Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 4) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 4)1

Statutory Rules 2002 No. 1712

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 26 June 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

1Name of Regulations

These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 4).

2Commencement

These Regulations commence on gazettal.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1Amendments

(regulation 3)

  

[1]Subregulation 2.04 (1)

omit

Division 2.4,

insert

Division 2.4 or 2.5,

[2]After regulation 2.04

insert

2.05Charges for information requested

1. (1)

   Subject to this regulation, the obligation of the trustee of a superannuation entity under these Regulations to give information on request by a person arises only if the person pays the amount specified by the trustee as the charge for giving the information.

2. (2)

   The amount of the charge must not exceed the reasonable cost to the superannuation entity of giving the information (including all reasonably related costs — for example, costs of searching for, obtaining and collating the information).

3. (3)

   A policy committee is not liable to any charge for information given to it.

[3]Regulation 2.17, definitions of member information and member reporting period

substitute

member information means information required to be given under section 1017D of the Corporations Act 2001.

member reporting period means a reporting period that applies under section 1017D of the Corporations Act 2001.

[4]After Division 2.4

insert

Division 2.5Information on request

2.30Application

1. (1)

   This Division applies to a superannuation entity.

2. (2)

   For subsections 31 (1), 32 (1) and 33 (1) of the Act, a requirement of this Division is a standard applicable to the operation of a superannuation entity.

2.31Documents may be made available for inspection

It is sufficient compliance with a requirement under this Division to give information, or to give a copy of a document, to a person if:

1. (a)

   a document containing the information; or

2. (b)

   a copy of the document;

as the case requires, is made available for inspection by the person:

1. (c)

   at a suitable place (having adequate facilities for the person to inspect and photocopy the document); and

2. (d)

   during normal business hours;

or as otherwise agreed between the trustee of a superannuation entity who is required to give the information to the person, and the person.

2.32Time for compliance

The trustee of a superannuation entity must comply with a request to give information, or a copy of a document, as soon as practicable, and in any event the trustee must make reasonable efforts to comply with the request within 1 month after receiving the request.

2.33Specific requirements

1. (1)

   In this regulation:

concerned person has the same meaning as in section 1017C of the Corporations Act 2001.

1. (2)

   The trustee of a superannuation entity (other than a self managed superannuation fund) must give to a person (other than a concerned person), on request in writing by the person, a copy of any of the following documents (to the extent the trustee has access to the documents) specified in the request:

   1. (a)

      audited accounts of the superannuation entity, together with (whether or not specifically requested) the auditor’s report in relation to the accounts;

   2. (b)

      for a regulated superannuation fund or approved deposit fund — a copy of the fund information that was most recently given to the members;

   3. (c)

      for a PST — a copy of the information mentioned in Subdivision 5.7 of Part 7.9 of the Corporations Regulations 2001 that was most recently given to the members.

Notes

1. These Regulations amend Statutory Rules 1994 No. 57, as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293, 309, 343 and 415; 1998 Nos. 76, 83, 108, 175, 177, 193, 240 and 312; 1999 Nos. 14, 31, 115, 239, 317 and 356; 2000 Nos. 119, 151, 185, 280 and 281; 2001 Nos. 37, 352 and 353; 2002 Nos. 21, 91 and 150.

2. Notified in the Commonwealth of Australia Gazette