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Notice given 8 November 2002

879  Senator Sherry: To ask the Minister for Revenue and Assistant Treasurer—With reference to the following information in the 2001-02 Annual Report of the Australian Prudential Regulation Authority (APRA), tabled on 23 October (and where APRA cannot disclose names and other sensitive information relating to particular cases can as much other detail as possible be provided):

(a) the statement on page 8 that in December 2001 APRA accepted an enforceable undertaking from a superannuation fund for the first time: can APRA provide details of: (i) that enforceable undertaking and all subsequent enforceable undertakings, including any breaches of the Superannuation Industry (Supervision) Act 1993, (ii) any other problems involved, and (iii) the specific commitments made by the trustee(s) in these undertakings;

(b) the statements on page 9 that in June 2002 APRA commenced prosecutions against trustees of regulated superannuation entities who failed to lodge an annual return for 2000-01 and on page 27 that 13 trustees had been referred to the Director of Public Prosecutions and two successfully charged: (i) have any further charges been made, and (ii) have any trustees been convicted for offences named in these charges, if so, what penalties have been imposed;

(c) the statement on page 21 that APRA is currently reviewing the operations of a number of multi-employer corporate superannuation funds: can APRA provide details of: (i) the problems it has encountered in such funds, and (ii) any enforcement actions to date, particularly in relation to the equal representation requirements in the Superannuation Industry (Supervision) Act 1993;

(d) the list on page 24 of enforcement activities undertaken during the year: can APRA provide details of the specific breaches of the Superannuation Industry (Supervision) Act 1993, or other APRA-enforced conditions, that gave rise to each of these enforcement activities;

(e) the statement on page 40 that a number of joint visits to financial institutions were conducted with the Australian Securities and Investments Commission (ASIC) in 2001 as part of an APRA review of unit pricing in the superannuation industry: can APRA provide details of this review including: (i) any problems encountered, (ii) actions taken by trustees to address these problems, and (iii) enforcement actions taken by APRA or ASIC; and

(f) the noting on page 41 of the establishment of the International Network of Pensions Regulators and Supervisors (INPRS): can APRA provide further details of: (i) the INPRS activities, and (ii) APRA’s contribution to date.