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In move welcomed by AIST, the Senate has agreed to a 12 month extension to Section 56 of the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 concerning the extension of indemnification prohibitions.
The new timeline was put forward by Labor as an amendment to the Bill, which was passed by the Senate today. The amendment follows recent advocacy by AIST with relevant stakeholders including the government and other political parties. The changes to Section 56 will now come into effect on January 1, 2022, rather than from January 1 next year.
Section 56 changes the SIS Act so that super trustees and trustee directors will be held financially liable for a wider range of penalties incurred by the fund.
Under the new law, superannuation trustees and trustee directors will not be permitted to use trust assets to pay a criminal, civil or administrative penalty incurred in relation to breaches of Commonwealth law.
Under the existing law, the only circumstances were superannuation trustees and trustee directors are unable to use trust assets to pay a liability for breach of trust is if the trustee fails to act honestly in a matter concerning the entity, or intentionally or recklessly fails to exercise, in relation to a matter affecting the entity, the required degree of care and diligence.
For more information on Section 56 and other changes in the Bill click here.