Mr Day and other ASIC Officers have made representations that ASIC does not have jurisdiction over large superannuation trusts, therefore it is necessary to review the jurisdiction of ASIC with respect to Government Regulated Superannuation trusts (funds).
These representations are quickly confirmed to be dishonest and in contravention of subsection 13(9) of the Public Service Act 1999, when the role of ASIC in the Trio Capital Superannuation Fraud is examined.
More details on the Trio Capital Superannuation Fraud can be found here.
ASIC is the “Conduct and Disclosure Regulator” in relation to Government Regulated Superannuation Funds as well as having general jurisdiction over companies. Most trustees of large superannuation funds are now corporate Trustees.
The Corporations Act 2001
ASIC administers the Corporations Act 2001 and there are a number of provisions that apply specifically to Government Regulation Superannuations Funds, namely:
Other relevant provisions of the Corporations Act 2001 apply more widely, including: