SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

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

Division 3 - Applying for RSE licences  

SECTION 29CB   PERIOD ETC. FOR DECIDING APPLICATIONS FROM EXISTING TRUSTEES IN LICENSING TRANSITION PERIOD  

29CB(1)   Statements of intention to apply.  

A person who was a trustee of a registrable superannuation entity at the start of the licensing transition period may give APRA a written statement that:


(a) is in the approved form; and


(b) indicates whether the person intends to apply under section 29C for an RSE licence; and


(c) lists the registrable superannuation entities that the person intends to apply to have registered under Part 2B if the RSE licence is granted.

29CB(2)   Period for deciding applications.  

Subject to subsection (3), APRA must decide an application for an RSE licence before the end of the licensing transition period if:


(a) the application is received by APRA during that period; and


(b) the application is for an RSE licence to be granted to:


(i) a body corporate that was a trustee of a registrable superannuation entity at the start of the licensing transition period; or

(ii) a group of individual trustees that has a member who was a trustee of a registrable superannuation entity at the start of the licensing transition period.

29CB(3)   [APRA may cease to consider applications]  

At any time in the last 6 months of the licensing transition period, APRA may refuse to consider under subsection (2) any further applications for RSE licences that are received by APRA in the last 6 months before the end of the licensing transition period for RSE licences to be granted to:


(a) bodies corporate that were trustees of registrable superannuation entities at the start of the licensing transition period; or


(b) groups of individual trustees with one or more members who were each a trustee of a registrable superannuation entity at the start of the licensing transition period.

29CB(4)   [Notice of decision to cease]  

If APRA decides to refuse, under subsection (3), to consider under subsection (2) any further applications, APRA must, as soon as practicable after making the decision, publish a notice stating APRA's decision in a daily newspaper that circulates generally in each State and Territory.

29CB(5)   [Effect of decision on applications]  

If APRA decides to refuse, under subsection (3), to consider under subsection (2) an application, that application is taken, at the end of the licensing transition period, to have been received by APRA immediately after the end of the licensing transition period.


 

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