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Tuesday, 25 March 1997
Page: 2443


Senator KEMP (Assistant Treasurer)(10.38 p.m.) —The due diligence defence in clause 168 of the RSA bill are identical to the due diligence defence contained in section 323 of the Superannuation Industry (Supervision) Act 1993. Similar defences are commonly used in other legislation, such as section 1011 of the Corporations Law 1989, for relief from contravention giving rise to civil liability in respect of the issuing of public documents or the issuing of products offered to the public. These provisions provide a defence to contraventions giving rise to civil liability if the person can establish that the contravention was due to such causes as a reasonable mistake or circumstances beyond the defendant's control. To deny RSA providers the benefit of this due diligence defence would be unfair and would create an unwarranted difference in the treatment of RSA providers compared to that of superannuation fund trustees.


The TEMPORARY CHAIRMAN (Senator Crowley) —The question is that clause 168 stand as printed.

Clause 168 negatived.

Bill, as amended, agreed to.

RETIREMENT SAVINGS ACCOUNTS (CONSEQUENTIAL AMENDMENTS) BILL 1997

The bill.