OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1992 NO. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1992 NO. 224 - TABLE OF PROVISIONS 1. Commencement 2. Amendment 3. Regulation 3 (Interpretation) 4. Part II (Superannuation Funds) 5. Regulation 17 (Financial reports) 6. New Division 2 7. New Schedule 8 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 1 1. Commencement 1.1 These Regulations commence on 1 July 1992. 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 2 2. Amendment 2.1 The Occupational Superannuation Standards Regulations are amended as set out in these Regulations. 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 3 3. Regulation 3 (Interpretation) 3.1 Subregulation 3 (1): After the definition of "State industrial authority", insert: " 'superannuation fund conditions', in relation to a superannuation fund, means the superannuation fund conditions within the meaning of section 5 of the Act that are applicable to the fund;". 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 4 4. Part II (Superannuation Funds) 4.1 Omit the heading, substitute: "PART II-SUPERANNUATION FUNDS Division 1-General". 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 5 5. Regulation 17 (Financial reports) 5.1 Subregulation 17 (1): Omit ", the reduction of benefits and the disclosure of information to", substitute "and the reduction of benefits of". 5.2 Paragraphs 17 (1) (e), (f), (g), (h) and (i): Omit the paragraphs. 5.3 Subregulations 17 (4) and (5): Omit the subregulations. 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 6 6. New Division 2 6.1 After regulation 18B, insert in Part II: "Division 2- Information on fund management Subdivision A-Preliminary Interpretation "18C. (1) In this Division, unless the contrary intention appears: 'body' means an unincorporated body; 'business hours', in relation to a place, means the period from 9.00 a.m. to 5.00 p.m. on a day other than a Saturday, a Sunday or a day that is a public holiday in that place; 'multi-member fund' means a superannuation fund: (a) that, in relation to a reporting period or year of income of the fund, had more than 4 members at the beginning of that period or year; and (b) from which the benefits payable to members are not wholly defined by reference to life policies; 'reporting period', in relation to a superannuation fund, means a period of not more than 12 months that begins: (a) in the case of a fund established before 1 July 1993-in the period from the beginning of 1 July 1992 to the end of 30 June 1993; and (b) in any other case-on or after 1 July 1993; 'sub-plan', in relation to a member or members of a superannuation fund, means the operations of that fund relating to the contributions to the fund in respect of that member or those members, but not of all other members, of the fund. "(2) A reference in this Division to a superannuation fund in relation to a member, or members, of the fund includes a reference to a sub-plan relating to the member or members. "(3) A reference in this Division to a report to a member of a superannuation fund in respect of a reporting period of the fund is a reference to a report in respect of the reporting period that applies to the member. "(4) A reference in this Division to a person or body having authority to manage, or participate in the management of, a superannuation fund is a reference to a person or body having authority to direct: (a) the operations of the fund; or (b) a person or body having authority of the kind referred to in paragraph (a). Prescribed standards and reporting periods "18D. (1) For the purposes of subsection 7 (1) of the Act, the standards set out in this Division are prescribed. "(2) A reporting period of a superannuation fund must not begin after the end of the preceding reporting period of the fund. "(3) The trustees of a superannuation fund must keep and retain records of the operations of the fund by reference to each reporting period to which a report that the trustees are required to prepare under this Division relates. Subdivision B-Information about individuals Trustees of certain funds to disclose information in certain circumstances "18E. (1) In this regulation: 'controlling interest', in relation to a company, means: (a) an interest in the company that enables the person holding the interest to: (i) control the composition of the board of directors of the company; or (ii) cast, or control the casting of, more than half of the maximum number of votes that could be cast at a general meeting of the company; or (iii) control more than half of the issued share capital of the company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or (b) an interest in another company that constitutes, under paragraph (a), a controlling interest in that other company, being: (i) a company that, under paragraph (a), has a controlling interest in the first-mentioned company; or (ii) a company that has a controlling interest of that kind by another application, or other applications, of this paragraph; 'prospective member', in relation to a year of income of a superannuation fund, means a person who: (a) is not a member of that fund; and (b) the trustees of the fund believe may become a member of the fund in that year; 'relative', in relation to an employer of a member, means: (a) the parent, grandparent, brother, sister, uncle, aunt, cousin, nephew, niece, direct descendant or adopted child of the employer or of his or her spouse; and (b) the spouse of the employer or of any other person specified in paragraph (a). "(2) The trustees of a superannuation fund must: (a) if the governing rules of the fund are altered-as soon as practicable after that alteration, give to a member of the fund whose entitlements or rights are affected by the alteration written advice that explains the nature and purpose of the alteration and the effect of the alteration on those entitlements or rights; and (b) in the case of a fund, other than an employer-sponsored fund-advise a prospective member in writing about: (i) any benefits to which the prospective member would be entitled on joining the fund and the method of determining that entitlement; and (ii) any conditions relating to those benefits; and (c) in the case of an employer-sponsored fund-before, or as soon as practicable after, a person joins the fund advise the person in writing in accordance with subparagraphs (b) (i) and (ii). "(3) The trustees of a multi-member fund must: (a) give to a person: (i) to whom pension benefits are paid from the fund; or (ii) who has deferred his or her entitlement to a benefit from the fund; at least once in each year of income of the fund, a statement that a copy of the latest report under subregulation 18H (2) and of any related notice under subregulation 18J (3) in respect of a year of income of the fund will be sent by the trustees to the person on request; and (b) obtain from a prospective member to whom advice is given under paragraph (2) (b) a written declaration that he or she has been given the advice; and (c) give: (i) in the case of a fund other than an employer-sponsored fund-to a prospective member a copy of the latest report referred to in subregulation 18H (2) and of any related notice under subregulation 18J (3) in respect of a year of income of the fund; and (ii) in the case of an employer-sponsored fund-to a person before, or as soon as practicable after, he or she joins the fund, a copy of a report or notice referred to in subparagraph (i); and (d) give to a prospective member of a fund: (i) that is not a defined benefit superannuation fund; or (ii) that is a defined benefit superannuation in which accumulation accounts in the names of members are kept; not being an employer-sponsored fund, a written statement in respect of each of the 3 preceding years of income of the fund: (iii) of the rate of any allotment of the net earnings of the fund to the accounts of members in the class of members to which, for the purposes of the governing rules of the fund, the prospective member would belong on joining the fund; or (iv) if the net earnings of the fund were not allotted to the accounts of members by reference to those years of income-of the notional rate of allotment of the net earnings of the fund in those years of income to the accounts of members in that class; and (e) give to a person before, or as soon as practicable after, he or she joins an employer-sponsored fund: (i) that is not a defined benefit superannuation fund; or (ii) that is a defined benefit superannuation fund in which accumulation accounts in the names of members are kept; a written statement, in respect of each of the 3 preceding years of income of the fund, that is referred to in subparagraph (d) (iii) or (iv); and (f) in the case of a fund, other than an employer-sponsored fund, in relation to which the only offer or invitation for the purposes of subsection 1018 (1) of the Corporations Law is an excluded offer or excluded invitation within the meaning of that Law-give to a prospective member to whom advice is given under paragraph (2) (b) the following information: (i) the name and address of any person or body having authority to manage, or to participate in the management of, the fund; (ii) if a person or body who is not a trustee of the fund has been appointed to manage, or participate in the management of, the fund: (a) the name of and business address of that person or body; and (b) the nature of the relationship between the person or body and any trustee of the fund and any other person or body who has been so appointed; (iii) a summary of the principal features of the operation of the fund; (iv) the manner in which an amount credited to the account of the person as a member of the fund would be calculated on his or her withdrawal from the fund. "(4) A standard specified in subregulation (2) or (3) is taken to have been met if the trustees are satisfied that: (a) a person to whom the trustees are required by the standard to give information has been given the information by another person; and (b) the other person has made a written declaration to that effect to the trustees. "(5) The trustees of a multi-member fund to which the employer of a member of the fund contributes in respect of that member must give the member written notice of: (a) any proposed payment from the fund to that employer not less than 3 months before the day when the payment is to be made, not being a payment reimbursing the employer for expenses incurred on behalf of the fund; and (b) any proposal to alter the governing rules of the fund to increase the benefit payable to a member of the fund, if payment of that benefit would have the effect of making a payment from the fund: (i) to the employer; or (ii) to a member who is an associate of the employer; not less than 3 months before the day when the alteration would take effect. "(6) For the purposes of subparagraph (5) (b) (ii), a member is an associate of an employer if: (a) the member is a relative of the employer; or (b) the employer is or will be a company when the governing rules are altered and the member, or a relative of the member, holds or will hold a controlling interest in relation to the company when those rules are altered. Information to be disclosed to former members of funds "18F. If a person ceases to be a member of a superannuation fund on a day other than the last day of a reporting period, the trustees of the fund must, as soon as practicable, advise the person, or the legal personal representative of the person, in writing about the following matters: (a) the amount of the benefit entitlement of that person, identifying any amounts that: (i) are required by the governing rules of the fund to be preserved in relation to the person; and (ii) must be preserved in relation to the person to satisfy the superannuation fund conditions; (b) the method of determining that entitlement; (c) unless the person ceases to be a member because of his or her death: (i) the amount of the death benefit in respect of the person on the day before he or she ceased to be a member of the fund or, if that amount cannot be determined before the death of the person, the method used to determine the amount; and (ii) that the amount of the death benefit entitlement of the person may change as a result of his or her ceasing to be a member of the fund; and (iii) the name of the person or body who is, or was, liable to pay the benefit and the address of the place where the person or body may be contacted in business hours; (d) unless the person ceases to be a member of the fund because of his or her death, disablement or retirement from the workforce-the particulars referred to in subparagraphs 18G (2) (b) (i), (ii), (iii), (iv), (v) and (vi) and paragraphs 18G (2) (c), (d) and (e), as if: (i) a reference in those provisions to a reporting period were a reference to the period from the first day in the reporting period in which the person ceased to be a member to the end of the day on which the person ceased to be a member; and (ii) the word 'person' were substituted for the word 'member'; and (e) if the person's old RBM for the purposes of Part Ia is greater than the base old RBM specified in paragraph 2 (a) of Schedule 2-the person's old RBM. Regular reports to members of superannuation funds generally "18G. (1) The trustees of a superannuation fund must report in respect of each reporting period in accordance with this regulation to a person who was a member of that fund on the last day of that period. "(2) A report must set out the following information: (a) the name of the fund and any relevant sub-plan and, if the sub-plan is managed by a person or body, other than a trustee of the fund, the name of that person or body; (b) if the amount of benefits that are vested in the member on withdrawal from the fund is determined on the basis of contributions made to the fund or on the basis of those contributions together with earnings based on those contributions-the following particulars: (i) the amount of the benefits vested in the member at the beginning of the reporting period; (ii) the amount of the benefits vested in the member at the end of that period; (iii) the method of determining the amount of the benefits referred to in subparagraph (ii); (iv) the portion of the amount of the benefits referred to in subparagraph (ii) that: (a) is required by the governing rules of the fund to be preserved in relation to the member; and (b) must be preserved in relation to the member to satisfy the superannuation fund conditions; on his or her withdrawal from the fund; (v) the amount of contributions made by the member in the period; (vi) the amount of net earnings allotted to the account of the member in the period or the rate at which those earnings were so allotted or both that amount and rate; (vii) the amount of any current death benefit in respect of the member or the method used to determine that amount; (c) if the amount of benefits that are vested in the member on withdrawal from the fund is determined on the basis of the benefits purchased under an endowment or whole of life policy-the amount of: (i) the sum assured; and (ii) any bonuses that have accrued to the member at the end of the reporting period; and (iii) contributions made by that member during that period; (d) if the amount of benefits that are vested in the member on his or her withdrawal from the fund is defined by reference to: (i) the annual rate of salary of the member as at the date of that withdrawal or at a date before the withdrawal; or (ii) the amount of that salary averaged over a period of employment before the withdrawal; the particulars referred to in subparagraphs (b) (i), (ii), (iii), (iv), (v) and (vii); (e) in the case of multi-member fund-the amount of any fees, charges or other expenses deducted in the reporting period from the amount in the account of the member. "(3) If a report sets out in respect of subparagraph (2) (b) (vi): (a) the amount of net earnings allotted to the account of a member and any report in respect of the preceding reporting period did not set out the amount of net earnings so allotted; or (b) the rate at which net earnings were allotted to the account of a member and any report in respect of the preceding reporting period did not set out the rate at which net earnings were so allotted; the trustees must specify in the first-mentioned report the reason for not setting out the second-mentioned amount or the second-mentioned rate, as the case may be, unless the first-mentioned report sets out both that amount and rate. Subdivision C-Information about multi-member funds Regular reports to members of multi-member funds "18H. (1) In this regulation: 'abridged financial information' means information that is: (a) derived from the accounts of a multi-member fund; and (b) set out in accordance with Schedule 8; 'relative', in relation to a member of a body or another person, means: (a) the parent, grandparent, brother, sister, uncle, aunt, cousin, nephew, niece, direct descendant or adopted child of that member or person or of his or her spouse; or (b) the spouse of the member or person or of any other person referred to in paragraph (a); 'year of income', in relation to a multi-member fund, means a year of income of the fund beginning on or after 1 July 1992. "(2) The trustees of a multi-member fund must report in respect of each year of income of the fund in accordance with this regulation to persons who were members of that fund on the last day of the period referred to in subregulation 18J (4): (a) immediately following that year; and (b) within which the report, or a written statement that is a part of the report, must be given to members of the fund. "(3) A report must set out the following information: (a) the name of the fund; (b) if, in respect of the year of income to which the report relates and the 2 years of income preceding that year, the trustees believe: (i) that the fund satisfied the superannuation fund conditions; and (ii) that the Commissioner is, or would be, satisfied that the fund is operating, or operated, in accordance with those conditions; a statement to that effect; (c) in the absence of a statement referred to in paragraph (b): (i) a statement in respect of each year of income in relation to which the fund will not, or may not, satisfy the superannuation fund conditions; and (ii) a statement of any action that the trustees are taking, or propose to take, to have the fund meet those conditions; (d) a statement in respect of the year of income to which the report relates and the 2 years of income preceding that year: (i) as to whether the trustees of the fund have lodged, or intend to lodge, the return and certificates referred to in subsection 12 (1) of the Act or the Commissioner has given notice under subsection 13 (1) of the Act in relation to the fund; and (ii) as to whether the fund has received a notice from the Commissioner about whether the fund has satisfied the superannuation conditions; and (iii) setting out the contents of any notice referred to in subparagraph (ii); (e) a statement relating to the accounts of the fund in respect of the year of income to which are attached: (i) audited accounts, and the auditor's report, in respect of that year; or (ii) if the accounts have not been audited or, after having been audited, have not been and are not to be distributed to members: (A) abridged financial information relating to those accounts; and (B) any qualification that has been made, or that the auditor has advised the trustees is likely to be made, in the auditor's report; and (C) a statement of the date when the audit was, or is likely to be, completed; and (D) advice as to when the audited accounts and the auditor's report will be sent to members or when those accounts and that report are, or will be, available to members on request; (f) in respect of the year of income to which the report relates and the year of income preceding that year, the proportions, or the amounts, of the value of assets of the fund specified in the respective provisions of subregulation 18K (1) on which: (i) the audited accounts referred to in paragraph (e) in respect of the relevant year of income are based; or (ii) abridged financial information referred to in that paragraph in respect of the relevant year of income is based; (g) if the value of particular assets of the fund exceeds 5% of the value all assets referred to in paragraph (f) in respect of a year of income to which that paragraph applies-a description of the particular assets and the proportion of the value of those assets in relation to the value of all assets referred to in that paragraph in respect of that year of income; (h) subject to subregulation (4), if: (i) the trustees of the fund have an interest in particular assets in that capacity; and (ii) the value of the interest exceeds 5% of the value all assets referred to in paragraph (f) in respect of a year of income to which that paragraph applies; and (iii) authority to manage, or to participate in the management of, those assets and other assets to which subparagraphs (i) and (ii) apply is held by 1 or more of: (a) a person or body other than a person or body specified in subregulation 18K (2); or (b) a person who is a relative of a natural person, or of an individual member of a body, to whom sub-subparagraph (a) applies; the value, and a description, of the assets comprising the interest of the trustees and of the other assets to which subparagraph (iii) applies and the proportion of the value of all those assets to the value of all assets referred to in paragraph (f) in respect of that year of income; (i) a statement of the investment objectives of the trustees for the fund and of the policy of the trustees to achieve those objectives; (j) a statement of: (i) the objectives of the trustees at the beginning of the year of income that involve investing in instruments prescribed in subregulation 18K (3) for the purpose of managing fluctuations in the earnings of the fund and in the value of the assets of the fund; and (ii) the policy of the trustees to achieve those objectives and the year of income in which that policy is being, or is to be, pursued; and (iii) the assessment of the trustees of the likely effect of that policy on the value of the assets of the fund at the end of the year of income referred to in subparagraph (ii); (k) in the case of a fund: (i) that is not a defined benefit superannuation fund; or (ii) that is a defined benefit superannuation fund in which accumulation accounts in the names of members are kept; a statement of the manner in which the net earnings of the fund are allotted to the accounts of members and of the manner in which the reserves of the fund are determined; (l) a statement of the total earnings of the fund in the year of income to which the notice relates and the 2 years of income preceding that year; (m) a statement of the governing rules of the fund dealing with: (i) the attribution of administrative and other costs of the operation of the fund to the accounts of members of the fund; and (ii) the deduction of fees, charges and expenses from those accounts; and (iii) a summary of the policy of the trustees, or of any person referred to in paragraph (o), in relation to the administration of those rules; (n) if the employer of a member of the fund contributes to the fund in respect of the member, a statement to the effect that any contribution: (i) that is, to the best knowledge of the trustees, due and payable to the fund; or (ii) within the range of amounts that is recommended in the latest actuarial investigation into the fund referred to in paragraph 17 (1) (a) to be paid to the fund; has been paid or, if the contribution has not been paid, a statement of the action taken, or proposed to be taken, by the trustees to have the contribution paid; (o) if a person other than a trustee of the fund has been appointed to manage, or participate in the management of, the fund: (i) the name of that person; and (ii) the nature of the relationship between the person and any trustee of, or employer sponsoring, the fund and any other person who has been so appointed; (p) the name of any person holding office as a trustee in the year of income and a statement as to whether that person was appointed by members of the fund, an employer or employers sponsoring the fund or another person or group of persons; (q) the name of any person, or of each member of any group of persons, managing a sub-plan in the year of income and a statement as to whether that person or member was appointed by members of the fund, an employer or employers sponsoring the fund or another person or body; (r) the name and address of the person or body having authority to manage, or participate in the management of the fund, not being a trustee of the fund or an employer sponsoring the fund; (s) the name of a person to whom a member of the fund may make an inquiry about the fund and the place where that person may be contacted during business hours; (t) advice that the trustees of the fund must make available to a member of the fund on request by the member a document to which regulation 18L or 18M applies in accordance with that regulation; (u) any other information that the members of a multi-member fund would reasonably require to make an informed judgment on the management and performance of the fund. "(4) The trustees of a fund are not obliged to include in a report particulars of the matter described in paragraph (3) (h) if the trustees, or a person other than a trustee who has authority to manage, or participate in the management of, the fund could not reasonably have been expected to be aware of those particulars when the report was prepared. "(5) A statement of abridged financial information must be completed in accordance with a direction for completing the statement at the foot of Schedule 8. Subdivision D-Matters relating to certain reports Reports under regulation 18G or 18H to comply with certain requirements "18J. (1) In this regulation: 'report' means a report mentioned in regulation 18G or 18H. "(2) A report must: (a) set out the particulars of the report in 1 or more written statements; and (b) if particulars of the report are set out in more than 1 written statement and all those particulars are not included in each statement-include in each statement advice: (i) that that statement does not set out all the particulars of the report; and (ii) that any particulars that are not set out in the statement are set out in a previous statement or are to be set out in a later statement; and (iii) about when, and where during business hours, copies of all statements will be available; and (c) include a statement by the trustees of the superannuation fund concerned that the trustees believe that the fund has satisfied the superannuation fund conditions in the period beginning at the end of the reporting period or year of income to which the report relates to the end of the day when preparation of the report was completed; and (d) be given to each member of the fund in accordance with subregulation (4). "(3) The trustees of a superannuation fund must give to each member of the fund notice in writing of any material change in: (a) a matter required to be set out in a report; or (b) a document required to be attached to a statement included in a report; unless it is not reasonably practicable to give notice before the next report is required to be given to the member in accordance with subregulation (4). "(4) The trustees of a superannuation fund who are reporting to a member of the fund must: (a) if the particulars of a report are set out in 1 written statement in respect of a reporting period or year of income to which the statement relates-give the report to the member as soon as practicable, but not later than 6 months after the end of that period or year; and (b) if the particulars of a report are set out in more than 1 written statement and none of the statements is given to the member in the reporting period or year of income to which the statement relates-give each statement to the member as soon as practicable, but not later than 6 months after the end of that period or year; and (c) subject to paragraph (d), if the particulars of a report are set out in more than 1 written statement and 1 or more, but not all, of the statements is, or are, given to the member in the reporting period or year of income to which the statement relates-give any remaining statement to the member as soon as practicable, but not later than 9 months after the end of that period or year; and (d) if a written statement that forms part of a report sets out particulars of matters required by regulations 18G and 18H to be included in a report to that member-give the statement to the member as soon as practicable, but not later than 6 months after the end of the reporting period or year of income to which the matter relates, whichever ends first. "(5) Subject to subregulation (6), a standard specified in subregulation (2) or (3) is not taken to have been met unless: (a) the trustees of the fund: (i) give a copy of a report or notice referred to in that subregulation to each member of the fund; or (ii) send a copy of the report or notice to each member of the fund by means of telecommunication; or (b) in the case of a member whose whereabouts are not known to the trustees-the trustees have made reasonable efforts to deliver a copy of a report or notice to the member; or (c) the trustees are satisfied that another person: (i) has given or sent a copy of the report or notice to the member in accordance with subparagraph (a) (i) or (ii); or (ii) has made reasonable efforts to deliver a copy of a report or notice to the member; and has made a written declaration to that effect to the trustees. "(6) For the purposes of paragraph (5) (b) and subparagraph (5) (c) (ii), reasonable efforts are taken to have been made to deliver to a member a copy of a report or notice in respect of a reporting period or year of income if: (a) a copy of a report or notice in respect of a previous reporting period or year of income was posted with correct pre-paid or franked postage to the member at the member's last known address and is returned undelivered to the trustees, or other person, concerned; and (b) the trustees are not informed of another address of the place of residence or business of the member. Particulars of matters relating to reports under regulation 18H "18K. (1) For the purposes of paragraph 18H (3) (f), the following assets are specified: (a) an interest in Commonwealth, State or Territory securities or securities of a public authority of the Commonwealth or of a State or Territory; (b) an interest in securities issued by the government of a foreign country or by a public authority of a foreign country; (c) an interest in fixed interest securities not referred to in paragraph (a) or (b); (d) an interest in a loan secured by mortgage, not being an interest referred to in paragraph (c); (e) an interest in real property, other than an interest referred to in paragraph (d); (f) an interest in a share in a body incorporated in Australia the shares in which are traded on a securities exchange; (g) an interest in a share in a body incorporated in Australia the shares in which are not traded on a securities exchange; (h) an interest in a share in a body incorporated in a foreign country the shares in which are traded on a securities exchange; (i) an interest in a share in a body incorporated in a foreign country the shares in which are not traded on a securities exchange; (j) an interest under a life policy; (k) an interest in cash or in an interest-bearing deposit that is not described in another provision of this subregulation; (l) an interest in a pooled superannuation trust; (m) an interest in a unit trust, other than a pooled superannuation trust; (n) any other assets. "(2) For the purposes of paragraph 18H (3) (h), the following persons or bodies are specified: (a) a trustee of the fund in that capacity; (b) a person or body, other than a trustee of the fund, appointed to manage, or participate in the management of, the fund in the capacity of manager of the fund; (c) a person or body giving advice to, or acting on behalf of, another person or body referred to in paragraph (a) or (b) in the proper performance of the functions attaching to a professional capacity or a business relationship in relation to the other person; (d) a person who, otherwise than for valuable consideration given by or on behalf of another person, votes as a proxy or representative of the other person at a meeting of members of a body corporate having an interest that gives the body corporate an authority referred to in subparagraph 18H (3) (h) (iii); (e) an agent or employee of a person or body described in paragraph (a), (b), (c) or (d) in that capacity. "(3) For the purposes of subparagraph 18H (3) (j) (i), the following instruments are prescribed: (a) a financial instrument that is commonly known as: (i) a futures contract; or (ii) a forward contract; or (iii) an interest rate swap contract; or (iv) a currency swap contract; or (v) a forward exchange rate contract; or (vi) a forward interest rate contract; (b) an instrument under which a right or an option in respect of a contract referred to in paragraph (a) may be exercised. "(4) An instrument prescribed in paragraph (3) (b) includes any agreement, arrangement or understanding: (a) whether formal or informal or partly formal and partly informal; and (b) whether written or oral or partly written and partly oral; and (c) whether or not having legal or equitable force and whether or not based on legal or equitable rights. Subdivision E-Information disclosed on request to fund members Information to be given to superannuation fund members generally "18L. (1) Within 28 days of receipt of a request from a person who is a member of a superannuation fund, the trustees of the fund must disclose to the person information in accordance with this regulation. "(2) A person who makes a request must specify in the request his or her postal address. "(3) The trustees of the fund must make available to the person: (a) a copy of such returns, certificates and notices referred to in sections 12 and 13 of the Act as are referred to in the request; and (b) a copy of such auditor's reports referred to in paragraph 17 (1) (c) as are referred to in the request; and (c) a copy of, or an extract from, such statements referred to in paragraph 17 (2) (a), (b), (c) or (d) as are referred to in the request, being statements contained in such actuarial reports as are so specified. Information to be given to members of multi-member funds "18M. (1) Within 28 days of receipt of a request from a person who is a member of a multi-member fund, the trustees of the fund must disclose to the person information in accordance with this regulation. "(2) A person who makes a request must specify in the request his or her postal address. "(3) The trustees of the fund must make available to the person a copy of: (a) the latest accounts of the fund that have been audited in accordance with paragraph 17 (1) (c) and the auditor's report referred to in the request; and (b) the provisions of the governing rules of the fund: (i) specified in the request that relate to the membership of the person in the fund; or (ii) if particular provisions are not specified in the request- that would affect the entitlements or rights of the member in relation to the fund. When information is taken to have been disclosed to fund members "18N. A requirement mentioned in subregulation 18L (3) or 18M (3) in relation to a document referred to in that subregulation is taken to have been met if: (a) a document requested by a member is sent by the trustees to the member at his or her postal address; or (b) where another person has given the document to the member-the other person has made a written declaration to that effect to the trustees; or (c) in the case of a document to which subregulation 18M (3) applies-the document is kept: (i) if the member of the fund is not gainfully employed-at a place within 25 kilometres of the residence of the member; or (ii) in any other case-at a place within 25 kilometres of the workplace of the member; and suitable accommodation and facilities are available at the place in business hours for the member to inspect, and take copies of, those accounts and rules. Trustees not obliged to disclose certain information more than once "18P. If the trustees of a superannuation fund have disclosed particular information to a member under regulation 18L or 18M in a year of income of the fund, they are not required to disclose the same information to the member again in that year.". 1992 No. 224 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 7 7. New Schedule 8 7.1 Add at the end: "SCHEDULE 8 Regulation 18H ABRIDGED FINANCIAL INFORMATION PART 1 STATEMENT OF THE CHANGE IN NET ASSETS OF (INSERT NAME OF SUPERANNUATION FUND) AVAILABLE TO PAY BENEFITS IN (INSERT YEAR OF INCOME OF THE FUND) Net market value of assets available to pay benefits at the beginning of the year of income of the fund: plus: Total gross income for the year, showing as separate components: earnings, including changes in the net market value of assets; and member contributions and employer contributions (unless information on those separate amounts is not required by the governing rules of the fund to be kept, in which case total contributions must be shown); and any other income less: Total outgoings, showing as separate components: the amount of benefits paid; and administrative costs; and taxation liability, including deferred income tax; and any other outgoings yielding: Net market value of assets available to pay benefits at the end of the year of income PART 2 STATEMENT OF NET ASSETS OF (INSERT NAME OF SUPERANNUATION FUND) AS AT THE END OF (INSERT YEAR OF INCOME OF THE FUND) Accumulated funds, represented by the net market value of the assets of the fund available to pay benefits at the end of the year of income of the fund, showing as separate components: investments, expressed in terms of the amounts representing the value of each class of asset, and current assets less: Total liabilities, showing as separate components: benefits payable, and liability for taxation, and any other liabilities DIRECTION FOR COMPLETING STATEMENT An amount inserted in this statement must be expressed to the nearest whole dollar.". - NOTES 1992 No. 224*1* OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS*2* (AMENDMENT) *1* Notified in the Commonwealth of Australia Gazette on 30 June 1992. *2* Statutory Rules 1987 No. 322 as amended by 1988 No. 255; 1989 Nos. 24, 281 and 356; 1990 Nos. 149, 150, 185, 202 and 275; 1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 Nos. 192, 218 and 223.