124
CurrentInvestment managers must be appointed in writing
Volume 1Parts 1 to 15 (sections 1 to 127)
Part 15Standards for trustees, custodians and investment managers of superannuation entities
Division 2Requirements for custodians and investment managers
124 Investment managers must be appointed in writing
(1)
A trustee of a superannuation entity must not make a non‑written appointment of an investment manager of the entity.
Note:
Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.
(2)
A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
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.
This Act’s bill:Second reading speech
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