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Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.

Senate, 2019-02-14. affirmative: ayes 32, noes 29.

Question

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

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