Superannuation Industry (Supervision) Act 1993

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

Division 3 - Applying for RSE licences  

SECTION 29CC   PERIOD FOR DECIDING OTHER APPLICATIONS  

29CC(1)   [Period]  

APRA must decide an application for an RSE licence within 90 days after receiving it if:


(a) the application is received by APRA after the end of the licensing transition period; or


(b) the application is received by APRA during the licensing transition period and is for an RSE license to be granted to:


(i) a body corporate that was not a trustee of a registrable superannuation entity at the start of the licensing transition period; or

(ii) a group of individual trustees that has no members that were a trustee of a registrable superannuation entity at the start of the licensing transition period;

unless APRA extends the period for deciding the application under subsection (2).

29CC(2)   [Extension of period]  

APRA may extend the period for deciding an application covered by paragraph (1)(a) or (b) by up to 30 days if APRA informs the body corporate, or a member of the group, that made the application of the extension:


(a) in writing; and


(b) within 90 days after receiving the application.

29CC(3)   [Application of extension]  

If APRA extends the period for deciding the application, it must decide the application within the extended period.

29CC(4)   [Effect of no decision]  

If APRA has not decided the application by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.


 

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