Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 8   Trustees of registrable superannuation entities should have no other duty

Superannuation Industry (Supervision) Act 1993

1   After subsection 29E(5)

Insert:

Licences held by bodies corporate

(5A) An additional condition is imposed on each RSE licence held by an RSE licensee that is a body corporate. The condition is that the RSE licensee must not have a duty to act in the interests of another person, other than a duty that arises in the course of:

(a) performing the RSE licensee's duties, or exercising the RSE licensee's powers, as a trustee of a registrable superannuation entity; or

(b) providing personal advice.