Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) 1998 NO. 76

STATUTORY RULES NO. 76

Issued by the authority of the Assistant Treasurer

Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Regulations .(Amendment)

The Superannuation Industry (Supervision) Act 1993 (the Act) and the Superannuation Industry (Supervision) Regulations (the Principal Regulations) provide for the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts and for their supervision by the Insurance and Superannuation Commissioner.

Section 353 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.

The purpose of the proposed Regulations is to correct a drafting error in Regulation 13.22C of the Principal Regulations. Regulation 13.22C prescribes financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies for the purposes of section 346 of the Act.

Section 346 of the Act provides for secrecy in respect of information acquired for the purposes of the Act. Section 346 allows that information may be disclosed to prescribed financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies. Section 346 and the Principal Regulations are aimed at facilitating the ability of the Insurance and Superannuation Commission to act quickly to exchange information to prevent and/or manage a crisis situation within financial conglomerates.

Regulations 1 and 2 are self explanatory. Regulation 3 amends Regulation 13.22C of the Principal Regulations to correct a drafting error. The amendment omits the reference to subsection 136(1) of the Act and substitutes a reference to subsection 346(1) of the Act. The drafting error was inserted into Regulation 13.22C of the Principal Regulations by Statutory Rule Number 243 of 1997.

The Regulations commence on gazettal.