Retirement Savings Accounts Regulations (Amendment) 1997 No. 242
EXPLANATORY STATEMENT
STATUTORY RULES 1997 No. 242
Issued by the authority of the Assistant Treasurer
Retirement Savings Accounts Act 1997
Retirement Savings Accounts Regulations (Amendment)
The Retirement Savings Accounts Act 1997 (the Act) and the Retirement Savings Accounts Regulations (the Principal Regulations) allow banks, building societies, credit unions and life insurance companies to provide superannuation without a trust structure in the form of retirement savings accounts (RSAs), and provides for the functional supervision of RSAs and RSA providers by the, Insurance and Superannuation Commission.
Section 200 of the Act provides that the Governor-General may make ' Regulations for the purposes of the Act
Under the provisions of Section 191 of the Act, the Insurance and Superannuation Commissioner has a discretionary power to disclose protected information or to produce a protected document to a law enforcement agency in certain circumstances. Regulation 6.21 of the Principal Regulations prescribes the "law enforcement agencies" for this purpose. The regulations amend the Principal Regulations to insert a new law enforcement agency, namely, the Police Integrity Commission of New South Wales. The amendment is being made at the same time as similar' amendments to the Principal Regulations of other Acts administered by, the ISC to ensure there is consistency of agencies to whom information may be disclosed across all ISC-administered legislation.
The regulations are described in detail in the attachment.
ATTACHMENT
Regulation 1 - Amendment
Regulation 1 is explanatory, and includes a note that these regulations commence on gazettal.
Regulation 2 - Regulation 6.21 (Definition of "law enforcement agency")
Under the provisions of section 191 of the Act, an RSA standards officer is generally prohibited from disclosing protected information or producing protected documents, other than for the purposes of the Act or any other Act administered by the Insurance and superannuation Commission, that have been acquired-by the officer in the course of performing his or her duties as an RSA standards officer.
Certain exceptions to this general rule are provided for in section 191. Paragraph 191(9)(a) and subsection 191(10) provide that protected information may be disclosed, or protected documents produced, to a law enforcement agency for the purposes of the performance by the agency of its functions in relation to an offence or alleged offence against a law of the Commonwealth, of a State or of a Territory.
'Law, enforcement agency' is defined in subsection 191(20) of the Act as meaning 'a person or body declared by the regulations to be a law enforcement agency for the purposes of this section'.
Regulation 6.21 prescribes the law enforcement agencies for the purposes of section 191 of the Act. This amendment adds the Police Integrity Commission of New South Wales to the list of declared law enforcement agencies.
Overview
The Retirement Savings Accounts Regulations (Amendment) 1997 No. 242 is an amendment to the Retirement Savings Accounts Regulations, which were established under the Retirement Savings Accounts Act 1997. This Act was enacted to address the gap in the superannuation system by allowing banks, building societies, credit unions and life insurance companies to provide superannuation without a trust structure, specifically in the form of retirement savings accounts (RSAs). The regulations provide for the functional supervision of RSAs and RSA providers by the Insurance and Superannuation Commission (ISC). The stated policy objective of these amendments is to ensure consistency of agencies to whom information may be disclosed across all ISC-administered legislation by adding the Police Integrity Commission of New South Wales as a declared law enforcement agency under section 191 of the Act. These amendments were made under the authority of the Assistant Treasurer and the regulations were issued to amend the Principal Regulations, specifically Regulation 6.21, which defines "law enforcement agency".
Scope and Application
The Retirement Savings Accounts Regulations (Amendment) 1997 No. 242 amends the Retirement Savings Accounts Regulations to include the Police Integrity Commission of New South Wales as a declared law enforcement agency for the purposes of section 191 of the Retirement Savings Accounts Act 1997. This amendment ensures consistency with similar amendments made to other Acts administered by the Insurance and Superannuation Commission, allowing for the disclosure of protected information to the Police Integrity Commission when performing its functions in relation to offences against Commonwealth, State or Territory laws. The amendment applies to RSA standards officers who are generally prohibited from disclosing protected information or producing protected documents except for specified purposes, with certain exceptions where disclosure to a law enforcement agency is permitted. This regulation aims to align the provisions across different pieces of legislation and streamline the process for information disclosure to authorised bodies.
Key Provisions
The Retirement Savings Accounts Regulations (Amendment) 1997 No. 242 primarily amend the definition of "law enforcement agency" under the Retirement Savings Accounts Regulations. Specifically, Regulation 2 modifies Regulation 6.21 to include the Police Integrity Commission of New South Wales as a declared law enforcement agency for the purposes of section 191 of the Retirement Savings Accounts Act 1997. This amendment ensures consistency with similar changes being made across other Acts administered by the Insurance and Superannuation Commission (ISC), allowing for a unified approach to the disclosure of protected information to law enforcement agencies.
Under the amended Regulation 6.21, RSA standards officers can now disclose protected information or produce protected documents to the Police Integrity Commission of New South Wales for the performance of its functions in relation to offences or alleged offences against Commonwealth, State, or Territory laws. This aligns with the general prohibition on the disclosure of protected information, as outlined in section 191 of the Act, with specified exceptions for law enforcement agencies. The amendment broadens the scope of permissible disclosures to include this additional agency, facilitating better oversight and enforcement in relation to RSAs.
The obligations imposed by these regulations require RSA standards officers to adhere to the specific provisions of section 191 and Regulation 6.21. They must ensure that protected information is not disclosed without proper authority and that such disclosures, when permitted, are made only to declared law enforcement agencies, now including the Police Integrity Commission of New South Wales. This includes maintaining the integrity and confidentiality of the information in accordance with the Act and Principal Regulations.
The Retirement Savings Accounts Act 1997 and its regulations impose several consequences for breaches of the provisions concerning the disclosure of protected information. Under section 191, unauthorised disclosure of protected information by an RSA standards officer can result in civil or criminal penalties. The maximum penalties are not explicitly stated in the provided text, but typically such breaches could lead to fines or other legal repercussions as prescribed by relevant laws. The inclusion of the Police Integrity Commission of New South Wales as a law enforcement agency underscores the importance of compliance with these regulations to avoid legal penalties and maintain the regulatory framework governing RSAs.