Document ID: chunk:federal_register_of_legislation:C2025C00134:section:129:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 129 (pt 1/3)
Character Range: 672165–674875

129  Obligations of actuaries and auditors—compliance

When section applies
 (1) This section applies to a person in relation to a superannuation entity if:
 (aa) the person is an individual; and
 (a) the person forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity:
 (i) this Act, the regulations or the prudential standards;
 (ii) if the entity is a registrable superannuation entity—the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023;
 (iii) if the entity is a registrable superannuation entity—a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and
 (b) the person formed the opinion in the course of, or in connection with, the performance by the person of actuarial or audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity.

Section does not apply if the person believes that his or her opinion is not relevant to the performance of actuarial or audit functions
 (2) This section does not apply to the person if the person has an honest belief that the opinion is not relevant to the performance of those functions.

Trustee and Regulator to be told about the matter
 (3) Subject to subsection (3A), the person must, immediately after forming the opinion mentioned in paragraph (1)(a):
 (a) tell a trustee of the entity about the matter in writing; and
 (b) if the superannuation entity is not a self managed superannuation fund and the contravention about which the person has formed the opinion mentioned in paragraph (1)(a) is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing; and
 (c) if the superannuation entity is a self managed superannuation fund and the matter is specified in the approved form—tell the Regulator about the matter in the approved form.
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.

The person may not have to tell a trustee or the Regulator about the matter
 (3A) The person does not have to:
 (a) tell a trustee of the entity about the matter if:
 (i) the person has been told by another person to whom this section applies that the other person has already told a trustee of the entity about the matter; and
 (ii) the first‑mentioned