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Financial Sector Reform (Amendments and Transitional Provisions) Bill (No.1) 2000
Schedule 10 Other amendments of the Superannuation Industry (Supervision) Act 1993

   

1  Subparagraph 6(1)(a)(viii)

Omit “(other than section 140)”.

2  Subparagraph 6(1)(c)(iii)

Repeal the subparagraph.

3  Subsection 10(1) (definition of approved form )

Repeal the definition, substitute:

approved form has the meaning given by section 11A.

4  Subsection 10(1)

Insert:

signed , in relation to a body corporate, means executed by or on behalf of the body corporate in a way that is effective in law and that binds the body corporate.

5  After section 11

Insert:

11A   Approved forms

             (1)  In this Act, a reference to an approved form is a reference to a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears.

             (2)  An approved form may require particular information to be included in the completed form.

             (3)  An approved form may do either or both of the following:

                     (a)  require or permit the form to be attached to, or to form part of, another document;

                     (b)  require or permit the form to be given on a specified kind of data processing device or by specified electronic transmission, in accordance with specified software or other requirements.

             (4)  An approved form may require the form to be signed by a particular person or persons. This applies whether or not a provision of this Act also requires the form to be signed.

             (5)  An approved form may make different requirements to be complied with according to whether or not the form is given in a way that is required or permitted as mentioned in paragraph (3)(b).

             (6)  If an approved form makes a requirement as mentioned in subsection (2), (3) or (4), a purported use of the form is not effective for the purposes of this Act unless the requirement has been complied with.

11B   Electronic lodgment of approved forms

             (1)  If a person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b):

                     (a)  the form is taken to constitute a written notice; and

                     (b)  if the form includes the electronic signature of a person—the form is taken to be signed by that person.

             (2)  The person’s electronic signature is a unique identification, in an electronic form, that is approved by the Regulator for use by the person.

             (3)  A person is guilty of an offence if:

                     (a)  the person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and

                     (b)  either:

                              (i)  the form purports to be given by another person; or

                             (ii)  the form purports to be given on behalf of another person, and that other person has not consented to the giving of the form.

Maximum penalty: 50 penalty units.

             (4)  A person is guilty of an offence if:

                     (a)  the person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and

                     (b)  the form includes the electronic signature of another person who has not consented to the inclusion of the signature.

Maximum penalty: 50 penalty units.

             (5)  Subsections (3) and (4) are offences of strict liability within the meaning of section 6.1 of the Criminal Code .

11C   Declaration required if approved form lodged electronically on trustee’s behalf

             (1)  This section applies if:

                     (a)  the Regulator is given an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and

                     (b)  the form is given to the Regulator by a person on behalf of the trustee, or one or more of the trustees, of a superannuation entity.

In this section, the trustee, or each of the trustees, on whose behalf the form is given is referred to as the responsible trustee .

             (2)  The responsible trustee is guilty of an offence if the responsible trustee does not, before the form is given to the Regulator, make a signed declaration that states that:

                     (a)  the person is authorised to give the form to the Regulator on the responsible trustee’s behalf; and

                     (b)  the information in the form is correct.

Maximum penalty: 50 penalty units.

             (3)  The responsible trustee is guilty of an offence if the responsible trustee does not retain the declaration for 5 years after it is made.

Maximum penalty: 50 penalty units.

             (4)  The responsible trustee is guilty of an offence if:

                     (a)  within the 5 year period, the Regulator requests the responsible trustee to produce the declaration to the Regulator; and

                     (b)  the responsible trustee does not comply with the request.

Maximum penalty: 50 penalty units.

             (5)  Subsections (2), (3) and (4) are offences of strict liability within the meaning of section 6.1 of the Criminal Code .

11D   Electronic lodgment—documents other than approved forms

             (1)  A document that is not required to be lodged in an approved form may be lodged with the Regulator electronically only if:

                     (a)  the Regulator and the person seeking to lodge it (either on the person’s own behalf or on another person’s behalf) have agreed, in writing, that it may be lodged electronically; or

                     (b)  the Regulator has approved, in writing, the electronic lodgment of documents of that kind.

             (2)  The document is taken to be lodged with the Regulator if it is lodged in accordance with the agreement or approval (including any requirements of the agreement or approval as to authentication).

6  Paragraph 18(3)(b)

Omit “under the common or official seal of”, substitute “signed by”.

7  Subsection 19(4)

Omit all the words from and including “written notice” to and including the end of paragraph (b), substitute:

                   written notice that is:

                     (a)  in the approved form; and

                     (b)  signed by the trustee or each trustee;

8  Subsections 36A(4), (5) and (6)

Repeal the subsections.

9  Subsection 131A(1)

Omit all the words from and including “the Regulator” (second occurring), substitute:

the Regulator may refer the details of the matter to the persons specified in subsection (2).

Note:          Persons to whom the Regulator refers the details of the matter are subject to secrecy obligations under section 56 of the Australian Prudential Regulation Authority Act 1998 (if APRA is the Regulator) or section 252C of this Act (if the Commissioner of Taxation is the Regulator). In particular, see paragraph (c) of the definition of officer in subsection (1), and subsections (2), (9) and (10), of those sections .

10  Subsection 140(2)

Omit “a form approved by ASIC”, substitute “the approved form”.

11  Subsection 254(1)

Omit “the prescribed information to APRA or such other body or person as is specified in the regulations”, substitute “such information to APRA, or to such other body or person as is specified in the regulations, as is required by the approved form”.

12  Subsection 254(1) (note)

Repeal the note, substitute:

Note:          The approved form for information required to be given under this subsection may require the trustee to set out the tax file number of the entity. See subsection 299U(8).

13  Subsection 299U(8)

Repeal the subsection, substitute:

Information to be given after establishment of entity

             (8)  The approved form for information required to be given under subsection 254(1) may require the tax file number of the entity to be given.