63Certain regulated superannuation funds not to accept employer contributions in certain circumstances

63 Certain regulated superannuation funds not to accept employer contributions in certain circumstances

Directions (1) The Regulator may give a trustee of a regulated superannuation fund a written notice directing the trustee, or the trustees, not to accept any contributions made to the fund by an employer‑sponsor. Pre‑1994‑95 directions (2) The Commissioner may only give a direction under this section to the trustee of a fund before the fund’s 1994‑95 year of income (whether in accordance with section 4 of the Acts Interpretation Act 1901 or otherwise) if the direction takes effect at the beginning of that year of income and, at a time during the period: (a) beginning on the day on which this Act received the Royal Assent; and (b) ending immediately before the beginning of that year of income; when: (c) the fund was in existence; and (d) there were in force regulations for the purposes of subsection 7(1) of the Occupational Superannuation Standards Act 1987 prescribing standards applicable to the fund; the fund did not comply with any or all of those standards. Post‑1993‑94 directions (3) The Regulator must not give a direction under this section to a trustee of a fund after the beginning of the fund’s 1994‑95 year of income unless: (a) a trustee of the fund has contravened one or more of the regulatory provisions (as defined in section 38A) on one or more occasions after the beginning of that year of income; and (b) the Regulator is satisfied that the seriousness or frequency, or both, of the contraventions warrants the giving of the direction. Reasons (4) A direction under this section must be accompanied by, or included in the same document as, a statement giving the reasons for the direction. Revocation (5) The Regulator may revoke a direction under this section if the Regulator is satisfied that there is, and is likely to continue to be, substantial compliance by each trustee of the fund with the regulatory provisions (as defined in section 38A) applicable to the fund. Contravention of equal representation rules (6) For the purposes of subsections (3) and (5), if a fund does not comply with Part 9 (which deals with equal representation), the trustee of the fund is, or the trustees of the fund are, taken to have contravened the applicable provisions of that Part. Offence of contravening direction (7) A trustee of a fund must not, without reasonable excuse, contravene a direction under this section.

Penalty: 100 penalty units.

(7A) Subsection (7) 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.

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.