Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 4   AMENDMENTS OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

18   After section 27

Insert:

Application for variation of an approval

"27A.(1) An approved trustee may apply to the Commissioner for variation of the approval of the trustee by requesting a variation of:

(a) the designation of the subparagraph of paragraph 26(1)(b) as the subparagraph on the basis of which the trustee is approved; or

(b) any written custody requirements with which the trustee is required to comply; or

(c) any conditions to which the approval is subject.

"(2) An application must:

(a) be made in writing; and

(b) specify the variation requested by the trustee; and

(c) set out the reasons for the application; and

(d) be signed by a responsible officer of the trustee.

"(3) If the Commissioner needs further information to decide an application, the Commissioner may request the trustee, in writing, to supply the Commissioner with such further information as is specified in the request within such time as is specified in the request.

"(4) If, without reasonable excuse, the trustee refuses or fails to comply with the request, the Commissioner may decide to treat the application as having been withdrawn.

"(5) If the Commissioner decides, under subsection (4), to treat the application as having been withdrawn, the Commissioner must, as soon as practicable after so deciding, inform the applicant in writing to that effect.

An application must be decided within a period of time

"27B.(1) Subject to this section, the Commissioner must decide an application for variation of the approval of a trustee within 60 days after receiving it.

"(2) The Commissioner is not required to vary the approval of a trustee in the terms requested by the trustee.

"(3) If the Commissioner thinks that it will take longer than 60 days to decide the application, the Commissioner may extend the period for deciding it by no more than 60 days.

"(4) An extension must be notified in writing to the trustee within 60 days after the Commissioner receives the application.

"(5) If the Commissioner makes an extension, the Commissioner must decide the application within the extended period.

"(6) If the Commissioner has not decided the application by the end of the day by which the Commissioner is required to decide it, the Commissioner is taken to have decided, at the end of that day, to refuse the application.

Commissioner may vary an approval on his or her own initiative

"27C. The Commissioner may, on his or her own initiative, vary the approval of a trustee by varying:

(a) any written custody requirements with which the trustee is required to comply; or

(b) any conditions to which the approval is subject.

Notifying the trustee of the outcome of an application

"27D.(1) If, under section 27B or 27C, the Commissioner decides to vary the approval of a trustee, the Commissioner must:

(a) by notice in writing, vary the approval; and

(b) give a copy of that notice, and a statement of the reasons for the variation, to the trustee.

"(2) A notice varying an approval must:

(a) identify the approval being varied; and

(b) specify the day, not earlier than the day on which the notice of variation is made, when the variation begins; and

(c) designate a particular subparagraph of paragraph 26(1)(b) as the subparagraph on the basis of which the trustee is approved after the variation begins; and

(d) specify any written custody requirements with which the trustee is required to comply after the variation begins; and

(e) specify any conditions to which the approval of the trustee is subject after the variation begins.

"(3) If, under section 27B, the Commissioner decides to refuse to vary the approval of a trustee, the Commissioner must:

(a) by notice in writing, record that he or she has so decided; and

(b) give a copy of that notice, and a statement of the reasons for the refusal to vary the approval, to the trustee.

When a variation of approval comes into force "27E. If, under section 27B or 27C, the Commissioner decides to vary an approval of a trustee:

(a) that variation comes into force on the day specified in the notice under paragraph 27D(2)(b); and

(b) the variation remains in force until the revocation of the approval to which it relates or the coming into force of a later variation of that approval.".