14th Feb 2019, 7:53 PM – Senate Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 - Second Reading - Connected entity & RSE licensee

The majority voted in favour of Opposition amendments (8) and (9), meaning that the Opposition amendment was successful.

Amendment text

ADDITIONAL RELATED AMENDMENTS TO THE BILL

(8) Schedule 5 , page 22 (after line 8) , after item 2 , insert:

2A Subsection 10(1) (definition of connected entity )

Repeal the definition, substitute:

connected entity , in relation to an RSE licensee of a registrable superannuation entity, means:

(a) an associated entity (within the meaning of the Corporations Act 2001 ) of the RSE licensee; and

(b) if the RSE licensee is a group of individual trustees—an entity that has the capacity to determine or influence decisions made by one or more members of the group in relation to the registrable superannuation entity; and

(c) any other entity of a kind prescribed by the regulations.

(9) Schedule 5, item 11, page 23 (after line 24), after paragraph 131D(1)(c), insert:

(ca) the RSE licensee, or the registrable superannuation entity of the RSE licensee, has failed to meet a benchmark that relates to the licensee or entity; or