FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 1 - Authorisation of RSE licensees as FHSA providers  

Subdivision D - Variation or revocation of condition on authorisation as FHSA provider  

SECTION 103   APRA may vary or revoke conditions on authorisation - in accordance with application  

103(1)    
If an FHSA provider makes an application in accordance with section 100 , APRA may vary or revoke a condition that APRA has imposed under section 98 on the FHSA provider ' s authorisation as an FHSA provider.

103(2)    
However:

(a) a condition as varied must not be inconsistent with the following:

(i) any condition imposed by section 97 ;

(ii) any condition imposed on the RSE licence of the FHSA provider under the Superannuation Industry (Supervision) Act 1993 ; and

(b) if the FHSA provider is also a financial services licensee:

(i) APRA must consult ASIC before varying or revoking a condition that, in APRA ' s opinion, might reasonably be expected to affect the FHSA provider ' s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the FHSA provider provides; and

(ii) APRA must consult ASIC before varying a condition so that it would, in APRA ' s opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (ii); and

(iii) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i) or (ii) within one week after the condition is varied or revoked.

103(3)    
A failure to comply with a requirement of paragraph (2)(b) does not invalidate the variation or revocation of a condition.

103(4)    
APRA is not required to vary or revoke any condition on an authorisation as an FHSA provider in the terms requested by an FHSA provider in an application under section 100 .