SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 2C - MYSUPER  

Division 2 - Applying for authority  

SECTION 29SAB   29SAB   ELECTION TO TRANSFER ASSETS ATTRIBUTED TO A MYSUPER PRODUCT IF AUTHORISATION CANCELLED  


An RSE licensee that applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product makes an election in accordance with this section if:


(a) the RSE licensee elects:


(i) to take the action required under the prudential standards in relation to any asset or assets of the fund that are attributed to the MySuper product, if the authority to offer the relevant class of beneficial interest in the fund as a MySuper product is cancelled under subsection 29U(1) ; and

(ii) to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 29U(3) ; and


(b) the election is in writing; and


(c) the election is in the approved form.




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