SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 1 - Object of this Part  

SECTION 29A   OBJECT OF THIS PART AND THE RELATIONSHIP OF THIS PART TO OTHER PROVISIONS  

29A(1)   [Object]  

The object of this Part is to set out provisions relating to the granting of RSE licences to:


(a) constitutional corporations; and


(b) other bodies corporate; and


(c) groups of individual trustees.

29A(2)   [Simplified outline]  

The following is a simplified outline showing some key relationships between this Part and other provisions of the Act and the regulations that trustees should be aware of:

Certain provisions may be contravened if unlicensed trustees carry out particular activities (e.g.: sections 29J and 152 ). The trustee, or group of individual trustees, of a fund or trust may obtain an RSE licence under this Part.

Note 1:

If the trustee is a constitutional corporation, the trustee obtaining an RSE licence may result in a fund or trust becoming an approved deposit fund or pooled superannuation trust, which are each registrable superannuation entities.

Note 2:

If the trustee or group of individual trustees makes an election under section 19 , the fund may become a regulated superannuation fund. Regulated superannuation funds other than self managed superannuation funds are registrable superannuation entities.

A trustee, or group of individual trustees, that has obtained an RSE licence may have a registrable superannuation entity registered under Part 2B . Certain provisions may be contravened if certain activities are carried out while a registrable superannuation entity is not registered (e.g.: accepting contributions while the entity is unregistered may lead to an offence under section 34 .)

Note:

A failure to register the fund or trust may also lead to a breach of an RSE licence condition and possible loss of the RSE licence.




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