Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 1   Licensing, registration and amalgamation

Part 1   Amendments commencing first

Superannuation Industry (Supervision) Act 1993

57   Subsection 133(1)

Repeal the subsection, substitute:

Suspension or removal

(1) The Regulator may suspend or remove a trustee of a superannuation entity if:

(a) the trustee is a disqualified person within the meaning of Part 15; or

(b) it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by the trustee or any other trustees of the entity may result in the financial position of the entity or of any other superannuation entity becoming unsatisfactory; or

(c) the Regulator:

(i) under section 28, revokes the approval of the trustee; or

(ii) under section 29G, cancels the RSE licence that enables the trustee to be a trustee of that entity; or

(d) if the superannuation entity is a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) - 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; or

(e) if the trustee is an RSE licensee - the RSE licensee breaches any of the conditions of its RSE licence.