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senate vote 2019-02-14#16

Edited by mackay

on 2019-10-04 14:32:37

Title

  • Bills — Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017; Second Reading
  • Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 - Second Reading - Retail funds

Description

  • <p class='motion-notice motion-notice-truncated'>Long debate text truncated.</p>
  • The majority voted against [amendments](https://www.openaustralia.org.au/senate/?gid=2019-02-14.264.1) introduced by Tasmanian Senator [Peter Whish-Wilson](https://theyvoteforyou.org.au/people/senate/tasmania/peter_whish-wilson) (Greens), which means they failed.
  • ### Amendments text
  • > *(1) Clause 2, page 2 (at the end of the table), add:*
  • >
  • >> *5. Schedule 9 1 July 2020.*
  • >>
  • >> *[retail funds]*
  • >
  • > *(2) Page 52 (after line 3), at the end of the Bill, add:*
  • >
  • >> *Schedule 9—Amendments commencing on 1 July 2020*
  • >>
  • >> *Superannuation Guarantee (Administration) Act 1992*
  • >>
  • >> *1 At the end of subsection 32C(2)*
  • >>
  • >> *Add:*
  • >>
  • >> *; and (f) the trustee of the fund is not any of the following:*
  • >>
  • >>> *(i) an ADI within the meaning of the Banking Act 1959;*
  • >>>
  • >>> *(ii) a related body corporate (within the meaning of that Act) of such an ADI;*
  • >>>
  • >>> *(iii) a subsidiary (within the meaning of that Act) of such an ADI;*
  • >>>
  • >>> *(iv) an associate (within the meaning of the Superannuation Industry (Supervision) Act 1993) of such an ADI.*
  • >>
  • >> *Superannuation Industry (Supervision) Act 1993*
  • >>
  • >> *2 Subsection 29S(1)*
  • >>
  • >> *After "RSE licensee", insert "(other than an ineligible licensee)".*
  • >>
  • >> *3 At the end of section 29S*
  • >>
  • >> *Add:*
  • >>
  • >>> *Ineligible licensee*
  • >>>
  • >>> *(8) In this section:*
  • >>>
  • >>> *ineligible licensee means an RSE licensee that is:*
  • >>>
  • >>> *(a) an ADI within the meaning of the Banking Act 1959; or*
  • >>>
  • >>> *(b) a related body corporate (within the meaning of that Act) of such an ADI; or*
  • >>>
  • >>> *(c) a subsidiary (within the meaning of that Act) of such an ADI; or*
  • >>>
  • >>> *(d) an associate of such an ADI.*
  • >>
  • >> *[retail funds]*