Superannuation Industry (Supervision) Act 1993
[ CCH Note: Pt 24 has effect in relation to standard employer-sponsored funds and eligible rollover funds, and their trustees, as if it were modified by amendments to s 244 , 247 , 248 and 249 - see ISC Modification Declaration No 4 under s 244 , 247 , 248 and 249 .]
APRA must authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund if, and only if:
(a) the application for authority complies with section 242A ; and
(b) the applicant has provided to APRA all information that the applicant was requested, under section 242D , to provide, or the request has been disposed of; and
(c) the fund is registered under Part 2B ; and
(d) the RSE licensee is of a class prescribed for the purposes of subsection 242A(1) ; and
(e) APRA is satisfied that, under the governing rules of the fund:
(i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and
(ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; and
(f) APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and
(g) APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and
(h) APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and
(i) APRA is satisfied that the RSE licensee is not likely to contravene section 242P . 242F(2)
Otherwise APRA must refuse to give the authority.
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