Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 9   Adjustment of APRA and ASIC's roles in superannuation

Part 2   Adjustments relating to financial services

Corporations Act 2001

50   Before paragraph 915I(1)(a)

Insert:

(aa) ASIC cannot suspend or cancel the licensee's licence if the licensee is authorised to provide a superannuation trustee service unless:

(i) APRA has agreed in writing with the proposed action; or

(ii) the licensee applied under paragraph 915B(1)(e), (2)(d), (3)(d) or (4)(d) for ASIC to take the proposed action; or

(iii) the licensee's RSE licence is not in effect, and is not treated by section 29GB of the Superannuation Industry (Supervision) Act 1993 as if it were in effect;