Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 1   Licensing, registration and amalgamation

Part 1   Amendments commencing first

Superannuation Industry (Supervision) Act 1993

23   Subsection 21(2)

Repeal the subsection, substitute:

(2) This Part operates concurrently with Part 2A (which is about licensing of trustees and groups of individual trustees). The significance of the approval or licensing of trustees, or groups of individual trustees, is as follows:

(a) a fund cannot be an approved deposit fund unless it is maintained by an approved trustee or an RSE licensee that is a constitutional corporation (the other requirements of the definition of approved deposit fund in section 10 must also be satisfied);

(b) the trustee of a public offer entity must not engage in conduct to which section 152 applies unless the trustee is an approved trustee or an RSE licensee that is a constitutional corporation (other requirements also apply before that conduct may be engaged in);

(c) a person must not be, or act as, the trustee of a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) if the person is required by subsection 121A(1) to be, but is not, an approved trustee or an RSE licensee that is a constitutional corporation;

(d) APRA may suspend or remove a trustee of a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) if the trustee is required by subsection 121A(1) to be, but is not, an approved trustee or an RSE licensee that is a constitutional corporation;

(e) a person may contravene subsection 29J(1) if the person is not an approved trustee or does not hold an RSE licence.

Note: See Part 2A for information about RSE licences.