SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 3 - OPERATING STANDARDS  

Division 2 - Operating standards  

SECTION 32   OPERATING STANDARDS FOR APPROVED DEPOSIT FUNDS  

32(1)   [Standards prescribed in regulations]  

The regulations may prescribe standards applicable to the operation of approved deposit funds ( funds ) and to trustees and RSE licensees of those funds.

32(2)   [Scope of standards]  

The standards that may be prescribed include, but are not limited to, standards relating to the following matters:


(a) the kinds of amounts that may be deposited with funds;


(aa) the circumstances in which amounts may be deposited with funds;


(b) the preservation of amounts deposited with funds, and of earnings on such amounts;


(c) the payment out of funds of amounts deposited with the funds, and of earnings on such amounts;


(d) the portability of amounts deposited with funds, and of earnings on such amounts;


(e) the form in which benefits may be paid out of funds;


(f) the investment of assets of funds and the management of the investment;


(fa) the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds;


(g) the keeping and retention of records in relation to funds;


(h) the financial and actuarial reports to be prepared in relation to funds;


(i) the disclosure of information to beneficiaries in funds;


(j) the disclosure of information about funds to the Regulator;


(k) the disclosure of information about funds to persons other than beneficiaries or the Regulator;


(l) the financial position of funds;


(la) the outsourcing arrangements relating to the operation of funds;


(lb) the adequacy of resources (including human resources, technical resources and financial resources) of, or available to, trustees of funds;


(m) the funding and solvency of funds;


(n) the winding-up of funds.




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