Superannuation Safety Amendment Act 2004 (53 of 2004)

Schedule 2   Clarification of the application of the law to groups of trustees

Superannuation Industry (Supervision) Act 1993

278   After subsection 264(3)


(3A) The Regulator may, by written notice given to an investment manager of the entity, direct that person, subject to such conditions (if any) as are stated in the notice:

(a) not to acquire assets on behalf of the entity; or

(b) not to dispose of, or otherwise deal, or deal in a particular way, in:

(i) any of the assets of the entity; or

(ii) any of the assets of the entity included in a specified class of assets; or

(iii) a specified asset or assets of the entity;

until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice.

Note: For example, the Regulator may direct an investment manager not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account.