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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 160

Education direction

  (1)   This section applies to the following persons:

  (a)   a trustee of a self managed superannuation fund, if the Regulator reasonably believes that the trustee has contravened a provision of this Act (other than Part   3B) or the regulations in relation to the fund;

  (b)   a director of a body corporate that is a trustee of a self managed superannuation fund, if the Regulator reasonably believes that:

  (i)   the director has contravened a provision of this Act (other than Part   3B) or the regulations in relation to the fund; or

  (ii)   the trustee has contravened a provision of this Act (other than Part   3B) or the regulations in relation to the fund.

  (2)   The Regulator may give the person a written direction (an education direction ) requiring the person:

  (a)   to undertake a specified approved course of education (see section   161); and

  (b)   to provide the Regulator with evidence of completion of the course.

Note:   See also section   104A (recognition of obligations and responsibilities).

  (3)   An education direction must specify the period within which the person must comply with the direction (which must be a period that is reasonable in the circumstances).

Note:   The period may be affected by the operation of subsection   164(7).

  (4)   A person to whom an education direction is given must comply with the direction before the end of the specified period.

Note:   Section   166 imposes an administrative penalty for a contravention of subsection   (4).

  (5)   A person commits an offence of strict liability if the person contravenes subsection   (4).

Penalty:   10 penalty units.



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