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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 154 Commission and brokerage

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 154

Commission and brokerage

  (1)   The trustee of a public offer entity must comply with the requirements of the regulations in relation to the payment of commission or brokerage in respect of:

  (a)   an application for the issue of a superannuation interest in the entity; or

  (b)   an application to become a standard employer - sponsor of the entity.

  (2)   The trustee commits an offence if the trustee contravenes subsection   (1).

Penalty:   100 penalty units.

  (2A)   The trustee commits an offence if the trustee contravenes subsection   (1). This is an offence of strict liability.

Penalty:   50 penalty units.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   For strict liability , see section   6.1 of the Criminal Code .

  (3)   Requirements specified in regulations for the purposes of subsection   (1) must relate to all or any of the following:

  (a)   the classes of persons to whom payments of commission or brokerage may be made;

  (b)   the situations in which payments of commission or brokerage may be made;

  (c)   the disclosure of information about payments of commission or brokerage;

  (d)   the keeping of records about payments of commission or brokerage.

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