Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)

Schedule 2   Authority to offer a MySuper product

Superannuation Industry (Supervision) Act 1993

2   Paragraphs 29U(2)(c), (ca), (d) and (e)

Repeal the paragraphs, substitute:

(c) APRA has reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;

may not comply with the enhanced trustee obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or

(ca) where the RSE licensee is a body corporate - APRA has reason to believe that the directors of the RSE licensee may notcomply with the enhanced director obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or

(d) APRA has reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;

may notcomply with the general fees rules and the fees rules in relation to MySuper products (whether because of a previous failure to do so, or for any other reason); or

(e) APRA has reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;

may contravene section 29W, 29WA or 29WB (whether because of a previous contravention of that section, or for any other reason); or