Commonwealth Numbered Acts Commonwealth Numbered ActsAustralian Prudential Regulation Authority Act 1998
1 Subsection 56(1) (after paragraph (c) of the definition of protected document )
Insert:
; or (ca) a person in relation to whom information is, or was, required to be given under a reporting standard made in accordance with subsection 13(4A) of the Financial Sector (Collection of Data) Act 2001 ;
2 Subsection 56(1) (after paragraph (c) of the definition of protected information )
Insert:
; or (ca) a person in relation to whom information is, or was, required to be given under a reporting standard made in accordance with subsection 13(4A) of the Financial Sector (Collection of Data) Act 2001 ;
3 Subsection 56(5C)
Repeal the subsection, substitute:
(5C) If:
(a) a document is a reporting document given to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 ; and
(b) either:
(i) a determination has been made under section 57 that the document does not, or documents of that kind do not, contain confidential information; or
(ii) a determination has been made under section 57 that a specified part of the document, or of documents of that kind, does not contain confidential information;
it is not an offence to disclose the document or that part of the document, or any information contained in the document or that part of the document, to any person (including by making the document, the part of the document or the information available on APRA's website).
4 Section 57
Repeal the section, substitute:
57 Determination of confidentiality
(1) This section applies in relation to reporting documents that are required to be given to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 by:
(a) a registered entity; or
(b) a body regulated by APRA.
A reporting document of that kind is referred to in this section as a relevant reporting document .
(2) APRA may determine, by legislative instrument, that:
(a) all or a specified part of a relevant reporting document contains, or does not contain, confidential information; or
(b) all or a specified part of relevant reporting documents of a specified kind contains, or do not contain, confidential information.
(3) APRA must not make a determination under subsection (2) unless APRA gives interested parties for the determination a reasonable opportunity to make representations as to whether or not the relevant reporting document contains, or relevant reporting documents of that kind contain, confidential information.
(4) APRA may determine that:
(a) all or a specified part of a relevant reporting document does not contain confidential information; or
(b) all or a specified part of relevant reporting documents of a specified kind do not contain confidential information;
if, taking into account any representations made under subsection (3) in relation to the document or documents of that kind, APRA considers that the benefit to the public from the disclosure of the document or documents, or information contained in the document or documents, outweighs any detriment to commercial interests that the disclosure may cause.
(5) In this section:
"interested party" , for a determination, means:
(a) if the determination is to relate to all or a specified part of a relevant reporting document--an entity or body that is required to give the document under section 13 of the Financial Sector (Collection of Data) Act 2001 ; or
(b) if the determination is to relate to all or a specified part of a relevant reporting document of a specified kind--an association or other body representing an entity or body, or a class of entities or bodies, required to give a document of that kind under section 13 of the Financial Sector (Collection of Data) Act 2001 .
"registered entity" means a corporation that is, or has at any time been, a registered entity within the meaning of the Financial Sector (Collection of Data) Act 2001 .
5 Paragraph 601TAA(a)
Omit "published", substitute "made available to the public".
6 Paragraph 601TAA(b)
Omit "available", substitute "made available to the public".
7 Section 761A
Insert:
"registrable superannuation entity" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
8 After section 1017B
Insert:
(1) The trustee, or the trustees, of a regulated superannuation fund that has 5 or more members must ensure:
(a) that a product dashboard for each of the fund's MySuper products and choice products is publicly available at all times on the fund's website; and
(b) that each product dashboard sets out the information required by subsection (2) or (3); and
(c) that the information set out in each product dashboard about the average amount of fees and other costs is updated within 14 days after the end of each quarter; and
(d) that the other information set out in each product dashboard is updated within 14 days after any change to the information; and
(e) if the regulations prescribe the way in which information is to be set out in a product dashboard--that each product dashboard sets out the information in accordance with the regulations.
(2) The product dashboard for a MySuper product must set out the following:
(a) the investment return target for the product;
(b) the number of times the current target has been achieved for the product:
(i) in the last 10 financial years; or
(ii) if the MySuper product has been offered for a period of less than 10 financial years--in each of the financial years in which the MySuper product has been offered;
(c) the level of investment risk that applies to the product;
(d) a statement about the liquidity of members' investments in the MySuper product;
(e) the average amount of fees and other costs in relation to the MySuper product during the last quarter, expressed as a percentage of the assets of the fund attributable to the MySuper product.
(3) Subject to subsection (4), the product dashboard for a choice product must set out the following for each investment option offered within the choice product:
(a) the investment return target for the investment option;
(b) the number of times the current target has been achieved for the investment option:
(i) in the last 10 financial years; or
(ii) if the investment option has been offered for a period of less than 10 financial years--in each of the financial years in which the investment option has been offered;
(c) the level of investment risk that applies to the investment option;
(d) a statement about the liquidity of members' investments in the investment option;
(e) the average amount of fees and other costs in relation to the investment option during the last quarter, expressed as a percentage of the assets of the fund attributable to the investments in that option.
(4) Subsection (3) does not apply to an investment option within a choice product if:
(a) the assets of the fund that are invested under the option are invested only in one or more of the following:
(i) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested;
(ii) a life policy under which the benefit to a member (or a relative or dependant of a member) is based only on the realisation of a risk, not the performance of an investment;
(iii) an investment account contract the only beneficiaries of which are a member, and relatives and dependants of a member; or
(b) the sole purpose of the investment option is the payment of a pension to members who have satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 ; or
(c) the assets of the fund that are invested under the option are invested only in another single asset.
(5) In this section:
"choice product" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"fee" , in relation to a MySuper product or a choice product offered by a regulated superannuation fund, means a fee (other than an activity fee, an advice fee or an insurance fee within the meaning of the Superannuation Industry (Supervision) Act 1993 ) that may be charged by the trustee, or the trustees, of the regulated superannuation fund in relation to the product under that Act.
"investment account contract" has the same meaning as in the Life Insurance Act 1995 .
"life policy" has the same meaning as in the Life Insurance Act 1995 .
"member" , in relation to a regulated superannuation fund, has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"MySuper product" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"pension" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"quarter " has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
"regulated superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
(1) The trustee, or the trustees, of a registrable superannuation entity (other than a pooled superannuation trust) must make the following information publicly available on the entity's website no later than 90 days after each reporting day:
(a) information that is sufficient to identify each of the financial products or other property in which assets, or assets derived from assets, of the entity are invested, at the end of the reporting day;
(b) the value of the assets, or assets derived from assets, of the entity, at the end of the reporting day, that are invested in each of the financial products or other property.
(2) Information made publicly available under subsection (1) in respect of a reporting day must continue to be made publicly available on the registrable superannuation entity's website until information relating to the next reporting day is made publicly available under subsection (1).
(3) If the regulations prescribe the way in which information made publicly available under subsection (1) must be organised, the information must be organised in accordance with the regulations.
(4) The regulations may provide that investment in a financial product or other property is not a material investment in circumstances prescribed by the regulations.
(5) If regulations are made for the purposes of subsection (4), information relating to the investment of a financial product or other property in the prescribed circumstances is not required to be made publicly available under subsection (1).
(6) In this section:
"reporting day" means 30 June and 31 December each year.
(1) This section applies if:
(a) a person (the first party ) enters into an arrangement with another person (the second party ); and
(b) under the terms of the arrangement, the first party acquires a financial product from the second party; and
(c) the first party acquires the financial product in this jurisdiction; and
(d) the first party knows, or reasonably ought to know, that an asset that is the subject of the arrangement is, or is derived from, an asset of a registrable superannuation entity; and
(e) the arrangement is not of a kind prescribed by the regulations as an arrangement to which this section does not apply.
Obligation of first party
(2) The first party must, at the time the arrangement is entered into, notify the second party of the following:
(a) that an asset that is the subject of the arrangement is, or is derived from, the assets of a registrable superannuation entity;
(b) details of the trustee, or the trustees, of the registrable superannuation entity.
Obligations of second party
(3) If the second party is notified by the first party in accordance with subsection (2), the second party must provide the trustee, or the trustees, of the registrable superannuation entity with information about:
(a) the financial product acquired by the first party; and
(b) if the second party knows, or reasonably ought to know, that:
(i) an asset about which the second party was notified by the first party will be used, by the second party or another person, to acquire another financial product--that financial product; or
(ii) an asset about which the second party was notified by the first party will be used, by the second party or another person, to acquire property other than a financial product--that other property;
sufficient to allow the trustee, or the trustees, of the registrable superannuation entity to satisfy the obligation under section 1017BB.
Obligation of agent of first party
(4) If the financial product is acquired in this jurisdiction on behalf of the first person by a person (the agent ) other than a person who is the provider or acquirer under a custodial arrangement:
(a) the agent must notify the second party in accordance with subsection (2) on behalf of the first party; and
(b) if the agent so notifies the second party, the first party is taken to have satisfied the obligation under that subsection.
Definitions
(5) In this section:
"acquirer" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
"custodial arrangement" has the same meaning as in subsection 1012IA(1).
"provider" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
(1) This section applies if:
(a) a person (the first party ) enters into an arrangement (the core arrangement ) with another person (the second party ); and
(b) under the terms of the core arrangement, the second party is the provider under a custodial arrangement under which the first party is a client; and
(c) the first party knows, or reasonably ought to know that, under the custodial arrangement, a financial product may be acquired in this jurisdiction; and
(d) the first party knows, or reasonably ought to know, that an asset that is the subject of the core arrangement is, or is derived from, an asset of a registrable superannuation entity; and
(e) the core arrangement is not of a kind prescribed by the regulations as an arrangement to which this section does not apply.
(2) The first party must, at the time the core arrangement is entered into, notify the second party of the following:
(a) that an asset that is the subject of the core arrangement is, or is derived from, the assets of a registrable superannuation entity;
(b) details of the trustee, or the trustees, of the registrable superannuation entity.
Note: Section 1017BC may apply in relation to an arrangement under which the second party, or an acquirer under the custodial arrangement, actually acquires the financial product.
(3) In this section:
"acquirer" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
"client" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
"custodial arrangement" has the same meaning as in subsection 1012IA(1).
"provider" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
(1) This section applies if:
(a) a person (the first party ) enters into an arrangement (the core arrangement ) with another person (the second party ); and
(b) under the terms of the core arrangement, the second party is the acquirer in relation to a custodial arrangement under which the first party is the provider; and
(c) the first party knows, or reasonably ought to know that, under the core arrangement, the second party may acquire a financial product in this jurisdiction; and
(d) the first party knows, or reasonably ought to know, that an asset that is the subject of the core arrangement is, or is derived from, an asset of a registrable superannuation entity; and
(e) the core arrangement is not of a kind prescribed by the regulations as an arrangement to which this section does not apply.
(2) The first party must, at the time the core arrangement is entered into, notify the second party of the following:
(a) that an asset that is the subject of the core arrangement is, or is derived from, the assets of a registrable superannuation entity;
(b) details of the trustee, or the trustees, of the registrable superannuation entity.
Note: Section 1017BC may apply in relation to an arrangement under which the second party actually acquires the financial product.
(3) In this section:
"acquirer" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
"custodial arrangement" has the same meaning as in subsection 1012IA(1).
"provider" , in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1).
9 At the end of subsection 1020E(1)
Add:
; or (c) information made publicly available under section 1017BA or 1017BB, or provided under subsection 1017BC(3), is defective (see subsection (11)).
10 After paragraph 1020E(2)(b)
Insert:
; or (c) if paragraph (1)(c) applies--specified conduct in respect of the financial products or other property to which the information relates;
11 Paragraph 1020E(7)(a)
Omit "or (c)", substitute ", (c) or (d)".
12 At the end of subsection 1020E(7)
Add:
; or (d) if paragraph (1)(c) applies--the person who made the information publicly available or who provided the information.
13 Subsection 1020E(11) (at the end of the definition of defective )
Add:
; and (c) in relation to information made publicly available under section 1017BA--means:
(i) the information has not been updated as required by that section; or
(ii) the information is otherwise misleading or deceptive; or
(iii) there is an omission from the information; and
(d) in relation to information made publicly available under section 1017BB or information provided under section 1017BC--means:
(i) the information is misleading or deceptive; or
(ii) there is an omission from the information.
14 After section 1021N
Insert:
1021NA Offences relating to obligation to make product dashboard publicly available
Failure to comply with obligation to make product dashboard publicly available
(1) A person commits an offence if:
(a) the person is a trustee of a regulated superannuation fund; and
(b) as trustee, the person is required, under section 1017BA, to ensure that a product dashboard for each of the fund's MySuper products and choice products is made publicly available on the fund's website; and
(c) a product dashboard for each of the fund's MySuper products and choice products is not made publicly available as required by that section.
Offence where information known to be defective
(2) A person commits an offence if:
(a) the person is a trustee of a regulated superannuation fund; and
(b) a product dashboard is made publicly available on the fund's website in purported compliance with section 1017BA; and
(c) the person knows that:
(i) the information set out in the product dashboard has not been updated as required by that section; or
(ii) the information set out in the product dashboard is otherwise misleading or deceptive; or
(iii) there is an omission from the information set out in the product dashboard.
Offence whether or not information known to be defective
(3) A person commits an offence if:
(a) the person is a trustee of a regulated superannuation fund; and
(b) a product dashboard is made publicly available on the fund's website in purported compliance with section 1017BA; and
(c) either:
(i) the information set out in the product dashboard has not been updated as required by that section; or
(ii) the information set out in the product dashboard is otherwise misleading or deceptive; or
(iii) there is an omission from the information set out in the product dashboard.
(4) For the purposes of an offence based on subsection (3), strict liability applies to the physical element of the offence specified in any of subparagraphs (3)(c)(i) to (iii).
Note: For strict liability, see section 6.1 of the Criminal Code .
Defences
(5) In any proceedings against a trustee of a regulated superannuation fund for an offence based on subparagraph (2)(c)(iii) or (3)(c)(iii), it is a defence if:
(a) the trustee or another trustee of the fund took reasonable steps to ensure that there would not be an omission from the information set out in the product dashboard; or
(b) both of the following apply:
(i) the information was omitted because it was not up to date;
(ii) the trustee or another trustee of the fund took reasonable steps to obtain up-to-date information; or
(c) both of the following apply:
(i) the information was omitted because it would have been misleading or deceptive;
(ii) the trustee or another trustee of the fund took reasonable steps to obtain information that would not have been misleading or deceptive.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of the Criminal Code .
(6) In any proceedings against a trustee of a regulated superannuation fund for an offence based on subparagraph (3)(c)(i), it is a defence if the trustee or another trustee of the fund took reasonable steps to ensure that the information set out in the product dashboard was updated as required by section 1017BA.
Note: A defendant bears an evidential burden in relation to the matters in subsection (6). See subsection 13.3(3) of the Criminal Code .
(7) In any proceedings against a trustee of a regulated superannuation fund for an offence based on subparagraph (3)(c)(ii), it is a defence if the trustee or another trustee of the fund took reasonable steps to ensure that the information set out in the product dashboard would not be misleading or deceptive.
Note: A defendant bears an evidential burden in relation to the matters in subsection (7). See subsection 13.3(3) of the Criminal Code .
Failure to comply with obligation to make information publicly available
(1) A person commits an offence if:
(a) the person is a trustee of a registrable superannuation entity; and
(b) as trustee, the person is required, under section 1017BB, to make information publicly available on the entity's website; and
(c) the information is not made publicly available as required by that section.
Offence where information known to be defective
(2) A person commits an offence if:
(a) the person is a trustee of a registrable superannuation entity; and
(b) as trustee, the person is required, under section 1017BB, to make information publicly available; and
(c) information is made publicly available in purported compliance with that requirement; and
(d) the trustee knows that:
(i) the information is misleading or deceptive; or
(ii) there is an omission from the information.
Offence whether or not information known to be defective
(3) A person commits an offence if:
(a) the person is a trustee of a registrable superannuation entity; and
(b) as trustee, the person is required, under section 1017BB, to make information publicly available; and
(c) information is made publicly available in purported compliance with that requirement; and
(d) either:
(i) the information is misleading or deceptive; or
(ii) there is an omission from the information.
(4) For the purposes of an offence based on subsection (3), strict liability applies to the physical element of the offence specified in subparagraph (3)(d)(i) or (ii).
Note: For strict liability, see section 6.1 of the Criminal Code .
Defences
(5) In any proceedings against a trustee of a registrable superannuation entity for an offence based on subsection (1), it is a defence if the information would have been made publicly available but for the fact that the trustee or another trustee of the entity was unable to obtain the information after taking reasonable steps to do so.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of the Criminal Code .
(6) In any proceedings against a trustee of a registrable superannuation entity for an offence based on subparagraph (2)(d)(ii) or (3)(d)(ii), it is a defence if:
(a) there was an omission from the information made publicly available because the trustee or another trustee of the entity was unable to obtain the information after taking reasonable steps to do so; or
(b) both of the following apply:
(i) the information was omitted because it would have been misleading or deceptive;
(ii) the trustee or another trustee of the entity took reasonable steps to obtain information that would not have been misleading or deceptive.
Note: A defendant bears an evidential burden in relation to the matters in subsection (6). See subsection 13.3(3) of the Criminal Code .
(7) In any proceedings against a trustee of a registrable superannuation entity for an offence based on subparagraph (3)(d)(i), it is a defence if the trustee or another trustee of the entity took reasonable steps to ensure that the information made publicly available would not be misleading or deceptive.
Note: A defendant bears an evidential burden in relation to the matters in subsection (7). See subsection 13.3(3) of the Criminal Code .
1021NC Offences relating to obligations under sections 1017BC, 1017BD and 1017BE
Failure to notify
(1) A person commits an offence if:
(a) the person is required to notify another person under subsection 1017BC(2) or (4) or section 1017BD or 1017BE; and
(b) the person does not notify, and is not taken to have notified, the other person as required by that provision.
Failure to provide information
(2) A person commits an offence if:
(a) the person is required to provide another person with information under subsection 1017BC(3); and
(b) the person does not provide the other person with the information as required by that subsection.
Information provided known to be defective
(3) A person commits an offence if:
(a) the person:
(i) notifies another person of information as required by subsection 1017BC(2) or (4) or section 1017BD or 1017BE; or
(ii) provides information (whether in a document or otherwise) to another person as required by subsection 1017BC(3); and
(b) the person knows that:
(i) the information provided is misleading or deceptive; or
(ii) there is an omission from the information provided.
Information provided defective
(4) A person commits an offence if:
(a) the person:
(i) notifies another person of information as required by subsection 1017BC(2) or (4) or section 1017BD or 1017BE; or
(ii) provides information (whether in a document or otherwise) to another person as required by subsection 1017BC(3); and
(b) either:
(i) the information provided is misleading or deceptive; or
(ii) there is an omission from the information provided.
(5) For the purposes of an offence based on subsection (4), strict liability applies to the physical element of the offence specified in subparagraph (4)(b)(i) or (ii).
Note: For strict liability, see section 6.1 of the Criminal Code .
Defences
(6) In any proceedings against a person for an offence based on subparagraph (3)(b)(ii) or (4)(b)(ii), it is a defence if:
(a) the person took reasonable steps to ensure that there would not be an omission from the information provided; or
(b) both of the following apply:
(i) the information was omitted because it would have been misleading or deceptive;
(ii) the person took reasonable steps to obtain information that would not have been misleading or deceptive.
Note: A defendant bears an evidential burden in relation to the matters in subsection (6). See subsection 13.3(3) of the Criminal Code .
(7) In any proceedings against a person for an offence based on subparagraph (4)(b)(i), it is a defence if the person took reasonable steps to ensure that the information provided would not be misleading or deceptive.
Note: A defendant bears an evidential burden in relation to the matters in subsection (7). See subsection 13.3(3) of the Criminal Code .
15 After paragraph 1022B(1)(e)
Insert:
; or (f) a person is required by section 1017BA to make information publicly available on a regulated superannuation fund's website and any of the following circumstances apply:
(i) the information is not made publicly available as required by that section;
(ii) the information made publicly available is not updated as required by that section;
(iii) the information made publicly available is misleading or deceptive;
(iv) there is an omission from the information made publicly available; or
(g) a person is required by section 1017BB to make information publicly available on a registrable superannuation entity's website and any of the following circumstances apply:
(i) the information is not made publicly available as required by that section;
(ii) the information made publicly available is misleading or deceptive;
(iii) there is an omission from the information made publicly available; or
(h) a person is required by subsection 1017BC(3) to provide information to another person and any of the following circumstances apply:
(i) the person does not provide the information as required by that subsection;
(ii) the information provided is misleading or deceptive;
(iii) there is an omission from the information provided.
16 After paragraph 1022B(2)(e)
Insert:
; or (f) if paragraph (1)(f), (g) or (h) apply--because of any of the circumstances mentioned in those paragraphs;
17 Subsection 1022B(2)
Omit "or (e)", substitute ", (e) or (f)".
18 At the end of subsection 1022B(3)
Add:
; or (e) if paragraph (1)(f) applies--the trustee, or the trustees, of the regulated superannuation fund on whose website the information was required to be made publicly available; or
(f) if paragraph (1)(g) applies--the trustee, or the trustees, of the registrable superannuation entity on whose website the information was required to be made publicly available; or
(g) if paragraph (1)(h) applies--the person who was required to provide the information.
19 After subsection 1022B(7A)
Insert:
(7B) A person is not liable under subsection (2) in a situation described in subparagraph (1)(f)(iii), (g)(ii) or (h)(ii) if the person took reasonable steps to ensure that the information would not be misleading or deceptive.
(7C) A person is not liable under subsection (2) in a situation described in subparagraph (1)(f)(iv), (g)(iii) or (h)(iii) if the person took reasonable steps to ensure that there would not be an omission from the information.
20 At the end of paragraph 1041H(3)(a)
Add:
(iii) section 1021NA, 1021NB or 1021NC; or
21 At the end of paragraph 1041K(1)(a)
Add:
(iii) section 1021NA, 1021NB or 1021NC; or
22 At the end of Chapter 10
Add:
Part 10.22 -- Transitional provisions relating to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012
1539 Application of section 1017BA (Obligation to make product dashboard publicly available)
Section 1017BA applies:
(a) to the extent that it relates to MySuper products--on and after 1 July 2013; and
(b) to the extent that it relates to choice products--on and after 1 July 2014.
Subsection 1017BB(1) applies in relation to the reporting day that is 31 December 2013 and to later reporting days.
(1) Section 1017BC applies in relation to arrangements entered into on or after this Act receives the Royal Assent.
(2) In any proceedings against a trustee of a registrable superannuation entity for an offence based on subsection 1021NB(1), it is a defence if the information would have been made publicly available but for the fact that the information was not provided to the trustee because, under this section, section 1017BC did not apply to a particular arrangement.
Note: A defendant bears an evidential burden in relation to the matters in subsection (2). See subsection 13.3(3) of the Criminal Code .
(3) In any proceedings against a trustee of a registrable superannuation entity for an offence based on subparagraph 1021NB(2)(d)(ii) or (3)(d)(ii), it is a defence if there would not have been an omission from the information made publicly available but for the fact that the information omitted was not provided to the trustee because, under this section, section 1017BC did not apply to a particular arrangement.
Note: A defendant bears an evidential burden in relation to the matters in subsection (3). See subsection 13.3(3) of the Criminal Code .
23 Schedule 3 (after table item 308A)
Insert:
|
308AA |
Subsection 1021NA(1) |
100 penalty units or imprisonment for 2 years, or both. |
|
308AB |
Subsection 1021NA(2) |
200 penalty units or imprisonment for 5 years, or both. |
|
308AC |
Subsection 1021NA(3) |
100 penalty units or imprisonment for 2 years, or both. |
|
308AD |
Subsection 1021NB(1) |
100 penalty units or imprisonment for 2 years, or both. |
|
308AE |
Subsection 1021NB(2) |
200 penalty units or imprisonment for 5 years, or both. |
|
308AF |
Subsection 1021NB(3) |
100 penalty units or imprisonment for 2 years, or both. |
|
308AG |
Subsections 1021NC(1) and (2) |
100 penalty units or imprisonment for 2 years, or both. |
|
308AH |
Subsection 1021NC(3) |
200 penalty units or imprisonment for 5 years, or both. |
|
308AI |
Subsection 1021NC(4) |
100 penalty units or imprisonment for 2 years, or both. |
Financial Sector (Collection of Data) Act 2001
24 Subsection 3(1)
Omit "in order to assist", substitute "for the purposes of".
25 Paragraph 3(1)(a)
Before "APRA", insert "assisting".
26 After paragraph 3(1)(a)
Insert:
(aa) enabling APRA to publish information given by financial sector entities; and
27 Paragraph 3(1)(b)
Before "another", insert "assisting".
28 Paragraph 3(1)(c)
Before "the Minister", insert "assisting".
29 After subsection 13(4)
Insert:
(4A) A reporting standard may require an RSE licensee to provide information in relation to the investment of assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities (the relevant assets ) by the RSE licensee or a person connected with the RSE licensee (the investor ), including information about the following:
(a) any deductions (whether to cover fees, taxes, costs or for any other purpose) from the return on the investment made by the investor before all or part of the remainder of the return is paid or reinvested;
(b) if the investor has invested all or part of the relevant assets in financial products or other property--the financial products or other property in which the investor has invested the relevant assets;
(c) if the investor has invested all or part of the relevant assets in a managed investment scheme and the assets of the scheme have been invested in whole or part in financial products or other property--the financial products or other property in which the assets of the scheme have been invested;
(d) if the investor has invested all or part of the relevant assets in a pooled superannuation trust or other kind of trust and the assets of the trust have been invested in whole or part in financial products or other property--the financial products or other property in which the assets of the trust have been invested;
(e) the operations of the investor.
(4B) If:
(a) a reporting standard requires an RSE licensee to provide information (the required information ) in relation to the investment of relevant assets by the RSE licensee or a person connected with the RSE licensee; and
(b) the relevant assets are invested under a contract or other arrangement between:
(i) the RSE licensee, a related body corporate of the RSE licensee or a custodian in relation to the relevant assets and the RSE licensee or related body corporate (the first party ); and
(ii) a person connected with the RSE licensee (the second party ) ;
the contract or arrangement is taken to include:
(c) a term requiring the first party, at the time the relevant assets are invested or as soon as reasonably practicable after that time, to notify the second party that the assets are, or are derived from, a registrable superannuation entity; and
(d) a term requiring the second party, if notified by the first party in accordance with paragraph (c), to, as soon as reasonably practicable after being notified, provide the first party with the required information of which the second party is aware.
(4C) A person is connected with an RSE licensee for the purposes of subsections (4A) and (4B) if the person is:
(a) a related body corporate of the RSE licensee; or
(b) a custodian in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or
(c) a person who, under a contract or other arrangement with:
(i) the RSE licensee; or
(ii) a related body corporate of the RSE licensee; or
(iii) a custodian in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee;
invests assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities.
30 Subparagraph 13B(2)(a)(iii)
Omit "to".
31 Section 31
Insert:
"arrangement" has the same meaning as in Chapter 7 of the Corporations Act 2001 .
32 Section 31
Insert:
"custodian" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
33 Section 31
Insert:
"financial product" has the same meaning as in Chapter 7 of the Corporations Act 2001 .
34 Section 31
Insert:
"pooled superannuation trust" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
35 Section 31
Insert:
"registrable superannuation entity" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
36 Section 31
Insert:
"related" , in relation to an RSE licensee that is a body corporate and another body corporate, has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
37 Section 31
Insert:
"RSE licensee" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
Superannuation Industry (Supervision) Act 1993
38 Subparagraph 6(1)(a)(i)
After "subsection 29SAA(3)", insert "and sections 29QB and 29QC".
39 Subparagraph 6(1)(c)(ia)
After "subsection 29SAA(3)", insert "and sections 29QB and 29QC".
40 Subsection 10(1) (definition of choice product )
Repeal the definition, substitute:
"choice product" : A class of beneficial interest in a regulated superannuation fund is a choice product unless:
(a) all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members; or
(b) that class of beneficial interest in the fund is a MySuper product.
41 Subsection 10(1)
Insert:
"quarter" means a period of 3 months beginning on 1 January, 1 April, 1 July and 1 October.
42 At the end of Division 6 of Part 2B
Add:
29QB Certain information required to be made publicly available
(1) An RSE licensee of a registrable superannuation entity must ensure that the following is made publicly available, and kept up to date, at all times on the registrable superannuation entity's website:
(a) details of the remuneration of:
(i) if the RSE licensee is a body corporate--each executive officer in relation to the RSE licensee; and
(ii) if the RSE licensee is a group of individual trustees--each trustee of the registrable superannuation entity;
being details of a kind prescribed by the regulations;
(b) any other document or information prescribed by the regulations.
(2) A person commits an offence if:
(a) the person is:
(i) a body corporate that is an RSE licensee; or
(ii) a member of a group of individual trustees that is an RSE licensee; and
(b) the RSE licensee contravenes subsection (1).
Penalty: 50 penalty units.
(3) Subsection (2) is an offence of strict liability.
Note 1: For strict liability, see section 6.1 of the Criminal Code .
Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.
29QC Obligation to give consistent information
(1) Subject to subsection (2), if:
(a) an RSE licensee is required to give information to APRA under a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001 ); and
(b) under the reporting standard, the information is required to be calculated in a particular way; and
(c) the same or equivalent information is given by the RSE licensee to a person other than an agency of the Commonwealth or of a State or Territory, whether or not by publishing the information on a website;
the RSE licensee must ensure that the information given to the other person is calculated in the same way as the information given to APRA.
(2) Subsection (1) does not apply to information given to the other person in circumstances prescribed by the regulations.
(3) A person commits an offence if:
(a) the person is:
(i) a body corporate that is an RSE licensee; or
(ii) a member of a group of individual trustees that is an RSE licensee; and
(b) the RSE licensee contravenes subsection (1).
Penalty: 50 penalty units.
(4) Subsection (3) is an offence of strict liability.
Note 1: For strict liability, see section 6.1 of the Criminal Code .
Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.
43 Section 38A (at the end of the definition of regulatory provision )
Add:
; or (c) any of the following provisions of the Corporations Act 2001 :
(i) subsection 1021NA(1), (2) or (3);
(ii) subsection 1021NB(1), (2) or (3);
(iii) subsection 1021NC(1), (2), (3) or (4).
44 After section 348
Insert:
348A Quarterly reports about superannuation
(1) As soon as practicable after the end of each quarter, the Regulator must publish the following information on its website in respect of the quarter:
(a) the fees charged in relation to MySuper products, on a product by product basis;
(b) the costs incurred in relation to MySuper products, on a product by product basis;
(c) the net returns to beneficiaries of regulated superannuation funds who hold MySuper products, on a product by product basis;
(d) any other information prescribed by the regulations.
(2) The Regulator must not publish the information in a manner that enables the identification of a beneficiary of a regulated superannuation fund.
(4) In this section:
"Regulator" means APRA.
Part 2 -- Application and transitional provisions
45 Savings provision--section 57 determinations
(1) A determination that:
(a) is made under section 57 of the old law; and
(b) is in force immediately before this item commences;
has effect on and after this item commences as if it had been made under section 57 of the new law.
(2) If, before this item commences:
(a) APRA has, for the purposes of paragraph 57(a) of the old law, given an entity, association or other body the opportunity to make representations in respect of information of the kind contained in a document; and
(b) APRA has not made a determination under section 57 of the old law in respect of the document;
any representations made by the entity, association or other body in respect of information of the kind contained in the document, whether the representations are made before, on or after this item commences, are taken to have been made for the purposes of subsection 57(3) of the new law.
(3) In this item:
new law means the Australian Prudential Regulation Authority Act 1998 as amended by this Schedule.
old law means the Australian Prudential Regulation Authority Act 1998 as in force immediately before this item commences.
46 Application--reporting standards
(1) Subsection 13(4B) of the Financial Sector (Collection of Data) Act 2001 , as inserted by this Schedule, applies in relation to a contract or arrangement whether entered into before, on or after this item commences.
(2) Despite subitem (1), that subsection does not apply in relation to a contract or arrangement that is entered into before this item commences, to the extent that the operation of a reporting standard mentioned in that subsection would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
(3) If, because of subitem (2), an RSE licensee is unable to obtain particular information that a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001 ) requires an RSE licensee to provide in relation to the investment of assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities by a person connected with the RSE licensee, then the RSE licensee is not required to comply with the reporting standard to the extent that it requires the RSE licensee to provide that particular information.
47 Application--quarterly reports about superannuation
Section 348A of the Superannuation Industry (Supervision) Act 1993 , as inserted by this Schedule, applies in relation to the quarter beginning on 1 July 2013 and all later quarters.