SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994

PART 4 - MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES  

Division 4.2 - Operating standards  

REGULATION 4.08A   OPERATING STANDARD - MEMBER REPRESENTATION FOR CERTAIN REGULATED SUPERANNUATION FUNDS WHERE A DECLARATION UNDER SUBSECTION 18(7) OF THE ACT APPLIES  

4.08A(1)   [Application]  

For the purposes of subsection 31(1) of the Act, the standard stated in subregulation (2) applies to the operation of regulated superannuation funds.

4.08A(2)   [Management of fund]  

A regulated superannuation fund:


(a) that is not a standard employer-sponsored fund; and


(b) that has more than 4 members; and


(c) in relation to which a declaration under subsection 18(7) of the Act is in force;

must have in place an arrangement in relation to the management and control of the fund that:


(d) has been agreed to by a majority of the members of the fund; and


(e) is approved by APRA in writing.

Note: Subsection 18(7) of the Act allows for funds to be declared not to be public offer funds.

4.08A(3)   [APRA approval]  

An approval for paragraph (2)(e):


(a) is subject to any conditions specified in the instrument of approval; and


(b) may be revoked by APRA by written notice given to the holder of the approval.

4.08A(4)   [APRA may vary approval]  

APRA may vary the conditions of an approval for paragraph (2)(e) by written notice given to the holder of the approval.

4.08A(5)   [Certain approvals under Mod Dec 10]  

An approval that:


(a) was granted by the Commissioner or APRA under the regulation 4.08A that, under section 2 of Modification Declaration 10, had effect as if it had been inserted into these regulations; and


(b) was in force immediately before 1 March 2001;

continues in force as if granted by APRA for this regulation after that commencement.

Note: Modification Declaration 10 was gazetted on 19 July 1995 under section 332 of the Act.

4.08A(6)   [APRA guidelines]  

When deciding whether or not to approve an arrangement for paragraph (2)(e), APRA must have regard to any written guidelines determined by APRA under this subregulation.

4.08A(7)   [Funds with Pt 17 trustee]  

This regulation does not apply to a fund if the fund has an acting trustee appointed under Part 17 of the Act.




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