Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:1_47
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 1 cl 47
Character Range: 90929–92448

47  After subsection 63(7A)
Insert:

Additional rule for certain funds not complying with equal representation rules

 (7B) An RSE licensee of a fund that is not a public offer superannuation fund must not, while subsection (7D) applies to the fund, accept any contributions made to the fund by an employer‑sponsor.

Penalty: 60 penalty units.

 (7C) Subsection (7B) is an offence of strict liability.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: For strict liability, see section 6.1 of the Criminal Code.

 (7D) This subsection applies to the fund if:
 (a) the fund is failing to comply with subsection 92(4) or 93(4) (whichever is applicable); or
 (b) having previously failed to comply, the fund does so comply but the RSE licensee has not given to APRA a notice in the approved form that:
 (i) states that the fund so complies; and
 (ii) if the RSE licensee is a group of individual trustees and the compliance is as a result of the appointment of one or more other individual trustees to the group—states the appointee's name or the appointees' names; and
 (iii) if the RSE licensee is a body corporate and the compliance is as a result of the appointment of one or more directors to the board of directors of the body corporate—states the appointee's name or the appointees' names.

Note: The heading to section 63 is replaced by the heading "Certain regulated superannuation funds not to accept employer contributions in certain circumstances".