Obligation to give consistent information
29QC Obligation to give consistent information
Subject to subsection (2), if:
an RSE licensee is required to give information to APRA under a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001); and
under the reporting standard, the information is required to be calculated in a particular way; and
the same or equivalent information is given by the RSE licensee to a person other than an agency of the Commonwealth or of a State or Territory, whether or not by publishing the information on a website;
the RSE licensee must ensure that the information given to the other person is calculated in the same way as the information given to APRA.
Subsection (1) does not apply to information given to the other person in circumstances prescribed by the regulations.
A person commits an offence if:
the person is:
a body corporate that is an RSE licensee; or
a member of a group of individual trustees that is an RSE licensee; and
the RSE licensee contravenes subsection (1).
Penalty: 50 penalty units.
Subsection (3) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
Chapter 2 of the Criminal Code sets out the general principles of criminal liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Superannuation Industry (Supervision) Regulations 1994 · under s 353
15 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Second reading speech
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