Document ID: chunk:federal_register_of_legislation:C2023A00029:clause:6_130aa:p2
Version: federal_register_of_legislation:C2023A00029
Segment Type: clause
Provision Reference: sch 6 cl 130AA (pt 2/2)
Character Range: 148190–149798

formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and
 (d) the person does not, immediately after the person forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing.

No civil liability for telling about a matter
 (5) A person is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of a registrable superannuation entity, about a matter as required by subsection (1), (2) or (4).

Offences—RSE audit company
 (6) A company commits an offence if the company contravenes subsection (1).
Penalty: 250 penalty units.
 (7) A company commits an offence if the company contravenes subsection (1).
Penalty: 125 penalty units.
 (8) An offence against subsection (7) is an offence of strict liability.

Offences—lead auditor and member of RSE audit firm
 (9) A person commits an offence if the person contravenes subsection (2) or (4).
Penalty: 50 penalty units.
 (10) A person commits an offence if the person contravenes subsection (2) or (4).
Penalty: 25 penalty units.
 (11) An offence against subsection (10) is an offence of strict liability.

When financial position is unsatisfactory
 (12) For the purposes of this section, the financial position of an entity is taken to be unsatisfactory if, and only if, under the regulations, the financial position of the entity is treated as unsatisfactory.