Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

Previous Citations
  • Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012
Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43
Summary
Amends the:
Corporations Act 2001
to require registrable superannuation entity licensees that are also responsible entities of registered managed investment schemes to comply with requirements on adequate resources and risk management systems;
Superannuation Industry (Supervision) Act 1993
to: over-ride any provision in the governing rules of a registrable superannuation entity that requires the trustee to use a specified service provider, investment entity or financial product; enable the Australian Prudential Regulation Authority to issue infringement notices for a broader range of breaches of the Act; require superannuation trustees to provide eligible persons, generally on request, with the reasons for decisions made in relation to a complaint; require persons seeking to take legal action against a director for a breach of their duties to first seek leave from the court; extend the availability of certain legal defences to directors and trustees; remove restrictions on director voting; clarify the definition of ‘superannuation contribution’ to include defined benefits; and make consequential amendments;
Superannuation (Resolution of Complaints) Act 1993
to increase the time limits within which beneficiaries can lodge complaints with the Superannuation Complaints Tribunal regarding total and permanent disability claims;
First Home Saver Accounts Act 2008
to make consequential amendments; and
Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
to make technical amendments.

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Progress

House of Representatives
Introduced and read a first time 29 Nov 2012
Second reading moved 29 Nov 2012
Second reading debate 21 Mar 2013
Second reading debate 15 May 2013
Second reading agreed to 15 May 2013
Consideration in detail debate
  • Amendment details: 36 Government agreed to
15 May 2013
Third reading agreed to 15 May 2013
Senate
Introduced and read a first time 16 May 2013
Second reading moved 16 May 2013
Second reading debate 24 Jun 2013
Second reading agreed to 24 Jun 2013
Third reading agreed to 24 Jun 2013
Text of bill as passed both Houses 24 Jun 2013
Assent
  • Act no.: 61
  • Year: 2013
26 Jun 2013

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

No documents at present

Bills digest

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Notes

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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