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Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 3)

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Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 3)1
Select Legislative Instrument 2011 No. 146
I, QUENTIN BRYCE, 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 4 August 2011
QUENTIN BRYCE
Governor-General
By Her Excellency’s Command
BILL SHORTEN
Minister for Financial Services and Superannuation
1              Name of Regulations
                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 3).
2              Commencement
                These Regulations commence on the day after they are registered.
3              Amendment of Superannuation Industry (Supervision) Regulations 1994
                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.
Schedule 1        Amendments
(regulation 3)
 
[1]           After subregulation 1.04 (4A)
insert
   (4AA)   A scheme that is listed, or established by or operated under legislation that is listed, in Schedule 1AA ceases to be an exempt public sector superannuation scheme at the time it is registered as a registrable superannuation entity under Division 2 of Part 2B of the Act.
[2]           Subregulation 4.02 (2), after the example
insert
Note   Information regarding investment strategies is generally set out in a Product Disclosure Statement. However, a shorter Product Disclosure Statement may, in accordance with the modifications of the Corporations Act 2001 set out in Part 5B of Schedule 10A to the Corporations Regulations 2001:
(a)   provide some of the information by applying, adopting or           incorporating a matter in writing; or
(b)   refer to information that is set out in another document.
[3]           After subregulation 5.08 (1)
insert
      (1A)   Subregulation (1) does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the member’s benefits in the fund to the Commonwealth, a State or a Territory.
Item
Law
Provision(s)

Commonwealth
 

1.1
Proceeds of Crime Act 2002
Section 47
Section 48
Section 49
Section 92

New South Wales
 

2.1
Confiscation of Proceeds of Crime Act 1989
Subsection 18 (1)

2.2
Criminal Assets Recovery Act 1990
Section 22

Victoria

3.1
Confiscation Act 1997
Division 1 of Part 3
Section 35
Part 4
Subsection 157 (6)

Queensland

4.1
Criminal Proceeds Confiscation Act 2002
Section 58
Section 58A
Section 151
Part 5 of Chapter 3

Western Australia

5.1
Criminal Property Confiscation Act 2000
Section 30, to the extent that it applies to confiscation under section 6 in satisfaction of a person’s liability under section 20
Section 30, to the extent that it applies to confiscation under section 7

South Australia

6.1
Criminal Assets Confiscation Act 2005
Section 47

Tasmania

7.1
Crime (Confiscation of Profits) Act 1993
Section 16

Australian Capital Territory

8.1
Confiscation of Criminal Assets Act 2003
Section 54
Section 58
Section 62
Section 67

Northern Territory

9.1
Criminal Property Forfeiture Act 2002
Section 75
Section 76
Section 80
Section 96
Section 97
Section 99

[4]           After subregulation 6.17 (2B)
insert
      (2C)   This regulation does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the member’s benefits in the fund to the Commonwealth, a State or a Territory.
Item
Law
Provision(s)

Commonwealth
 

1.1
Proceeds of Crime Act 2002
Section 47
Section 48
Section 49
Section 92

New South Wales
 

2.1
Confiscation of Proceeds of Crime Act 1989
Subsection 18 (1)

2.2
Criminal Assets Recovery Act 1990
Section 22

Victoria

3.1
Confiscation Act 1997
Division 1 of Part 3
Section 35
Part 4
Subsection 157 (6)

Queensland

4.1
Criminal Proceeds Confiscation Act 2002
Section 58
Section 58A
Section 151
Part 5 of Chapter 3

Western Australia

5.1
Criminal Property Confiscation Act 2000
Section 30, to the extent that it applies to confiscation under section 6 in satisfaction of a person’s liability under section 20
Section 30, to the extent that it applies to confiscation under section 7

South Australia

6.1
Criminal Assets Confiscation Act 2005
Section 47

Tasmania

7.1
Crime (Confiscation of Profits) Act 1993
Section 16

Australian Capital Territory

8.1
Confiscation of Criminal Assets Act 2003
Section 54
Section 58
Section 62
Section 67

Northern Territory

9.1
Criminal Property Forfeiture Act 2002
Section 75
Section 76
Section 80
Section 96
Section 97
Section 99

[5]           Subregulation 6.22 (1)
after
Subject to
insert
subregulation (6) and
[6]           After subregulation 6.22 (5)
insert
         (6)   This regulation does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the member’s benefits in the fund to the Commonwealth, a State or a Territory.
Item
Law
Provision(s)

Commonwealth
 

1.1
Proceeds of Crime Act 2002
Section 47
Section 48
Section 49
Section 92

New South Wales
 

2.1
Confiscation of Proceeds of Crime Act 1989
Subsection 18 (1)

2.2
Criminal Assets Recovery Act 1990
Section 22

Victoria

3.1
Confiscation Act 1997
Division 1 of Part 3
Section 35
Part 4
Subsection 157 (6)

Queensland

4.1
Criminal Proceeds Confiscation Act 2002
Section 58
Section 58A
Section 151
Part 5 of Chapter 3

Western Australia

5.1
Criminal Property Confiscation Act 2000
Section 30, to the extent that it applies to confiscation under section 6 in satisfaction of a person’s liability under section 20
Section 30, to the extent that it applies to confiscation under section 7

South Australia

6.1
Criminal Assets Confiscation Act 2005
Section 47

Tasmania

7.1
Crime (Confiscation of Profits) Act 1993
Section 16

Australian Capital Territory

8.1
Confiscation of Criminal Assets Act 2003
Section 54
Section 58
Section 62
Section 67

Northern Territory

9.1
Criminal Property Forfeiture Act 2002
Section 75
Section 76
Section 80
Section 96
Section 97
Section 99

[7]           Schedule 1AA, Part 3, Commonwealth
after
Defence Forces Retirement Benefits Act 1948
insert
Federal Magistrates Act 1999
[8]           Schedule 1AA, Part 3, New South Wales
omit
First State Superannuation Act 1992
Public Sector Executives Superannuation Act 1989
[9]           Schedule 1AA, Part 3, Victoria
omit
Coal Mines (Pensions) Act 1958
County Court (Jurisdictions) Act 1968
Hospitals Superannuation Act 1988
Justices Act 1958
Local Authorities Superannuation Act 1988
[10]         Schedule 1AA, Part 3, Victoria
omit
Magistrates (Summary Proceedings) Act 1975
insert
Magistrates’ Court Act 1989
[11]         Schedule 1AA, Part 3, Victoria
omit
Mint Act 1958
[12]         Schedule 1AA, Part 3, Victoria
omit
Public Sector Superannuation (Administration) Act 1993
insert
State Employees Retirement Benefits Act 1979
[13]         Schedule 1AA, Part 3, Victoria
after
Supreme Court Act 1986
insert
Transport Superannuation Act 1988
[14]         Schedule 1AA, Part 3, Queensland
omit
Parliamentary Contributory Superannuation Fund
[15]         Schedule 1AA, Part 3, South Australia
omit
Southern State Superannuation Act 1994
insert
Southern State Superannuation Act 2009
[16]         Schedule 1AA, Part 3, Western Australia
omit
Government Employees Superannuation Act 1987
[17]         Schedule 1AA, Part 3, Australian Capital Territory
omit
Superannuation (Legislative Assembly Members) Act 1991
insert
Legislative Assembly (Members’ Superannuation) Act 1991
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.