Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 4 - Grant of RSE licences  

SECTION 29D   GRANT OF RSE LICENCES  

29D(1)   [Circumstances for granting of licences]  

APRA must grant an RSE licence to a body corporate, or group of individual trustees, that has applied for an RSE licence if, and only if:

(a) APRA has no reason to believe that:

(i) if the application is made by a body corporate - the body corporate; or

(ii) if the application is made by a group of individual trustees - the group as a whole or any member of the group;

would fail to comply with the RSE licensee law if the RSE licence were granted; and

(b) APRA has no reason to believe that:

(i) if the application is made by a body corporate - the body corporate; or

(ii) if the application is made by a group of individual trustees - the group as a whole or any member of the group;

would fail to comply with any condition imposed on the RSE licence if it were granted; and

(c) the application for the licence complies with section 29C and is for a class of licence that the body corporate or group of individual trustees may apply for under that section; and

(d) APRA is satisfied that:

(i) if the application is made by a body corporate - the body corporate meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees; or

(ii) if the application is made by a group of individual trustees - the group as a whole meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees and each of the members of the group meets the requirements of the prudential standards relating to fitness and propriety for members of groups of trustees that are RSE licensees; and

(e) (Repealed by No 117 of 2012)

(f) in a case where the applicant is not a constitutional corporation - APRA is satisfied that:

(i) if the application is made by a body corporate - the body corporate; or

(ii) if the application is made by a group of individual trustees - each member of the group;

only intends to act as a trustee of one or more superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old-age pensions; and

(g) in a case where the application is for a licence of a class that enables a trustee that holds a licence of the class to be a trustee of a public offer entity subject to any condition imposed under subsection 29EA(3) - APRA is satisfied that the applicant is a constitutional corporation; and

(h) the application has not been withdrawn, treated as withdrawn under subsection 29CA(2) , refused consideration under subsection 29CB(3) or taken to have been refused under subsection 29CC(4) .

Note 1:

Conditions apply to all RSE licences. See Division 5 .

Note 2:

An RSE licence may only be granted to a body corporate or a group of individual trustees because only bodies corporate and groups of individual trustees may apply for RSE licences. See section 29C .

29D(2)   [Refusal to grant]  

Otherwise APRA must refuse the application.