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Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017

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8613

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017

 

 

(1)     Clause  2 , page 2 (at the end of the table), add:

 

3.  Schedule 3

1 July 2020.

 

[retail funds]

(2)     Page 9 (after line 17), at the end of the Bill, add:

Schedule 3 Amendments commencing on 1 July 2020

   

Superannuation Guarantee (Administration) Act 1992

1  At the end of subsection 32C(2)

Add:

             ; and (f)  the trustee of the fund is not any of the following:

                              (i)  an ADI within the meaning of the Banking Act 1959 ;

                             (ii)  a related body corporate (within the meaning of that Act) of such an ADI;

                            (iii)  a subsidiary (within the meaning of that Act) of such an ADI;

                            (iv)  an associate (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) of such an ADI.

Superannuation Industry (Supervision) Act 1993

2  Subsection 29S(1)

After “RSE licensee”, insert “(other than an ineligible licensee)”.

3  At the end of section 29S

Add:

Ineligible licensee

             (8)  In this section:

ineligible licensee means an RSE licensee that is:

                     (a)  an ADI within the meaning of the Banking Act 1959 ; or

                     (b)  a related body corporate (within the meaning of that Act) of such an ADI; or

                     (c)  a subsidiary (within the meaning of that Act) of such an ADI; or

                     (d)  an associate of such an ADI.

[retail funds]