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FINANCIAL LAWS AMENDMENT ACT 1997 - SCHEDULE 14

Amendment of the Superannuation Industry (Supervision) Act 1993

1  Subsection 10(1) (at the end of the definition of protected document )

Add "other than information that has already been lawfully made available to the public from other sources".

2  Subsection 10(1) (at the end of the definition of protected information )

Add "other than information that has already been lawfully made available to the public from other sources".

3  Subsection 346(1)

Insert:

"court" includes a tribunal, authority or person having the power to require the production of documents or the answering of questions.

4  Subsection 346(1)

Insert:

"financial sector supervisory agency" means a person or body declared by the regulations to be a financial sector supervisory agency for the purposes of this section.

5  Subsection 346(1)

Insert:

"law enforcement agency" means a person or body declared by the regulations to be a law enforcement agency for the purposes of this section.

6  Subsection 346(1)

Insert:

"overseas financial sector supervisory agency" means a person or body declared by the regulations to be an overseas financial sector supervisory agency for the purposes of this section.

Note:       The heading to subsection 346(1) is replaced by the heading " Definitions ".

7  Subsection 346(2)

After "Act", insert "or any other Act of which the Commissioner has the general administration".

8  At the end of subsection 346(2)

Add:

Note:          Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment.

9  At the end of subsection 346(2A)

Add:

Note:          Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment.

10  Paragraph 346(6)(c)

After "Act", insert "or any other Act of which the Commissioner has the general administration".

11  After paragraph 346(6)(d)

Insert:

                  (daa)  a financial sector supervisory agency for the purposes of the performance of any of its functions or the exercise of any of its powers; or

                  (dab)  an overseas financial sector supervisory agency for the purposes of the performance of any of its functions or the exercise of any of its powers; or

12  After subsection 346(6A)

Insert:

        (6AB)  Subsection (2) does not prohibit a superannuation standards officer from disclosing protected information, or producing a protected document, to:

                     (a)  a law enforcement agency; or

                     (b)  a member of the staff referred to in subsection 13(1) of the Insurance and Superannuation Commissioner Act 1987 ; or

                     (c)  a person engaged under subsection 13(3) of that Act.

        (6AC)  A person who is or has been a superannuation standards officer may only disclose protected information, or produce a protected document, 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.

       (6AD)  A person who is or has been a superannuation standards officer may only disclose protected information, or produce a protected document, to a person referred to in paragraph (6AB)(b) or (c) for the purposes of the performance of the Commissioner's functions, or the exercise of the Commissioner's powers, under a law of the Commonwealth.

13  At the end of subsection 346(7)

Add "or any other Act of which the Commissioner has the general administration".

14  After subsection 346(7)

Insert:

          (7A)  Subsection (2) does not prohibit a person from disclosing information, or producing a document, if the information, or the information contained in the document, as the case may be, is in the form of a summary or collection of information that is so prepared that information relating to any particular person cannot be found out from it.

15  Subsection 346(9)

After "Act", insert "or any other Act of which the Commissioner has the general administration".

16  After subsection 346(9)

Insert:

Note:          Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment.

17  Subsection 346(11)

Repeal the subsection, substitute:

           (11)  At the end of 5 years after the commencement of this subsection, the definitions of financial sector supervisory agency , law enforcement agency and overseas financial sector supervisory agency in subsection (1), paragraphs (6)(daa) and (dab) and subsections (6AB), (6AC) and (6AD) are taken to be repealed.

 


 



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