Superannuation Industry (Supervision) Act 1993

PART 16A - APRA ' S POWERS TO ISSUE DIRECTIONS  

Division 2 - Directions to relinquish control over an RSE licensee  

SECTION 131EE   INTERIM ORDERS  

Orders where the direction is stayed by the Administrative Appeals Tribunal

131EE(1)  
The Regulator may apply to the Federal Court of Australia (the Federal Court ) for orders under subsection (2) if:


(a) the Regulator has given a direction to relinquish control over an RSE licensee to a person; and


(b) an application has been made to the Administrative Appeals Tribunal for a review of the decision to give the direction; and


(c) the Tribunal has made an order or orders staying or otherwise affecting the operation or implementation of the decision to give the direction, or a part of that decision.

131EE(2)  
The Federal Court may make such orders as the court considers appropriate to ensure that the person does not, during the period to which an order of the Tribunal relates, exercise control over the RSE licensee in a manner that results in the RSE licensee being unable to satisfy one or more of the trustee ' s obligations contained in a covenant set out in sections 52 to 53 , or prescribed under section 54A . Orders to deal with conduct during the compliance period

131EE(3)  
The Regulator may apply to the Federal Court of Australia (the Federal Court ) for orders under subsection (4) if:


(a) a direction to relinquish control over an RSE licensee is in force in relation to a person; and


(b) the Regulator has reason to believe that the person may, during the period under subsection 131ED(2) during which the person is required to take steps under the direction (the compliance period ), exercise control over the RSE licensee in a manner that results in the RSE licensee being unable to satisfy one or more of the trustee ' s obligations contained in a covenant set out in sections 52 to 53 , or prescribed under section 54A .

131EE(4)  
The Federal Court may make such orders as the court considers appropriate to ensure that the person does not, during the compliance period, exercise control over the RSE licensee in a manner that results in the RSE being unable to satisfy one or more of the trustee ' s obligations contained in a covenant set out in sections 52 to 53 , or prescribed under section 54A .


 

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