The Australian Prudential Regulation Authority (APRA) today commenced prosecutions against trustees of superannuation entities regulated under the Superannuation Industry (Supervision) (SIS) Act 1993 who have failed to lodge a 2000/2001 Annual Return with APRA.

The action follows strict new legislation which makes lodgement of Annual Returns from 2000/2001 on compulsory for every superannuation entity regulated under the SIS Act. APRA took action against an initial group of trustees following their failure to respond to repeated requests to lodge a 2000/2001 Annual Return. APRA will continue to pursue all trustees who have failed to lodge a 2000/2001 Annual Return with APRA.

The systemic analysis by APRA of information contained in Annual Returns is important to ensure the soundness of financial capital and governance.

APRA has significantly increased the intensity of its superannuation industry supervision and enforcement activities over the past twelve months in recognition of the growing size and importance of this sector of the financial system.

The strict liability provisions of the SIS legislation apply to trustees of any APRA regulated superannuation entity who do not lodge an Annual Return within the prescribed period after each year of income. Regulation 11.01 of the Superannuation Industry Supervision Regulations provides that, for purposes of subsection 36 (1), the prescribed period after the end of each year of income is four months. This means that for funds with a balance date of 30 June 2001, the Annual Return should have been lodged no later than 31 October 2001.

Information on lodging Annual Returns is included at the APRA Website on www.apra.gov.au or by contacting the APRA Call Centre on 1300 13 10 60.

For further information:	Media Enquiries only:
APRA Call Centre	David Van
1300 131 060	APRA - Public Affairs
	02 9210 3143
	0418 649 474