Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (INDUSTRY) SUPERVISION REGULATIONS (AMENDMENT) 1997 NO.243

STATUTORY RULES 1997 No. 243

Issued by the authority of the Assistant Treasurer

Superannuation (Industry) Supervision Act 1993

Superannuation (Industry) Supervision Regulations (Amendment)

The Superannuation (Industry) Supervision Act 1.993 (the Act) and the Superannuation (Industry) Supervision Regulations (the Principal Regulations) provide for, the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts and for their supervision by the Insurance and Superannuation Commissioner.

Section 353 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.

Section 346 of the Act provides for secrecy in respect of information acquired for purposes of the Act. The Financial Laws Amendment Act 1997, which commenced on 30 June 1997, amended Section 346 such that information may be disclosed to prescribed financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies.

The regulations amend the Principal Regulations to prescribe financial sector supervisory agencies, law enforcement agencies land overseas financial sector supervisory agencies to which a compliance officer, pursuant to Section 346 of tile Act, may disclose protected information or documents acquired in the course of performing his or her duties.

Section 346 and the amendments to the Principal Regulations are aimed at facilitating the ability of the Insurance and Superannuation Commission to act quickly to exchange information to prevent and/or manage a crisis situation within financial conglomerates.

The regulations are described in detail in the attachment.

ATTACHMENT

Regulation 1 - Amendment

Regulation 1 is explanatory, and includes a note that these regulations commence on gazettal.

Regulation 2 - New Regulations 13.22A, 13.22B and 13.22C

Regulation 2 inserts three- new regulations. 13.22A, 13.22B and 13.22C into the Principal, Regulations, for the purposes of Section 346 of the Act.

Regulation 13.22A - Financial sector supervisory agency

Section 346 of the Act generally prohibits a superannuation standards officer from disclosing protected- information or producing protected documents, other than for the purposes of the Act or any other Act administered by the Insurance and Superannuation Commissioner, that have been acquired by the superannuation standards officer in the course of performing his or her duties as a superannuation standards officer.

Certain exceptions to this general rule are provided for in section 346. Paragraph 346(6)(daa) provides that protected information may be disclosed or protected documents produced. to a financial sector supervisory agency for the purposes of the performance of any of the agency's functions or the exercise of any of its powers.

'Financial sector supervisory agency' is defined in subsection 346(1), of the Act as meaning 'a person or body, declared by the regulations to be, a financial sector supervisory agency for the purposes of this section'.

Regulation 13.22A prescribes the financial sector supervisory agencies for the purposes, of subsection 346(1) of the Act.

Regulation 13.22B - Law enforcement agency

Section 346 of the Act generally prohibits a superannuation standards officer from disclosing protected information or producing protected documents, other than for the purposes of the Act or any other Act administered by the Insurance and Superannuation Commissioner, that have been acquired by the superannuation standards officer in the course of performing his or her duties as a superannuation standards officer.

Certain exceptions to the general rule are provided for in section 346. Pursuant to that section, protected information may be disclosed, or protected documents produced, to a law enforcement agency for the purposes of the performance by the agency of its functions in relation to an offence or alleged offence against a law of the Commonwealth, of a State or of a Territory.

'Law enforcement agency' is defined in subsection 346(1) of the Act as meaning 'a person or a body declared by the regulations to be a law enforcement agency for the purposes of this section'.

Regulation 113.22B prescribes the law enforcement agencies for the purposes of subsection 346(1) of the Act.

Regulation 13.22C. - Overseas financial sector supervisory agency

Section 34,6 of the Act prohibits a superannuation standards officer from disclosing protected information or producing protected documents, other than for, the purposes of the Act or- any other Act administered by the Insurance and Superannuation Commissioner, that have been acquired by the superannuation standards officer in the course of performing his or her duties as a superannuation standards officer.

Certain exceptions to this general rule are provided for in section 346. Pursuant to that section, protected information maybe disclosed or protected documents produced to an overseas financial sector supervisory agency for the purposes of the performance of any of the agency's functions or the exercise of any of its powers.

'Overseas financial sector supervisory agency' is defined in subsection 346(1) of the Act as meaning a person or body declared by the regulations to be an overseas financial sector supervisory agency for the purposes of this section'.

Regulation 13.22C prescribes the overseas financial sector supervisory agencies for the purposes of subsection 346(1) of the Act.