(j) the definition of

play a significant role

;

(k) the definition of

RSE remuneration report

18 Section 9

Insert:

RSE licensee law

has the same meaning as in the

Superannuation

Industry (Supervision) Act 1993

RSE remuneration report

means the section of the directors'

report for a financial year for a registrable superannuation entity

that is included under subsection 300C(1).

19 Subsection 285(1) (heading)

After "

registered schemes

", insert "

, registrable superannuation

entities

20 Subsection 285(1)

After "registered schemes", insert ", registrable superannuation

entities".

21 Subsection 285(1) (table heading)

After "

registered schemes

", insert "

, registrable superannuation

entities

22 Subsection 285(1) (table item 2, column headed

"comments")

After "(section 300A)", insert "and registrable superannuation entities

(section 300C)".

23 Subsection 285(1) (table item 4, column headed

"sections")

After "s. 314", insert ", 314AA".

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

24 Subsection 285(1) (table item 4, column headed

"comments")

After "company limited by guarantee", insert "or a registrable

superannuation entity".

25 Subsection 285(1) (table item 4, column headed

"comments")

Before "For deadline", insert "For registrable superannuation entities,

see section 314AA.".

26 After subsection 285(3)

Insert:

Application to registrable superannuation entities

(3A) For the purposes of applying this Chapter to a registrable

superannuation entity, the RSE licensee for the entity is responsible

for the performance of obligations in respect of the entity (see

section 345AAA).

27 Subsection 286(1)

After "registered scheme", insert ", registrable superannuation entity".

28 Subsection 289(1)

After "registered scheme", insert ", registrable superannuation entity".

29 Subsection 289(2)

After "registered scheme", insert ", registrable superannuation entity".

30 Subsection 289(3)

After "registered scheme", insert ", registrable superannuation entity".

31 Subsection 290(1)

After "registered scheme", insert ", registrable superannuation entity".

32 After paragraph 292(1)(d)

Insert:

; and (e) all registrable superannuation entities.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

33 At the end of section 292

Add:

Registrable superannuation entities

(4) The regulations may provide that a financial report prepared by a

registrable superannuation entity must comply with prescribed

requirements.

(5) The regulations may provide that a directors' report prepared by a

registrable superannuation entity must comply with prescribed

requirements.

34 Subsection 295(2)

After "registered scheme" (wherever occurring), insert ", registrable

superannuation entity".

35 Paragraphs 295(4)(c) and (ca)

After "registered scheme", insert ", registrable superannuation entity".

36 Paragraph 297(a)

After "registered scheme", insert ", registrable superannuation entity".

37 Subsection 298(1)

After "registered scheme", insert ", registrable superannuation entity".

38 Paragraph 298(1AA)(b)

Omit "and 300A", substitute ", 300A and 300C".

39 Paragraph 299(2)(a)

After "registered scheme", insert ", registrable superannuation entity".

40 Subsection 299(3)

After "registered scheme" (wherever occurring), insert ", registrable

superannuation entity".

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

41 Subsection 300(1)

After "year must", insert "(in the case of a company, registered scheme

or disclosing entity)".

42 Paragraph 300(3)(b)

After "registered scheme", insert ", registrable superannuation entity".

43 Subsection 300(11B)

After "registered scheme", insert ", registrable superannuation entity".

44 After section 300B

Insert:

300C Annual directors' report--registrable superannuation entities

Remuneration

(1) The directors' report for a financial year for a registrable

superannuation entity must also include (in a separate and clearly

identified section of the report):

(a) the prescribed details in relation to the remuneration of each

member of the key management personnel for the registrable

superannuation entity; and

(b) such other matters (if any) relating to such remuneration as

are prescribed by the regulations.

(2) The material referred to in subsection (1) must be included in the

directors' report under the heading "Remuneration report".

(3) Without limiting paragraph (1)(a), the regulations may:

(a) provide that the value of an element of remuneration is to be

determined, for the purposes of this section, in a particular

way or by reference to a particular standard; and

(b) provide that details to be given of an element of remuneration

must relate to the remuneration provided in:

(i) the financial year to which the directors' report relates;

and

(ii) the earlier financial years specified in the regulations.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

Non-audit services and auditor independence

(4) The directors' report for a registrable superannuation entity for a

financial year must also include the following in relation to each

auditor:

(a) details of the amounts paid or payable to the auditor for

non-audit services provided, during the year, by the auditor

(or by another person or firm on the auditor's behalf);

(b) a statement whether the directors are satisfied that the

provision of non-audit services, during the year, by the

auditor (or by another person or firm on the auditor's behalf)

is compatible with the general standard of independence for

auditors imposed by this Act;

the provision of those non-audit services, during the year, by

the auditor (or by another person or firm on the auditor's

behalf) did not compromise the auditor independence

requirements of this Act.

(5) The details and statements mentioned in subsection (4) must be

included in the directors' report under the heading "Non-audit

services".

(6) For the purposes of paragraph (4)(a), the details of amounts paid or

payable to an auditor for non-audit services provided, during the

year, by the auditor (or by another person or firm on the auditor's

behalf) are:

(a) the name of the auditor; and

(b) the dollar amount that:

(i) the registrable superannuation entity; or

(ii) the RSE licensee for the registrable superannuation

entity;

paid, or is liable to pay, for each of those non-audit services.

(7) The statements under paragraphs (4)(b) and (c) must be made in

accordance with advice provided by the registrable superannuation

entity's audit committee.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(8) For the purposes of subsection (7), a statement is taken to be made

in accordance with advice provided by the registrable

superannuation entity's audit committee only if:

(a) the statement is consistent with that advice and does not

contain any material omission of material included in that

advice; and

(b) the advice is endorsed by a resolution passed by the members

of the audit committee; and

committee on behalf of the audit committee and given to the

directors.

Audit

(9) If an individual plays a significant role in the audit of a registrable

superannuation entity for a financial year in reliance on an

approval granted under section 324DAA, the directors' report for

the entity for the financial year must also include details of, and

reasons for, the approval.

(10) If a registered company auditor plays a significant role in the audit

of a registrable superannuation entity for a financial year in

reliance on a declaration made under section 342A, the directors'

report for the entity for the financial year must also include details

of the declaration.

45 Subsection 301(1)

After "registered scheme", insert ", registrable superannuation entity".

46 At the end of section 301

Add:

Registrable superannuation entities

(6) The following reports relating to:

(a) a registrable superannuation entity; and

(b) a financial year;

may be set out in the same document:

subsection (1);

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(d) an auditor's report provided in relation to the entity under a

provision of the RSE licensee law.

47 Paragraphs 307(c) and (d)

After "registered scheme", insert ", registrable superannuation entity".

48 Subsections 307C(1) and (3)

After "registered scheme", insert ", registrable superannuation entity".

49 Subparagraph 307C(5)(a)(i)

After "registered scheme", insert ", registrable superannuation entity".

50 Paragraph 307C(5A)(a)

After "registered scheme", insert ", registrable superannuation entity".

51 After subsection 308(3C)

Insert:

(3D) If the directors' report for the financial year includes an RSE

remuneration report, the auditor must also report to members on

whether the auditor is of the opinion that the remuneration report

complies with section 300C. If not of that opinion, the auditor's

report must say why.

52 Subsection 308(5)

After "(3C)", insert ", (3D)".

53 Section 310

Before "The auditor", insert "(1)".

54 Section 310

Omit "A request", substitute "A requirement".

55 At the end of section 310

Add:

(2) The auditor:

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(a) has a right of access at all reasonable times to the books of a

registrable superannuation entity; and

(b) may, by written notice, require an officer of a registrable

superannuation entity to:

(i) give the auditor information, explanations or other

assistance for the purposes of the audit or review; and

(ii) do so within 14 days after the notice is given.

A requirement under paragraph (b) must be a reasonable one.

56 Subsection 311(1)

After "an audit", insert "(other than an audit of a registrable

superannuation entity)".

57 After subsection 311(1)

Insert:

(1A) An individual auditor conducting an audit of a registrable

superannuation entity contravenes this subsection if:

(a) the auditor suspects on reasonable grounds that there are

circumstances that amount to a contravention of this Act; and

(b) the auditor does not notify ASIC in writing of those

circumstances as soon as practicable, and in any case within

28 days, after the auditor forms that suspicion.

(1B) An individual auditor commits an offence if the auditor

contravenes subsection (1A).

(1C) An individual auditor commits an offence of strict liability if the

auditor contravenes subsection (1A).

58 Subsection 311(2)

After "conducting an audit", insert "(other than an audit of a registrable

superannuation entity)".

59 After subsection 311(2)

Insert:

(2A) An audit company conducting an audit of a registrable

superannuation entity contravenes this subsection if:

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(a) the lead auditor for the audit suspects on reasonable grounds

that there are circumstances that amount to a contravention of

this Act; and

(b) the lead auditor does not notify ASIC in writing of those

circumstances as soon as practicable, and in any case within

28 days, after the lead auditor forms that suspicion.

(2B) An audit company commits an offence if the company contravenes

subsection (2A).

(2C) An audit company commits an offence of strict liability if the

company contravenes subsection (2A).

Contravention by member of audit firm

(2D) A person (the

defendant

) contravenes this subsection if:

(a) an audit firm is conducting an audit of a registrable

superannuation entity; and

(b) the defendant is a member of the firm; and

that there are circumstances that amount to a contravention of

this Act; and

(d) the lead auditor does not notify ASIC in writing of those

circumstances as soon as practicable, and in any case within

28 days, after the lead auditor forms that suspicion.

(2E) A person commits an offence if the person contravenes

subsection (2D).

(2F) A person commits an offence of strict liability if the person

contravenes subsection (2D).

(2G) A member of an audit firm does not commit an offence at a

particular time because of a contravention of subsection (2D) if the

member:

(a) does not know at that time of the circumstances that

constitute the contravention of subsection (2D); or

(b) does know of those circumstances at that time but takes all

reasonable steps to correct the contravention as soon as

possible after the member becomes aware of those

circumstances.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Note:

A defendant bears an evidential burden in relation to the matters in

this subsection, see subsection 13.3(3) of the

Criminal Code

60 Paragraph 311(3)(a)

After "an audit", insert "(other than an audit of a registrable

superannuation entity)".

61 After subsection 311(3)

Insert:

(3A) A person contravenes this subsection if:

(a) the person is the lead auditor for an audit of a registrable

superannuation entity; and

(b) the person suspects on reasonable grounds that there are

circumstances that amount to a contravention of this Act; and

circumstances as soon as practicable, and in any case within

28 days, after the person forms that suspicion.

(3B) A person commits an offence if the person contravenes

subsection (3A).

(3C) A person commits an offence of strict liability if the person

contravenes subsection (3A).

62 Paragraph 312(1)(b)

Omit "section 310", substitute "subsection 310(1)".

63 At the end of section 312

Add:

(3) An officer of a registrable superannuation entity must:

(a) allow the auditor access to the books of the entity; and

(b) give the auditor any information, explanation or assistance

required under subsection 310(2).

Note:

Books include registers and documents generally (not only the

accounting "books"): see the definition of

books

in section 9.

(4) An offence based on subsection (3) is an offence of strict liability.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

64 After section 314

Insert:

314AA Annual financial reporting by registrable superannuation

entities to members

(1) A registrable superannuation entity must report to members for a

financial year by providing all of the following reports:

(a) the financial report for the year;

(b) the directors' report for the year (see sections 298, 299

and 300C);

(2) A registrable superannuation entity must provide the reports for a

financial year by making a copy of the reports publicly available

on the entity's website on and after the day on which the reports

are lodged with ASIC under section 319.

(3) An offence based on subsection (1) is an offence of strict liability.

65 After subsection 315(3)

Insert:

Registrable superannuation entities

(3AA) A registrable superannuation entity must report to members under

section 314AA within 3 months after the end of the financial year.

66 Subsection 319(1)

After "registered scheme", insert ", registrable superannuation entity".

67 Subsection 319(1)

Omit "This", substitute "In the case of a company, registered scheme or

disclosing entity, this".

68 Paragraph 319(3)(a)

After "registered scheme", insert ", registrable superannuation entity".

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

69 At the end of section 319

Add:

Registrable superannuation entities

(4) The regulations may require that the lodgment of a report by a

registrable superannuation entity under subsection (1) must be in a

prescribed manner.

(5) A manner prescribed for the purposes of subsection (4) may

involve electronic communication.

(6) Subsection (5) does not limit subsection (4).

(7) Section 352 does not apply to the lodgment of a report if

regulations are in force under subsection (4) of this section in

relation to the lodgment of the report.

70 Subsection 321(1)

After "registered scheme", insert ", registrable superannuation entity".

71 After subsection 322(2)

Insert:

Financial reports and directors' reports lodged by registrable

superannuation entities

(2A) If:

(a) a financial report or directors' report for a financial year

relates to a registrable superannuation entity; and

(b) the report is amended after it is lodged with ASIC;

the entity must, within 14 days after the amendment:

(d) make both of the following publicly available on the entity's

website on and after the day on which the amended report is

lodged with ASIC under paragraph (c):

(i) a copy of the amended report;

(ii) a description of the nature of the amendment.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

72 Subsection 322(3)

Omit "or (2)", substitute ", (2) or (2A)".

73 Subsection 323(1)

After "registered scheme" (wherever occurring), insert ", registrable

superannuation entity".

74 Subsection 323A(2)

After "registered scheme", insert ", registrable superannuation entity".

75 Subsection 323B(1)

After "registered scheme", insert ", registrable superannuation entity".

76 Section 323C

After "registered scheme", insert ", registrable superannuation entity".

77 After section 323D

Insert:

323DAAA Financial years for registrable superannuation entities

(1) The financial year for a registrable superannuation entity is the

entity's year of income (within the meaning of the

Superannuation

Industry (Supervision) Act 1993

Synchronisation of financial years where consolidated financial

statements are required

(2) A registrable superannuation entity that has to prepare consolidated

financial statements must do whatever is necessary to ensure that

the financial years of the consolidated entities are synchronised

with its own financial years. It must achieve this synchronisation

by the end of 12 months after the situation that calls for

consolidation arises.

(3) An offence based on subsection (2) is an offence of strict liability.

(4) To facilitate this synchronisation, the financial year for a controlled

entity may be extended or shortened. The extended financial year

cannot be longer than 18 months.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

78 Division 1 of Part 2M.4 (heading)

Omit "

or registered scheme

", substitute "

, registered scheme or

registrable superannuation entity

79 Section 324AA

Before "Subject to this Part", insert "(1)".

80 At the end of section 324AA

Add:

(2) Subject to this Part, the following may be appointed as auditor for

a registrable superannuation entity for the purposes of this Chapter:

(a) an individual;

(b) a firm;

The entity may only have one auditor.

Note:

In addition to audit requirements under this Chapter, a registrable

superannuation entity has audit requirements under the RSE licensee

law. Subsection 35AC(8) of the

Superannuation Industry

(Supervision) Act 1993

provides that the RSE licensee for a registrable

superannuation entity must ensure that the auditor of the entity for the

purposes of the RSE licensee law is the individual, firm or company

that is the auditor of the entity for the purposes of this Chapter.

81 Subsections 324AB(1) and (2)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

82 Subsection 324AB(2)

Omit "or scheme", substitute ", scheme or entity".

83 Subsection 324AB(3)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

84 Paragraph 324AC(1)(a)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

85 Subsections 324AC(4) and (5)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

86 Subsection 324AD(1)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

87 Section 324AE

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

88 Subsections 324AF(1) and (2)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

89 Subparagraphs 324BA(a)(i), (ii) and (iii)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

90 Subparagraphs 324BB(1)(a)(i), (ii) and (iii)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

91 Subparagraphs 324BB(2)(a)(i), (ii) and (iii)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

92 Subparagraphs 324BC(1)(a)(i), (ii) and (iii)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

93 Subparagraphs 324BC(2)(a)(i), (ii) and (iii)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

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Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

94 Subparagraphs 324BC(3)(a)(i), (ii) and (iii)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

95 After Division 2 of Part 2M.4

Insert:

Division 2A--Eligibility requirements for auditors of

registrable superannuation entities

324BF Eligibility requirements for auditors of registrable

superannuation entities

(1) An individual contravenes this section if:

(a) the individual:

(i) consents to be appointed as auditor of a registrable

superannuation entity for the purposes of this Chapter;

(ii) acts as auditor of a registrable superannuation entity for

the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by

an auditor of a registrable superannuation entity; and

(b) the person:

(i) does not meet the eligibility criteria for auditors of

registrable superannuation entities (within the meaning

of the

Superannuation Industry (Supervision) Act 1993

)

set out in the prudential standards (within the meaning

of that Act); or

(ii) has been disqualified from being, or acting as, an

auditor of a registrable superannuation entity (within the

meaning of the

Superannuation Industry (Supervision)

Act 1993

) under section 130D of that Act; or

(iii) is a member or employee of a firm that is disqualified

under section 130EA of the

Superannuation Industry

(Supervision) Act 1993

; or

(iv) is a director or employee of a company that is

disqualified under section 130EA of the

Superannuation

Industry (Supervision) Act 1993

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(2) A company contravenes this section if:

(a) the company:

(i) consents to be appointed as auditor of a registrable

superannuation entity for the purposes of this Chapter;

(ii) acts as auditor of a registrable superannuation entity for

the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by

an auditor of a registrable superannuation entity; and

(b) the company is disqualified under section 130EA of the

Superannuation Industry (Supervision) Act 1993

(3) A member of a firm contravenes this section if:

(a) the firm:

(i) consents to be appointed as auditor of a registrable

superannuation entity for the purposes of this Chapter;

(ii) acts as auditor of a registrable superannuation entity for

the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by

an auditor of a registrable superannuation entity; and

(b) the firm is disqualified under section 130EA of the

Superannuation Industry (Supervision) Act 1993

(4) A company contravenes this section if:

(a) the company:

(i) consents to be appointed as auditor of a registrable

superannuation entity for the purposes of this Chapter;

(ii) acts as auditor of a registrable superannuation entity for

the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by

an auditor of a registrable superannuation entity; and

(b) the lead auditor for an audit of a registrable superannuation

entity conducted by the company:

(i) does not meet the eligibility criteria for auditors of

registrable superannuation entities (within the meaning

of the

Superannuation Industry (Supervision) Act 1993

)

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

set out in the prudential standards (within the meaning

of that Act); or

(ii) has been disqualified from being, or acting as, an

auditor of a registrable superannuation entity (within the

meaning of the

Superannuation Industry (Supervision)

Act 1993

) under section 130D of that Act.

(5) A member of a firm contravenes this section if:

(a) the firm:

(i) consents to be appointed as auditor of a registrable

superannuation entity for the purposes of this Chapter;

(ii) acts as auditor of a registrable superannuation entity for

the purposes of this Chapter; or

(iii) prepares a report required by this Act to be prepared by

an auditor of a registrable superannuation entity; and

(b) the lead auditor for an audit of a registrable superannuation

entity conducted by the firm:

(i) does not meet the eligibility criteria for auditors of

registrable superannuation entities (within the meaning

of the

Superannuation Industry (Supervision) Act 1993

)

set out in the prudential standards (within the meaning

of that Act); or

(ii) has been disqualified from being, or acting as, an

auditor of a registrable superannuation entity (within the

meaning of the

Superannuation Industry (Supervision)

Act 1993

) under section 130D of that Act.

96 Subsection 324CA(1A) (note 2)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

97 Subsection 324CA(1A) (at the end of note 2)

Add:

; or (d)

subsection 331AH(3) or (5) (registrable superannuation

entity).

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

98 Subsection 324CB(1A) (note 2)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

99 Subsection 324CB(1A) (at the end of note 2)

Add:

; or (d)

subsection 331AH(4) (registrable superannuation entity).

100 Subsection 324CC(1A) (note 2)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

101 Subsection 324CC(1A) (at the end of note 2)

Add:

; or (d)

subsection 331AH(5) (registrable superannuation entity).

102 Subsection 324CD(2) (at the end of the table)

Add:

a registrable superannuation entity

the RSE licensee for the

registrable superannuation

entity, if the RSE licensee is a

body corporate or a

constitutional corporation

(within the meaning of the

Superannuation Industry

(Supervision) Act 1993

); or

a current or former director of

the registrable superannuation

entity; or

a person currently or formerly

involved in the management of

the registrable superannuation

entity; or

a person currently or formerly

involved in the management of

the RSE licensee for the

registrable superannuation

entity; or

a connected entity (within the

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

meaning of the

Superannuation

Industry (Supervision) Act

1993

) of the RSE licensee for

the registrable superannuation

entity.

103 Subsection 324CE(1A) (note)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

104 Subsection 324CE(1A) (at the end of the note)

Add:

; or (d)

subsection 331AH(3) (registrable superannuation entity).

105 After subsection 324CE(6)

Insert:

(6A) Paragraphs (6)(a) and (b) do not apply if:

(a) the audited body is a registrable superannuation entity; and

(b) the services are required or permitted to be provided under

the prudential standards (within the meaning of the

Superannuation Industry (Supervision) Act 1993

106 Subsection 324CF(1A) (note)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

107 Subsection 324CF(1A) (at the end of the note)

Add:

; or (d)

subsection 331AH(4) (registrable superannuation entity).

108 After subsection 324CF(6)

Insert:

(6A) Paragraphs (6)(a) and (b) do not apply if:

(a) the audited body is a registrable superannuation entity; and

(b) the services are required or permitted to be provided under

the prudential standards (within the meaning of the

Superannuation Industry (Supervision) Act 1993

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

109 Subsection 324CG(1A) (note)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

110 Subsection 324CG(1A) (at the end of the note)

Add:

; or (d)

subsection 331AH(3) (registrable superannuation entity).

111 Subsection 324CG(5A) (note)

Omit "or a registered scheme", substitute ", a registered scheme or a

registrable superannuation entity".

112 Subsection 324CG(5A) (at the end of the note)

Add:

; or (d)

subsection 331AH(3) (registrable superannuation entity).

113 After subsection 324CG(10)

Insert:

(10A) Paragraphs (10)(a) and (b) do not apply if:

(a) the audited body is a registrable superannuation entity; and

(b) the services are required or permitted to be provided under

the prudential standards (within the meaning of the

Superannuation Industry (Supervision) Act 1993

114 After subsection 324CH(2)

Insert:

Applying table if audited body is registrable superannuation entity

(2A) If the audited body is a registrable superannuation entity, apply the

table in subsection (1) as if:

(a) references to the audited body in items 1 to 9, and items 15 to

19, in the table were references to the RSE licensee for the

registrable superannuation entity; and

(b) references to an interest in the audited body in items 10 to 12

in the table were references to an interest in either:

(i) the registrable superannuation entity; or

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(ii) the RSE licensee for the registrable superannuation

entity; and

interest in the audited body in items 13 and 14 in the table

were references to an investment in an entity that has a

controlling interest in the RSE licensee for the registrable

superannuation entity.

115 At the end of Subdivision C of Division 3 of Part 2M.4

Add:

324CLA Extended meaning of officer of a registrable

superannuation entity

(1) For the purposes of this Division, a person is taken to be an officer

of a registrable superannuation entity if:

(a) the person is an officer of:

(i) a related body corporate of the RSE licensee for the

registrable superannuation entity; or

(ii) an entity that the RSE licensee for the registrable

superannuation entity controls; or

(b) the person has, at any time within the immediately preceding

period of 12 months, been an officer or promoter of:

(i) a related body corporate of the RSE licensee for the

registrable superannuation entity; or

(ii) an entity that the RSE licensee for the registrable

superannuation entity controlled at that time.

Note:

Officer

of a registrable superannuation entity is defined in

section 345AAD. This subsection extends the meaning of that

expression for the purposes of this Division.

(2) Paragraph (1)(b) does not apply if ASIC directs that it does not

apply in relation to the person in relation to the RSE licensee for

the registrable superannuation entity. ASIC may give the direction

only if ASIC thinks that it is appropriate to do so in the

circumstances of the case.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

116 Paragraph 324CM(1)(a)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

117 Paragraph 324CM(1)(c)

Omit "or scheme", substitute ", scheme or entity".

118 Paragraph 324CM(2)(a)

Omit "or a registered scheme", substitute ", registered scheme or

registrable superannuation entity".

119 Paragraph 324CM(2)(c)

Omit "or scheme", substitute ", scheme or entity".

120 Paragraph 324CM(3)(d)

Omit "or a registered scheme", substitute ", registered scheme or

registrable superannuation entity".

121 Paragraph 324CM(3)(f)

Omit "or scheme", substitute ", scheme or entity".

122 Division 5 of Part 2M.4 (at the end of the heading)

Add "

, listed registered schemes and registrable superannuation

entities

123 Section 324DA (heading)

Omit "

or listed registered scheme

", substitute "

, listed registered

scheme or registrable superannuation entity

124 Subsection 324DA(1)

Omit "or listed registered scheme", substitute ", listed registered

scheme or registrable superannuation entity".

125 Subsection 324DA(1)

Omit "or the scheme" (wherever occurring), substitute ", the scheme or

the entity".

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Schedule 2

Amendment of the Corporations Act 2001

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No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

126 Subsection 324DA(2)

Omit "or listed registered scheme", substitute ", listed registered

scheme or registrable superannuation entity".

127 Subsection 324DA(2)

Omit "or scheme", substitute ", the scheme or the entity".

128 Subsection 324DA(3)

Omit "or scheme" (wherever occurring), substitute ", scheme or entity".

129 Subsection 324DAA(1)

Omit "or of a listed registered scheme", substitute "or of a listed

registered scheme or registrable superannuation entity".

130 Subsection 324DAA(1)

Omit "or scheme", substitute ", scheme or entity".

131 Subsection 324DAA(3)

Omit "or scheme", substitute ", scheme or entity".

132 Subsection 324DAA(5)

Omit "or scheme", substitute ", scheme or entity".

133 Subsection 324DAB(1) (heading)

Omit "

or scheme

", substitute "

, scheme or entity

134 Subsection 324DAB(1)

Omit "or the responsible entity of a listed registered scheme", substitute

"the responsible entity of a listed registered scheme, or the RSE licensee

for a registrable superannuation entity".

135 Paragraph 324DAB(2)(c)

Omit "or scheme", substitute ", scheme or entity".

136 Subparagraph 324DAB(2)(d)(i)

Omit "or scheme", substitute ", scheme or entity".

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

137 Subsection 324DAB(4)

Omit "or of a listed registered scheme", substitute "of a listed registered

scheme or of a registrable superannuation entity".

138 Section 324DAC

Omit "or of a listed registered scheme", substitute "of a listed registered

scheme or of a registrable superannuation entity".

139 After paragraph 324DAC(a)

Insert:

(aa) if the approval was granted by the directors of a registrable

superannuation entity--give a copy of the resolution to

APRA; and

140 Section 324DAC (note)

After "300", insert "or 300C".

141 Paragraph 324DB(a)

Omit "or listed registered scheme", substitute ", listed registered

scheme or registrable superannuation entity".

142 Paragraph 324DC(1)(a)

Omit "or listed registered scheme's auditor", substitute ", listed

registered scheme's auditor or registrable superannuation entity's

auditor".

143 Paragraph 324DC(1)(b)

Omit "or scheme's", substitute ", scheme's or entity's".

144 Paragraph 324DC(1)(c)

Omit "or scheme", substitute ", scheme or entity".

145 Subparagraphs 324DC(1)(f)(i) and (ii)

Omit "or scheme", substitute ", scheme or entity".

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Schedule 2

Amendment of the Corporations Act 2001

Part 1

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Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

146 Paragraph 324DC(2)(a)

Omit "or listed registered scheme's auditor", substitute ", listed

registered scheme's auditor or registrable superannuation entity's

auditor".

147 Paragraph 324DC(2)(b)

Omit "or scheme's", substitute ", scheme's or entity's".

148 Paragraph 324DC(2)(c)

Omit "or scheme", substitute ", scheme or entity".

149 Paragraph 324DD(1)(a)

Omit "or listed registered scheme's auditor", substitute ", listed

registered scheme's auditor or registrable superannuation entity's

auditor".

150 Paragraph 324DD(1)(b)

Omit "or scheme's", substitute ", scheme's or entity's".

151 Paragraph 324DD(1)(c)

Omit "or scheme", substitute ", scheme or entity".

152 Subparagraphs 324DD(1)(e)(i) and (ii)

Omit "or scheme", substitute ", scheme or entity".

153 Paragraph 324DD(2)(a)

Omit "or listed registered scheme's auditor", substitute ", listed

registered scheme's auditor or registrable superannuation entity's

auditor".

154 Paragraph 324DD(2)(b)

Omit "or scheme's", substitute ", scheme's or entity's".

155 Paragraph 324DD(2)(c)

Omit "or scheme", substitute ", scheme or entity".

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

156 Subparagraphs 324DD(2)(f)(i) and (ii)

Omit "or scheme", substitute ", scheme or entity".

157 Paragraph 324DD(3)(a)

Omit "or listed registered scheme's auditor", substitute ", listed

registered scheme's auditor or registrable superannuation entity's

auditor".

158 Paragraph 324DD(3)(b)

Omit "or scheme's", substitute ", scheme's or entity's".

159 Paragraph 324DD(3)(c)

Omit "or scheme", substitute ", scheme or entity".

160 At the end of Part 2M.4

Add:

Division 8--Appointment, removal and fees of auditors of

registrable superannuation entities

Subdivision A--Appointment of registrable superannuation

entity auditors

331AF Registrable superannuation entity auditor (initial

appointment of auditor)

(1) If a registrable superannuation entity is registered under

section 29M of the

Superannuation Industry (Supervision) Act

1993

after the commencement of this section, the RSE licensee

must appoint an auditor of the entity for the purposes of this

Chapter within 1 month after the day on which the entity is

registered under that section.

(2) If:

(a) a registrable superannuation entity was registered under

section 29M of the

Superannuation Industry (Supervision)

Act 1993

immediately before the commencement of this

section; and

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(b) immediately before the commencement of this section, an

individual held an appointment as an auditor of the entity for

the purposes of the RSE licensee law;

then:

an auditor of the entity for the purposes of this Chapter; and

(d) that appointment takes effect at the commencement of this

section.

(3) A director of the registrable superannuation entity must take all

reasonable steps to secure compliance with subsection (1).

331AG Registrable superannuation entity auditor (appointment to

fill vacancy)

(1) If a vacancy occurs in the office of auditor of a registrable

superannuation entity, the RSE licensee for the entity must, within

1 month after the vacancy occurs, appoint an auditor to fill the

vacancy.

(2) A director of the registrable superannuation entity must take all

reasonable steps to secure compliance with subsection (1).

331AH Registrable superannuation entity auditor (duration of

appointment)

(1) An auditor of a registrable superannuation entity holds office until

the auditor:

(a) dies; or

(b) is removed, or resigns, from office in accordance with

section 331AK; or

Division 2, 2A or 5 of this Part; or

(d) ceases to be auditor under subsection (2), (3), (4) or (5).

(2) An auditor ceases to be the auditor of a registrable superannuation

entity for the purposes of this Chapter if the auditor ceases to be

the auditor of the entity for the purposes of the RSE licensee law.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(3) An individual auditor ceases to be the auditor of a registrable

superannuation entity for the purposes of this Chapter if:

(a) on a particular day (the

start day

), the individual auditor:

(i) informs ASIC of a conflict of interest situation in

relation to the entity under subsection 324CA(1A); or

(ii) informs ASIC of particular circumstances in relation to

the entity under subsection 324CE(1A); and

(b) the individual auditor does not give ASIC a notice, before the

notification day (see subsection (6)), that that conflict of

interest situation has, or those circumstances have, ceased to

exist before the end of the period (the

remedial period

) of 21

days, or such longer period as ASIC approves in writing,

from the start day.

(4) An audit firm ceases to be auditor of a registrable superannuation

entity under this subsection if:

(a) on a particular day (the

start day

), ASIC is:

(i) informed of a conflict of interest situation in relation to

the entity under subsection 324CB(1A); or

(ii) informed of particular circumstances in relation to the

entity under subsection 324CF(1A); and

(b) ASIC has not been given a notice on behalf of the audit firm,

before the notification day (see subsection (6)), that that

conflict of interest situation has, or those circumstances have,

ceased to exist before the end of the period (the

remedial

period

) of 21 days, or such longer period as ASIC approves

in writing, from the start day.

(5) An audit company ceases to be auditor of a registrable

superannuation entity under this subsection if:

(a) on a particular day (the

start day

), ASIC is:

(i) informed of a conflict of interest situation in relation to

the entity under subsection 324CB(1A) or 324CC(1A);

(ii) informed of particular circumstances in relation to the

entity under subsection 324CF(1A) or 324CG(1A) or

(5A); and

(b) ASIC has not been given a notice on behalf of the audit

company, before the notification day (see subsection (6)),

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

that that conflict of interest situation has, or those

circumstances have, ceased to exist before the end of the

period (the

remedial period

) of 21 days, or such longer

period as ASIC approves in writing, from the start day.

(6) The

notification day

is:

(a) the last day of the remedial period; or

(b) such later day as ASIC approves in writing (whether before

or after the remedial period ends).

(7) If an audit firm ceases to be the auditor of a registrable

superannuation entity under subsection (1) at a particular time,

each member of the firm who:

(a) is taken to have been appointed as an auditor of the entity

under subsection 324AB(1) or 324AC(4); and

(b) is an auditor of the entity immediately before that time;

ceases to be an auditor of the entity at that time.

331AJ ASIC's power to appoint auditor of a registrable

superannuation entity

(1) ASIC may appoint an auditor of a registrable superannuation entity

for the purposes of this Chapter if:

(a) the RSE licensee for the entity does not appoint an auditor

when required by this Act to do so; and

(b) a member of the entity applies to ASIC in writing for the

appointment of an auditor under this section.

(2) ASIC may only appoint an individual, firm or company as auditor

under subsection (1) if the individual, firm or company consents to

being appointed.

(3) If ASIC appoints an individual, firm or company as auditor under

subsection (1), ASIC must:

(a) notify APRA of the appointment; and

(b) do so as soon as practicable after making the appointment.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

Subdivision B--Removal and resignation of registrable

superannuation entity auditors

331AK Removal and resignation of auditors

(1) The RSE licensee for a registrable superannuation entity may, with

ASIC's consent, remove the auditor of the entity from office.

(2) An auditor of a registrable superannuation entity may, by notice in

writing given to the RSE licensee for the entity, resign as auditor of

the entity if:

(a) the auditor:

(i) has, by notice in writing given to ASIC, applied for

consent to the resignation and stated the reasons for the

application; and

(ii) has, at or about the same time as giving the notice to

ASIC, given the registrable superannuation entity notice

in writing of the application to ASIC; and

(b) ASIC has given its consent.

(3) As soon as practicable after ASIC receives a notice from an auditor

under subsection (2), ASIC must notify the auditor, and the

registrable superannuation entity, whether it consents to the

resignation.

(4) A statement made by an auditor in an application to ASIC under

subsection (2) or in answer to an inquiry by ASIC relating to the

reasons for the application:

(a) is not admissible in evidence in any civil or criminal

proceedings against the auditor; and

(b) must not be made the ground of a prosecution, action or suit

against the auditor.

A certificate by ASIC that the statement was made in the

application or in answer to the inquiry by ASIC is prima facie

evidence that the statement was so made.

(5) The resignation of an auditor takes effect:

(a) on the day (if any) specified for the purpose in the notice of

resignation; or

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(b) on the day on which ASIC gives its consent to the

resignation; or

whichever occurs last.

(6) If, on the retirement or withdrawal of a member of a firm, the firm

will no longer be capable of acting as auditor of a registrable

superannuation entity because of subparagraph 324BB(1)(b)(i) or

(2)(b)(i), the member is (if not disqualified from acting as auditor

of the entity) taken to be the auditor of the entity until the member

obtains the consent of ASIC to the member's retirement or

withdrawal.

(7) Within 14 days after:

(a) the removal from office of an auditor of a registrable

superannuation entity; or

(b) the receipt of a notice of resignation from an auditor of a

registrable superannuation entity;

the entity must lodge with ASIC a notice of the removal or

resignation in the prescribed form.

(8) If ASIC consents to the removal or the resignation of an auditor of

a registrable superannuation entity, ASIC must:

(a) notify APRA of the consent; and

(b) do so as soon as practicable after giving the consent.

Subdivision C--Fees and expenses of auditors

331AL Fees and expenses of auditors

The reasonable fees and expenses of an auditor of a registrable

superannuation entity are payable by the RSE licensee for the

entity.

161 After paragraph 332A(1)(b)

Insert:

(ba) registrable superannuation entities;

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

162 Subsection 334(5)

After "registered scheme", insert ", registrable superannuation entity".

163 Section 340 (heading)

After "

registered schemes

", insert "

, registrable superannuation

entities

164 Subsection 340(1)

After "registered scheme", insert ", registrable superannuation entity".

165 Section 341 (heading)

After "

registered schemes

", insert "

, registrable superannuation

entities

166 Subsection 341(1)

After "registered schemes" (wherever occurring), insert ", registrable

superannuation entities".

167 Section 342 (heading)

After "

registered schemes,

", insert "

registrable superannuation

entities,

168 After subsection 342A(5)

Insert:

(5A) Before making a declaration in relation to the audit of a registrable

superannuation entity or a class of registrable superannuation

entities, ASIC must consult APRA.

169 At the end of section 342A

Add:

(9) If ASIC makes a declaration in relation to the audit of a registrable

superannuation entity or a class of registrable superannuation

entities, ASIC must:

(a) notify APRA of the declaration; and

(b) do so as soon as practicable after making the declaration.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

170 Section 342B (heading)

Omit "

or registered scheme

", substitute "

, registered scheme or

registrable superannuation entity

171 Subsection 342B(1)

Repeal the subsection, substitute:

(1) If a registered company auditor plays a significant role in the audit

of a company, registered scheme or registrable superannuation

entity in reliance on a declaration by ASIC under section 342A, the

auditor must give:

(a) the company; or

(b) the responsible entity for the registered scheme; or

written notice of the declaration.

172 Paragraph 342B(2)(b)

Omit "or registered scheme", substitute ", registered scheme or

registrable superannuation entity".

173 Subsection 344(1)

After "registered scheme", insert ", registrable superannuation entity".

174 At the end of Chapter 2M

Add:

Part 2M.8--Additional provisions relating to

registrable superannuation entities

345AAA Obligations of registrable superannuation entities

An obligation imposed on a registrable superannuation entity by a

provision of this Chapter is to be discharged by the RSE licensee

for the entity.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

345AAB Notices etc. given to RSE licensees

For the purposes of this Chapter, if a notice, direction or other

document is given to the RSE licensee for a registrable

superannuation entity, the notice, direction or other document is

taken to be given to the entity.

345AAC Directors of registrable superannuation entities

(1) For the purposes of this Chapter,

director

of a registrable

superannuation entity means:

(a) if the RSE licensee for the entity is a constitutional

corporation or a body corporate--a director of the

constitutional corporation or body corporate; or

(b) if the RSE licensee for the entity is a group of individual

trustees--each of those trustees.

(2) For the purposes of this section,

constitutional corporation

has the

same meaning as in the

Superannuation Industry (Supervision) Act

1993

345AAD Officers of registrable superannuation entities

(1) For the purposes of this Chapter,

officer

of a registrable

superannuation entity means:

(a) if the RSE licensee for the entity is a constitutional

corporation or a body corporate--an officer of the

constitutional corporation or body corporate; or

(b) if the RSE licensee for the entity is a group of individual

trustees:

(i) each of those trustees; or

(ii) a person who makes, or participates in making,

decisions that affect the whole, or a substantial part, of

the business of the entity; or

(iii) a person who has the capacity to affect significantly the

entity's financial standing.

(2) For the purposes of this section,

constitutional corporation

has the

same meaning as in the

Superannuation Industry (Supervision) Act

1993

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

175 After subsection 1017C(3)

Insert:

Reports prepared by a registrable superannuation entity etc.

(3AA) If the financial product is a superannuation product that relates to a

registrable superannuation entity (within the meaning of

Chapter 2M), the issuer must, on request in writing by a person

who is a concerned person, give the person:

(a) a copy of the financial report of the entity for a specified

financial year; and

(b) a copy of the directors' report of the entity for a specified

financial year; and

Each copy must be given in accordance with the other

requirements of this section.

Note:

Failure to comply with this subsection is an offence (see

subsection 1311(1)).

176 In the appropriate position in Chapter 10

Insert:

Part 10.58--Application and transitional provisions

relating to Schedule 2 to the Treasury Laws

Amendment (Streamlining and Improving

Economic Outcomes for Australians) Act

2022

1684 Financial reporting and auditing requirements for registrable

superannuation entities

The amendments of this Act made by Division 1 of Part 1 of

Schedule 2 to the

Treasury Laws Amendment

(

Streamlining and

Improving Economic Outcomes for Australians

) Act 2022 so far as

they relate to:

(a) a financial report for a financial year; or

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 1

Amendment of the Corporations Act 2001

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(b) a directors' report for a financial year; or

apply in relation to the report or audit if the financial year begins

on or after 1 July 2023.

177 Schedule 3 (table item dealing with Subsections 308(1),

(2), (3), (3AA), (3AB), (3A), (3C) and (4), column headed

"Provision")

After "(3C)" insert ", (3D)".

178 Schedule 3 (after the table item dealing with

Subsections 311(1), (2) and (3))

Insert:

Subsection 311(2B)

250 penalty units

Subsection 311(2C)

125 penalty units

Subsections 311(1B), (2E) and (3B)

50 penalty units

Subsections 311(1C), (2F) and (3C)

25 penalty units

179 Schedule 3 (table item dealing with Subsection 312(1),

column headed "Provision")

Omit "Subsection 312(1)", substitute "Subsections 312(1) and (3)".

180 In the appropriate position in Schedule 3

Insert:

Subsection 314AA(1)

30 penalty units

181 Schedule 3 (table item dealing with Subsections 322(1),

(1A) and (2), column headed "Provision")

Omit "and (2)", substitute "(2) and (2A)".

182 In the appropriate position in Schedule 3

Insert:

Subsection 323DAAA(2)

30 penalty units

183 In the appropriate position in Schedule 3

Insert:

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendment of the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Subsections 324BF(2) and (4)

300 penalty units

Subsections 324BF(1), (3) and (5)

6 months imprisonment

184 In the appropriate position in Schedule 3

Insert:

Subsections 331AF(1) and (3)

6 months imprisonment

Subsections 331AG(1) and (2)

6 months imprisonment

185 In the appropriate position in Schedule 3

Insert:

Subsection 1017C(3AA)

2 years imprisonment

Division 2

--Amendments contingent on the

commencement of the Treasury Laws

Amendment (Registries Modernisation and

Other Measures) Act 2020

Corporations Act 2001

186 Paragraphs 322(2A)(b), (c) and (d)

Omit "ASIC", substitute "the Registrar".

187 Subsection 331AK(6)

Omit "ASIC", substitute "the Registrar".

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

Part 2--Amendments of other Acts

Australian Securities and Investments Commission Act 2001

188 Subparagraph 127(2D)(b)(i)

After "registered scheme", insert ", registrable superannuation entity".

189 Paragraph 127(2D)(c)

After "registered scheme", insert ", to the RSE licensee for the

registrable superannuation entity".

190 Subsection 127(2D)

After "responsible entity" (last occurring), insert ", RSE licensee".

191 Subsection 127(2F)

After "registered scheme", insert ", registrable superannuation entity".

192 Subsection 127(2G)

After "responsible entity" (wherever occurring), insert ", RSE licensee".

193 Subsection 127(9)

Insert:

registrable superannuation entity

has the same meaning as in

Chapter 2M of the

Corporations Act 2001

RSE licensee

has the same meaning as in the SIS Act.

Superannuation Industry (Supervision) Act 1993

194 Subsection 6(1) (table item 40, column headed

"Provisions")

Omit "43", substitute "43A".

195 Subsection 6(1) (after table item 43)

Insert:

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

43A

Sections 130D and

130E

disqualifying and

removing actuaries

and auditors

(a) both APRA and ASIC,

to the extent the

provisions relate to

auditors; and

(b) APRA, to the extent

the provisions relate to

actuaries

196 Subsection 10(1)

Insert:

individual RSE auditor

means an individual who is appointed as

auditor of a registrable superannuation entity.

lead auditor

has the meaning given by section 11F.

registered company auditor

has the same meaning as in the

Corporations Act 2001

RSE audit company

means a company that is appointed as auditor

of a registrable superannuation entity.

RSE audit firm

means a firm that is appointed as auditor of a

registrable superannuation entity.

197 Subsection 10(1) (definition of RSE auditor)

Repeal the definition, substitute:

RSE auditor

means:

(a) an individual RSE auditor; or

(b) an RSE audit firm; or

198 After section 11E

Insert:

11F Lead auditor

If an RSE audit firm or RSE audit company conducts an audit of a

registrable superannuation entity, the

lead auditor

for the audit is

the registered company auditor who is primarily responsible to the

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

RSE audit firm or the RSE audit company for the conduct of the

audit.

199 Paragraph 29D(1)(a)

After "the RSE licensee law", insert "or Chapter 2M of the

Corporations Act 2001

200 Paragraph 29E(1)(a)

After "the RSE licensee law", insert "and Chapter 2M of the

Corporations Act 2001

201 Paragraph 29JA(1A)(c)

After "the RSE licensee law", insert "or Chapter 2M of the

Corporations Act 2001

202 Paragraph 29P(2)(c)

Repeal the paragraph, substitute:

the registrable superannuation entity;

(ca) any individual, company or firm that has been an RSE

auditor of the registrable superannuation entity for the year of

income of the entity;

203 After paragraph 29P(3)(a)

Insert:

(aa) include in the notice links to each of the following reports

that are publicly available on the registrable superannuation

entity's website:

(i) the financial report for the year of income of the entity;

(ii) the directors' report for the year of income of the entity;

(iii) the auditor's report on the financial report for the year

of income of the entity; and

204 Subsection 29PA(3)

Repeal the subsection, substitute:

(3) If:

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(a) a person (the

relevant person

) has been an individual RSE

auditor of a registrable superannuation entity for a year of

income of the entity; and

(b) the relevant person is given notice of an annual members'

meeting for the entity for the year in accordance with

subsections 29P(2) and (3);

then:

person must attend the meeting; and

(d) if:

(i) the relevant person is not a practising auditor; and

(ii) another person is the individual RSE auditor of the

entity;

the individual RSE auditor must attend the meeting; and

(e) if:

(i) the relevant person is not a practising auditor; and

(ii) a firm or company is the RSE auditor of the entity; and

(iii) the firm or company is conducting an audit of the entity;

the lead auditor of the audit must attend the meeting.

Penalty: 50 penalty units.

(3A) If:

(a) a firm or company has been an RSE auditor of a registrable

superannuation entity for a year of income of the entity; and

(b) the firm or company is given notice of an annual members'

meeting for the entity for the year in accordance with

subsections 29P(2) and (3); and

relevant lead auditor

) was the lead auditor of

the audit of the entity that was conducted by the firm or

company for the year;

then:

(d) if:

(i) the firm or company conducts audits; and

(ii) the relevant lead auditor is a member or employee of the

firm or a director or employee of the company;

the relevant lead auditor must attend the meeting; and

(e) if:

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(i) the firm or company conducts audits; and

(ii) paragraph (d) does not apply; and

(iii) a person (the

relevant audit team member

) was a

member of the audit team that was involved in the audit

of the entity that was conducted by the firm or company

for the year; and

(iv) the relevant audit team member is a member or

employee of the firm or a director or employee of the

company; and

(v) the relevant audit team member is not the lead auditor of

the audit of the entity;

the relevant audit team member must attend the meeting; and

(f) if:

(i) the firm or company does not conduct audits; and

(ii) another person is the individual RSE auditor of the

entity;

the individual RSE auditor must attend the meeting; and

(g) if:

(i) the firm or company does not conduct audits; and

(ii) another firm or company is the RSE auditor of the

entity; and

(iii) the other firm or company is conducting an audit of the

entity;

the lead auditor of the audit must attend the meeting.

Penalty: 50 penalty units.

(3B) If:

(a) 2 or more persons are required by paragraph (3A)(e) to attend

a meeting; and

(b) one of those persons attends the meeting;

the remaining persons are not required to attend the meeting.

205 Subsection 29PA(5)

After "(3)", insert ", (3A)".

206 Subsection 29PD(1)

Repeal the subsection, substitute:

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(1) This section applies if:

(a) a person is required by subsection 29P(3) or (3A) to attend an

annual members' meeting for a registrable superannuation

entity for a year of income of the entity; and

(b) a member of the entity asks the person a question at the

meeting.

207 Subsection 29PD(2)

Omit "auditor", substitute "person".

208 Subparagraph 29PD(3)(a)(iii)

Omit "auditor", substitute "individual RSE auditor, the RSE audit firm

or the RSE audit company, as the case may be".

209 Section 29QB

Repeal the section.

210 Subparagraph 35A(1)(b)(ii)

After "the RSE licensee law", insert "or Chapter 2M of the

Corporations Act 2001

211 Paragraph 35A(1)(c)

After "the RSE licensee law", insert "and Chapter 2M of the

Corporations Act 2001

(if applicable)".

212 After subsection 35A(1)

Insert:

(1A) If accounting records of an RSE licensee or a registrable

superannuation entity are kept in accordance with subsection (1),

each trustee of the entity must ensure that the records are retained

for at least 7 years after the end of the year of income to which the

transactions relate.

213 Paragraph 35A(2)(a)

Repeal the paragraph.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

214 Subsection 35A(6)

Repeal the subsection, substitute:

Offences

(6) A trustee commits an offence if the trustee contravenes

subsection (1) or (1A).

Penalty: Imprisonment for 2 years.

215 Subsection 35A(7)

After "(1)", insert ", (1A)".

216 Subsection 35A(7) (penalty)

Omit "50 penalty units", substitute "60 penalty units".

217 Subsection 35AB(3) (penalty)

Omit "50 penalty units", substitute "60 penalty units".

218 After subsection 35AC(1)

Insert:

(1A) Subject to this Part, the following may be appointed as an auditor

of the registrable superannuation entity:

(a) an individual;

(b) a firm;

The entity may only have one auditor.

Note:

In addition to audit requirements under the RSE licensee law, a

registrable superannuation entity may have audit requirements under

Chapter 2M of the

Corporations Act 2001

. Subsection (8) sets out a

rule that is applicable in such a case.

219 Subsection 35AC(2)

Omit "a person", substitute "an individual".

220 Subsection 35AC(2)

Omit "the person", substitute "the individual".

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

221 At the end of subsection 35AC(2)

Add:

; and (c) is not a member or employee of a firm that is disqualified

under section 130EA; and

(d) is not a director or employee of a company that is

disqualified under section 130EA.

222 After subsection 35AC(2)

Insert:

(2A) The RSE licensee of the registrable superannuation entity must not

appoint a firm or company as an auditor of the entity unless the

RSE licensee is reasonably satisfied that:

(a) the lead auditor for an audit of the entity that is conducted, or

to be conducted, by the firm or company:

(i) meets the eligibility criteria for auditors of registrable

superannuation entities set out in the prudential

standards; and

(ii) has not been disqualified from being or acting as an

auditor of a registrable superannuation entity under

section 130D; and

(b) the firm or company has not been disqualified from being or

acting as an auditor of a registrable superannuation entity

under section 130EA.

223 Subsection 35AC(3)

Omit "A person who", substitute "An individual, company or firm

that".

224 Subsection 35AC(3)

Omit "person's appointment", substitute "appointment of the individual,

company or firm".

225 Subsection 35AC(6)

Omit "a person", substitute "an individual".

226 Subsection 35AC(6)

Omit "the person", substitute "the individual".

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

227 At the end of subsection 35AC(6)

Add:

; or (c) is a member or employee of a firm that is disqualified under

section 130EA; or

(d) is a director or employee of a company that is disqualified

under section 130EA.

228 At the end of section 35AC

Add:

(7) The RSE licensee of the registrable superannuation entity must end

the appointment of a firm or company as an auditor of the entity if

the RSE licensee becomes aware that:

(a) the lead auditor for an audit of the entity that is conducted, or

to be conducted, by the firm or company:

(i) no longer meets the eligibility criteria for auditors of

registrable superannuation entities set out in the

prudential standards; or

(ii) has been disqualified from being or acting as an auditor

of a registrable superannuation entity under

section 130D; or

(b) the firm or company has been disqualified from being or

acting as an auditor of a registrable superannuation entity

under section 130EA.

(8) If the registrable superannuation entity is a registrable

superannuation entity within the meaning of Chapter 2M of the

Corporations Act 2001

, the RSE licensee for the entity must ensure

that the appointed auditor of the entity is the individual, firm or

company that is the auditor of the entity for the purposes of that

Chapter.

(9) If:

(a) the registrable superannuation entity is a registrable

superannuation entity within the meaning of Chapter 2M of

the

Corporations Act 2001

; and

(b) an individual, firm or company ceases to be the auditor of the

entity for the purposes of that Chapter;

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

then, for the purposes of the RSE licensee law, the appointment of

the individual, firm or company as the auditor of the entity ends at

the time of the cessation.

229 Section 126L (heading)

Omit "

or 130D

", substitute "

, 130D or 130EA

230 Subsections 126L(1) and (3)

After "or 130D", insert "or tend to make a firm or company liable to

disqualification under section 130EA".

231 Subsection 126L(4)

After "or 130D", insert "or a proceeding under section 130EA".

232 Before paragraph 129(1)(a)

Insert:

(aa) the person is an individual; and

233 After section 129

Insert:

129A Obligations of lead auditors--compliance

Contravention by RSE audit company

(1) An RSE audit company conducting an audit of a registrable

superannuation entity contravenes this subsection if:

(a) the lead auditor for the audit forms the opinion that it is likely

that a contravention of any of the following may have

occurred, may be occurring, or may occur, in relation to the

entity:

(i) this Act, the regulations or the prudential standards;

(ii) the

Financial Sector (Collection of Data) Act 2001

;

(iii) a provision of the

Corporations Act 2001

listed in a

subparagraph of paragraph (b) of the definition of

regulatory provision

in section 38A of this Act or

specified in regulations made for the purposes of

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

subparagraph (b)(xvi) of that definition, as it applies in

relation to superannuation interests; and

(b) the lead auditor formed the opinion in the course of, or in

connection with, the performance by the RSE audit company

of audit functions under this Act, the regulations, the

prudential standards or the

Financial Sector (Collection of

Data) Act 2001

in relation to the entity; and

forms the opinion:

(i) tell a trustee of the entity about the matter in writing;

and

(ii) if the contravention about which the lead auditor has

formed the opinion is of such a nature that it may affect

the interests of members or beneficiaries of the entity--

tell the Regulator about the matter in writing.

Contravention by member of RSE audit firm

(2) A member of an RSE audit firm conducting an audit of a

registrable superannuation entity contravenes this subsection if:

(a) the lead auditor for the audit forms the opinion that it is likely

that a contravention of any of the following may have

occurred, may be occurring, or may occur, in relation to the

entity:

(i) this Act, the regulations or the prudential standards;

(ii) the

Financial Sector (Collection of Data) Act 2001

;

(iii) a provision of the

Corporations Act 2001

listed in a

subparagraph of paragraph (b) of the definition of

regulatory provision

in section 38A of this Act or

specified in regulations made for the purposes of

subparagraph (b)(xvi) of that definition, as it applies in

relation to superannuation interests; and

(b) the lead auditor formed the opinion in the course of, or in

connection with, the performance by the RSE audit firm of

audit functions under this Act, the regulations, the prudential

standards or the

Financial Sector (Collection of Data) Act

2001

in relation to the entity; and

forms the opinion:

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(i) tell a trustee of the entity about the matter in writing;

and

(ii) if the contravention about which the lead auditor has

formed the opinion is of such a nature that it may affect

the interests of members or beneficiaries of the entity--

tell the Regulator about the matter in writing.

(3) A member of an RSE audit firm does not commit an offence at a

particular time because of a contravention of subsection (2) if the

member:

(a) does not know at that time of the circumstances that

constitute the contravention of subsection (2); or

(b) does know of those circumstances at that time but takes all

reasonable steps to correct the contravention as soon as

possible after the member becomes aware of those

circumstances.

Note:

A defendant bears an evidential burden in relation to the matters in

this subsection, see subsection 13.3(3) of the

Criminal Code

Contravention by lead auditor

(4) A person contravenes this subsection if:

(a) the person is the lead auditor for an audit of a registrable

superannuation entity; and

(b) the person forms the opinion that it is likely that a

contravention of any of the following may have occurred,

may be occurring, or may occur, in relation to the entity:

(i) this Act, the regulations or the prudential standards;

(ii) the

Financial Sector (Collection of Data) Act 2001

;

(iii) a provision of the

Corporations Act 2001

listed in a

subparagraph of paragraph (b) of the definition of

regulatory provision

in section 38A of this Act or

specified in regulations made for the purposes of

subparagraph (b)(xvi) of that definition, as it applies in

relation to superannuation interests; and

connection with, the performance by an RSE audit firm or

RSE audit company of audit functions under this Act, the

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

regulations, the prudential standards or the

Financial Sector

(Collection of Data) Act 2001

in relation to the entity; and

(d) the person does not, immediately after the person forms the

opinion:

(i) tell a trustee of the entity about the matter in writing;

and

(ii) if the contravention about which the person has formed

the opinion is of such a nature that it may affect the

interests of members or beneficiaries of the entity--tell

the Regulator about the matter in writing.

Exception--person has a belief that the opinion is not relevant to

the performance of audit functions

(5) A person is not required by subsection (1), (2) or (4) to tell the

Regulator, or a trustee of a registrable superannuation entity, about

a matter if the person has an honest belief that the opinion

mentioned in that subsection is not relevant to the performance of

the audit functions mentioned in that subsection.

No civil liability for telling about a matter

(6) A person is not liable in a civil action or civil proceeding in

relation to telling the Regulator, or a trustee of a registrable

superannuation entity, about a matter as required by subsection (1),

(2) or (4).

Offences--RSE audit company

(7) A company commits an offence if the company contravenes

subsection (1).

Penalty: 250 penalty units.

(8) A company commits an offence if the company contravenes

subsection (1).

Penalty: 125 penalty units.

(9) An offence against subsection (8) is an offence of strict liability.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Offences--lead auditor or member of RSE audit firm

(10) A person commits an offence if the person contravenes

subsection (2) or (4).

Penalty: 50 penalty units.

(11) A person commits an offence if the person contravenes

subsection (2) or (4).

Penalty: 25 penalty units.

(12) An offence against subsection (11) is an offence of strict liability.

234 Before paragraph 130(1)(a)

Insert:

(aa) the person is an individual; and

235 After section 130

Insert:

130AA Obligations of lead auditors--solvency

Contravention by RSE audit company

(1) An RSE audit company conducting an audit of a registrable

superannuation entity contravenes this subsection if:

(a) the lead auditor for the audit forms the opinion that the

financial position of the entity may be, or may be about to

become, unsatisfactory; and

(b) the lead auditor formed the opinion in the course of, or in

connection with, the performance by the RSE audit company

of audit functions under this Act, the regulations, the

prudential standards or the

Financial Sector (Collection of

Data) Act 2001

in relation to the entity; and

forms the opinion, tell the Regulator, and a trustee of the

entity, about the matter in writing.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

Contravention by member of RSE audit firm

(2) A member of an RSE audit firm conducting an audit of a

registrable superannuation entity contravenes this subsection if:

(a) the lead auditor for the audit forms the opinion that the

financial position of the entity may be, or may be about to

become, unsatisfactory; and

(b) the lead auditor formed the opinion in the course of, or in

connection with, the performance by the RSE audit firm of

audit functions under this Act, the regulations, the prudential

standards or the

Financial Sector (Collection of Data) Act

2001

in relation to the entity; and

forms the opinion, tell the Regulator, and a trustee of the

entity, about the matter in writing.

(3) A member of an RSE audit firm does not commit an offence at a

particular time because of a contravention of subsection (2) if the

member:

(a) does not know at that time of the circumstances that

constitute the contravention of subsection (2); or

(b) does know of those circumstances at that time but takes all

reasonable steps to correct the contravention as soon as

possible after the member becomes aware of those

circumstances.

Note:

A defendant bears an evidential burden in relation to the matters in

this subsection, see subsection 13.3(3) of the

Criminal Code

Contravention by lead auditor

(4) A person contravenes this subsection if:

(a) the person is the lead auditor for an audit of a registrable

superannuation entity; and

(b) the person forms the opinion that the financial position of the

entity may be, or may be about to become, unsatisfactory;

and

connection with, the performance by an RSE audit firm or

RSE audit company of audit functions under this Act, the

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

regulations, the prudential standards or the

Financial Sector

(Collection of Data) Act 2001

in relation to the entity; and

(d) the person does not, immediately after the person forms the

opinion, tell the Regulator, and a trustee of the entity, about

the matter in writing.

No civil liability for telling about a matter

(5) A person is not liable in a civil action or civil proceeding in

relation to telling the Regulator, or a trustee of a registrable

superannuation entity, about a matter as required by subsection (1),

(2) or (4).

Offences--RSE audit company

(6) A company commits an offence if the company contravenes

subsection (1).

Penalty: 250 penalty units.

(7) A company commits an offence if the company contravenes

subsection (1).

Penalty: 125 penalty units.

(8) An offence against subsection (7) is an offence of strict liability.

Offences--lead auditor and member of RSE audit firm

(9) A person commits an offence if the person contravenes

subsection (2) or (4).

Penalty: 50 penalty units.

(10) A person commits an offence if the person contravenes

subsection (2) or (4).

Penalty: 25 penalty units.

(11) An offence against subsection (10) is an offence of strict liability.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

When financial position is unsatisfactory

(12) For the purposes of this section, the financial position of an entity

is taken to be unsatisfactory if, and only if, under the regulations,

the financial position of the entity is treated as unsatisfactory.

236 Section 130A

Before "A person who", insert "(1)".

237 At the end of section 130A

Add:

(2) This section applies to a firm as if it were a person.

238 Subsection 130B(1)

Omit "or 130", substitute ", 129A, 130 or 130AA".

239 Subsection 130BA(1)

After "entity" (first occurring), insert "is an individual and".

240 At the end of section 130BA

Add:

(3) If the Regulator receives a notification under subsection (1) that

relates wholly or partly to an audit of a registrable superannuation

entity conducted in fulfilment of a requirement imposed by a

provision of Chapter 2M of the

Corporations Act 2001

, the

Regulator must:

(a) give a copy of the notification to ASIC; and

(b) do so as soon as practicable after receiving the notification.

(4) For the purposes of this section,

audit

means:

(a) an audit of a registrable superannuation entity conducted in

fulfilment of a requirement imposed by a provision of the

RSE licensee law; or

(b) an audit of a registrable superannuation entity conducted in

fulfilment of a requirement imposed by a provision of

Chapter 2M of the

Corporations Act 2001

; or

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

241 After section 130BA

Insert:

130BAA Lead auditor--obligation to notify the Regulator of

attempts to unduly influence etc. the auditor etc.

Contravention by RSE audit company

(1) An RSE audit company conducting an audit of a registrable

superannuation entity contravenes this subsection if:

(a) the lead auditor for the audit is aware of circumstances that

amount to:

(i) an attempt, in relation to an audit of the entity, by any

person to unduly influence, coerce, manipulate or

mislead the lead auditor or a member of the audit team

conducting the audit; or

(ii) an attempt by any person to otherwise interfere with the

proper conduct of the audit; and

(b) the lead auditor does not notify the Regulator in writing of

those circumstances as soon as practicable, and in any case

within 28 days, after the lead auditor becomes aware of those

circumstances.

Contravention by member of RSE audit firm

(2) A member of an RSE audit firm conducting an audit of a

registrable superannuation entity contravenes this subsection if:

(a) the lead auditor for the audit is aware of circumstances that

amount to:

(i) an attempt, in relation to an audit of the entity, by any

person to unduly influence, coerce, manipulate or

mislead the lead auditor or a member of the audit team

conducting the audit; or

(ii) an attempt by any person to otherwise interfere with the

proper conduct of the audit; and

(b) the lead auditor does not notify the Regulator in writing of

those circumstances as soon as practicable, and in any case

within 28 days, after the lead auditor becomes aware of those

circumstances.

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(3) A member of an RSE audit firm does not commit an offence at a

particular time because of a contravention of subsection (2) if the

member:

(a) does not know at that time of the circumstances that

constitute the contravention of subsection (2); or

(b) does know of those circumstances at that time but takes all

reasonable steps to correct the contravention as soon as

possible after the member becomes aware of those

circumstances.

Note:

A defendant bears an evidential burden in relation to the matters in

this subsection, see subsection 13.3(3) of the

Criminal Code

Contravention by lead auditor

(4) A person contravenes this subsection if:

(a) the person is the lead auditor for an audit of a registrable

superannuation entity; and

(a) the person is aware of circumstances that amount to:

(i) an attempt, in relation to an audit of the entity, by any

person to unduly influence, coerce, manipulate or

mislead the lead auditor or a member of the audit team

conducting the audit; or

(ii) an attempt by any person to otherwise interfere with the

proper conduct of the audit; and

(b) the person does not notify the Regulator in writing of those

circumstances as soon as practicable, and in any case within

28 days, after the person becomes aware of those

circumstances.

Offence--RSE audit company

(5) A company commits an offence if the company contravenes

subsection (1).

Penalty: 250 penalty units.

Offence--lead auditor and member of RSE audit firm

(6) A person commits an offence if the person contravenes

subsection (2) or (4).

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Penalty: Imprisonment for 12 months or 50 penalty units, or both.

Other matters

(7) If the Regulator receives a notification under subsection (1), (2) or

(4) that relates wholly or partly to an audit of a registrable

superannuation entity conducted in fulfilment of a requirement

imposed by a provision of Chapter 2M of the

Corporations Act

2001

, the Regulator must:

(a) give a copy of the notification to ASIC; and

(b) do so as soon as practicable after receiving the notification.

(8) For the purposes of this section,

audit

means:

(a) an audit of a registrable superannuation entity conducted in

fulfilment of a requirement imposed by a provision of the

RSE licensee law; or

(b) an audit of a registrable superannuation entity conducted in

fulfilment of a requirement imposed by a provision of

Chapter 2M of the

Corporations Act 2001

242 Before paragraph 130C(1)(a)

Insert:

(aa) the person is an individual; and

243 At the end of Division 2 of Part 16

Add:

130CA Lead auditors--failure to implement actuarial

recommendations

Contravention by RSE audit company

(1) An RSE audit company conducting an audit of a registrable

superannuation entity contravenes this subsection if:

(a) the entity is a defined benefit fund; and

(b) the lead auditor for the audit forms the opinion that there has

been a failure to implement an actuarial recommendation

relating to contributions to the fund by the employer-sponsor

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

that a trustee of the fund, or an employer-sponsor of the fund,

was required to implement and that was contained in:

(i) a report of an actuary obtained under the regulations or

the prudential standards; or

(ii) a report of an actuary obtained in accordance with a

requirement under the regulations or the prudential

standards; or

(iii) a document in a class prescribed by regulations for the

purposes of this subparagraph; and

connection with, the performance by the RSE audit company

of audit functions under this Act, the regulations, the

prudential standards or the

Financial Sector (Collection of

Data) Act 2001

in relation to the entity; and

(d) the lead auditor does not, immediately after the lead auditor

forms the opinion:

(i) tell a trustee of the entity about the matter in writing;

and

(ii) if the contravention about which the lead auditor has

formed the opinion is of such a nature that it may affect

the interests of members or beneficiaries of the entity--

tell the Regulator about the matter in writing.

Contravention by member of RSE audit firm

(2) A member of an RSE audit firm conducting an audit of a

registrable superannuation entity contravenes this subsection if:

(a) the entity is a defined benefit fund; and

(b) the lead auditor for the audit forms the opinion that there has

been a failure to implement an actuarial recommendation

relating to contributions to the fund by the employer-sponsor

that a trustee of the fund, or an employer-sponsor of the fund,

was required to implement and that was contained in:

(i) a report of an actuary obtained under the regulations or

the prudential standards; or

(ii) a report of an actuary obtained in accordance with a

requirement under the regulations or the prudential

standards; or

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

(iii) a document in a class prescribed by regulations for the

purposes of this subparagraph; and

connection with, the performance by the RSE audit firm of

audit functions under this Act, the regulations, the prudential

standards or the

Financial Sector (Collection of Data) Act

2001

in relation to the entity; and

(d) the lead auditor does not, immediately after the lead auditor

forms the opinion:

(i) tell a trustee of the entity about the matter in writing;

and

(ii) if the contravention about which the lead auditor has

formed the opinion is of such a nature that it may affect

the interests of members or beneficiaries of the entity--

tell the Regulator about the matter in writing.

(3) A member of an RSE audit firm does not commit an offence at a

particular time because of a contravention of subsection (2) if the

member:

(a) does not know at that time of the circumstances that

constitute the contravention of subsection (2); or

(b) does know of those circumstances at that time but takes all

reasonable steps to correct the contravention as soon as

possible after the member becomes aware of those

circumstances.

Note:

A defendant bears an evidential burden in relation to the matters in

this subsection, see subsection 13.3(3) of the

Criminal Code

Contravention by lead auditor

(4) A person contravenes this subsection if:

(a) the person is the lead auditor for an audit of a registrable

superannuation entity; and

(b) the person forms the opinion that there has been a failure to

implement an actuarial recommendation relating to

contributions to the fund by the employer-sponsor that a

trustee of the fund, or an employer-sponsor of the fund, was

required to implement and that was contained in:

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

(i) a report of an actuary obtained under the regulations or

the prudential standards; or

(ii) a report of an actuary obtained in accordance with a

requirement under the regulations or the prudential

standards; or

(iii) a document in a class prescribed by regulations for the

purposes of this subparagraph; and

connection with, the performance by an RSE audit firm or

RSE audit company of audit functions under this Act, the

regulations, the prudential standards or the

Financial Sector

(Collection of Data) Act 2001

in relation to the entity; and

(d) the person does not, immediately after the person forms the

opinion:

(i) tell a trustee of the entity about the matter in writing;

and

(ii) if the contravention about which the person has formed

the opinion is of such a nature that it may affect the

interests of members or beneficiaries of the entity--tell

the Regulator about the matter in writing.

No civil liability for telling about a matter

(5) A person is not liable in a civil action or civil proceeding in

relation to telling the Regulator, or a trustee of a registrable

superannuation entity, about a matter as required by subsection (1),

(2) or (4).

Offences--RSE audit company

(6) A company commits an offence if the company contravenes

subsection (1).

Penalty: 250 penalty units.

(7) A company commits an offence if the company contravenes

subsection (1).

Penalty: 125 penalty units.

(8) An offence against subsection (7) is an offence of strict liability.

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

Offences--lead auditor and member of RSE audit firm

(9) A person commits an offence if the person contravenes

subsection (2) or (4).

Penalty: 50 penalty units.

(10) A person commits an offence if the person contravenes

subsection (2) or (4).

Penalty: 25 penalty units.

(11) An offence against subsection (10) is an offence of strict liability.

244 Section 130D (at the end of the heading)

Add "

--auditor or actuary

245 Subsection 130D(1)

After "APRA", insert "or ASIC".

246 Subsection 130D(2)

After "disqualify a person", insert "(other than a company)".

247 Subsection 130D(3)

After "auditor", insert ", lead auditor".

248 Subparagraph 130D(4)(a)(i)

Omit "or the prudential standards', substitute ", the prudential standards

or Chapter 2M of the

Corporations Act 2001

249 After subparagraph 130D(4)(a)(i)

Insert:

(ia) the duties of a lead auditor under this Act, the

regulations, the prudential standards or Chapter 2M of

the

Corporations Act 2001

; or

250 After paragraph 130D(4)(aa)

Insert:

(ab) the person has been or acted as the lead auditor for an audit

of a registrable superannuation entity, knowing that the

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

person did not meet the relevant eligibility criteria set out in

the prudential standards; or

251 Subsection 130E(1)

After "APRA", insert "or ASIC".

252 After section 130E

Insert:

130EA Court power of disqualification--audit firm or audit

company

(1) On application by ASIC, the Federal Court of Australia may, by

order:

(a) disqualify a firm from being or acting as an auditor of a

registrable superannuation entity; or

(b) disqualify a company from being or acting as an auditor of a

registrable superannuation entity;

for a period that the Court considers appropriate, if the Court is

satisfied:

(d) that the disqualification is justified.

Note:

For offences relating to firms or companies disqualified under this

section, see sections 131CA and 131CB.

(2) The Court may disqualify a firm or company, in accordance with

subsection (1), if the Court is satisfied that:

(a) the firm or company has failed to put in place appropriate

processes and systems to enable it to carry out or perform

adequately and properly:

(i) its duties as an RSE audit firm or RSE audit company

under this Act, the regulations or Chapter 2M of the

Corporations Act 2001

; or

(ii) any duties required by a law of the Commonwealth, a

State or a Territory to be carried out or performed by an

RSE audit firm or RSE audit company; or

(iii) any functions that an RSE audit firm or RSE audit

company is entitled to perform in relation to this Act,

Financial reporting and auditing requirements for registrable superannuation entities

Schedule 2

Amendments of other Acts

Part 2

No. , 2022

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

the regulations, the prudential standards or the

Financial

Sector (Collection of Data) Act 2001

; or

(b) the firm or company has failed to take reasonable steps to

ensure that the lead auditor for an audit of a registrable

superannuation entity conducted by the firm or company

meets the relevant eligibility criteria set out in the prudential

standards; or

ensure that the lead auditor for an audit of a registrable

superannuation entity conducted by the firm or company is a

fit and proper person to be a lead auditor.

(3) In deciding whether it is satisfied as mentioned in subsection (2),

the Court may take into account:

(a) any matters specified in the regulations for the purposes of

this paragraph; and

(b) any other matters the Court considers relevant.

(4) As soon as practicable after the Court:

(a) disqualifies a firm under this section; or

(b) disqualifies a company under this section;

ASIC must cause particulars of the disqualification to be published

in the Gazette.

130EB Court power to revoke or vary a disqualification etc.

(1) A firm or company that is disqualified under section 130EA, or

ASIC, may apply to the Federal Court of Australia for a variation

or a revocation of an order made under section 130EA.

(2) At least 21 days before commencing the proceedings, written

notice of the application must be lodged:

(a) if the firm or company that is disqualified makes the

application--by the person with ASIC; or

(b) if ASIC makes the application--by ASIC with the firm or

company that is disqualified.

253 At the end of subsection 131AA(1)

Add:

Schedule 2

Financial reporting and auditing requirements for registrable

superannuation entities

Part 2

Amendments of other Acts

Treasury Laws Amendment (Streamlining and Improving Economic

Outcomes for Australians) Bill 2022

No. , 2022

Note:

Commonwealth of Australia Bills

TREASURY LAWS AMENDMENT (STREAMLINING AND IMPROVING ECONOMIC OUTCOMES FOR AUSTRALIANS) BILL 2022