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

Schedule 9 Adjustment of APRA and ASIC's roles in superannuation

Insert:

766H Meaning of provides a superannuation trustee service

(1) A person provides a superannuation trustee service if the person operates a registrable superannuation entity as trustee of the entity.

Note 1: The meaning of person here is affected by section 761FA (about multiple trustees).

Note 2: To determine whether a person to whom the service is provided is a retail client, see subsection 761G(6).

(2) However, the following do not constitute the provision of a superannuation trustee service :

(a) the operation of an exempt public sector superannuation scheme;

(b) conduct of a kind prescribed by regulations made for the purposes of this paragraph.