SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994
[ CCH Note: Pt 4 is to have effect, in relation to regulated superannuation funds, and their trustees, as if it were modified by inserting reg 4.08A - see Modification Declaration No 10 under reg 4.08A .]
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) 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]
(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]
(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.