APRA Cases

VCA and Ors and Australian Prudential Regulation Authority [2008] AATA 580


528. The focus of the SIS Act clearly has to be characterised as directed to duties. It places no emphasis on privileges or rights of the trustee. Instead, adapting the words of Finn J in Australian Securities Commission v AS Nominees Ltd (1995) 62 FCR 504 at 533, it can be said to directed to “… protect[ing] investors from abuses of trust by ensuring proper standards are maintained in trust management and in trustee behaviour.” This accords with the position under the general law in relation to trustees generally. It also accords with the statement made by the Minister, Mr Johns in his Second Reading Speech, that the SIS Act was intended to give added protection to superannuation savings and to promote an efficient superannuation industry. The notion of “added protection” emphasises that the SIS Act was imposing a scheme of regulation and not of permission.

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