Document ID: chunk:federal_register_of_legislation:C2025C00113:section:13:p6
Version: federal_register_of_legislation:C2025C00113
Segment Type: section
Provision Reference: s 13 (pt 6/6)
Character Range: 37572–39485

it is an investment of assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities by the RSE licensee.
 (5) When preparing proposed reporting standards, subject to subsection (6), APRA must consult:
 (a) if the standards would affect a class or classes of financial sector entities—the entities concerned or such associations or other bodies representing them as APRA thinks appropriate; or
 (b) if the standards would affect only a particular financial sector entity or particular financial sector entities—the entity or entities concerned.
 (6) However, subsection (5) does not apply if APRA is satisfied that the delay that would be involved in holding the consultations would:
 (a) prejudice the interests of depositors, policy holders or members of the financial sector entity or financial sector entities concerned; or
 (b) have a detrimental effect on the stability of the financial system.
 (7) The validity of a reporting standard is not affected by any failure of APRA to hold consultations as required by subsection (5).
 (9) If a financial sector entity is required by or under a reporting standard to give a reporting document to APRA before a particular time or within a particular period, the entity must comply with the requirement.
Penalty: 50 penalty units.
 (10) To avoid doubt, section 4K of the Crimes Act 1914 applies to an obligation imposed by subsection (9).
Note: The effect of section 4K of the Crimes Act 1914 is that, if a financial sector entity to which subsection (9) applies refuses or fails to comply with a requirement before the time, or within the period, specified in the requirement, the obligation to comply with the requirement continues after that time or that period with daily offences being committed until the requirement is complied with.
 (11) An offence for a contravention of subsection (9) is an offence of strict liability.