Superannuation Industry (Supervision) Act 1993
APRA may, at any time, impose an additional condition on an RSE licence by giving the RSE licensee a notice setting out the additional condition. 29EA(2)
A condition imposed under subsection (1) must not be inconsistent with any condition imposed by, or under, section 29E on an RSE licence.
An RSE licensee must notify APRA if the RSE licensee breaches a licence condition: see section 29JA .
RSE licensees may apply to APRA to have conditions imposed under this section varied or revoked: see section 29F .
A condition may be expressed to have effect despite anything in the prudential standards.
If: (a) a condition is expressed to have effect as mentioned in subsection (2A) ; and (b) a provision of the prudential standards (the inconsistent provision ) is inconsistent with the condition to any extent;
the inconsistent provision is to be disregarded to the extent of the inconsistency in determining, for the purposes of any law of the Commonwealth, whether the RSE licensee has complied with its obligations under the prudential standards.
Without limiting subsection (1), an additional condition imposed under that subsection on an RSE licence may provide that the body corporate that is the RSE licensee, or each of the members of a group of individual trustees that is the RSE licensee, must not act as a trustee under that RSE licence for a registrable superannuation entity other than: (a) a registrable superannuation entity specified in the condition; or (b) a registrable superannuation entity included in the class of registrable superannuation entities specified in the condition. 29EA(4)
Without limiting subsection (1), an additional condition imposed under that subsection on an RSE licence may provide that the RSE licensee must ensure that a fund specified in the condition, or in a class of funds specified in the condition, must comply with the alternative agreed representation rules whenever section 92 applies to the fund. However, before imposing such a condition, APRA must have regard to any written guidelines determined by APRA under this subsection. 29EA(5)
If the RSE licensee is also a financial services licensee: (a) APRA must consult ASIC before imposing a condition that, in APRA ' s opinion, might reasonably be expected to affect the RSE licensee ' s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and (b) APRA must inform ASIC about the imposition of any condition not covered by paragraph (a) within one week after the condition is imposed. 29EA(6)
A failure to comply with a requirement of subsection (5) does not invalidate the imposition of any condition. 29EA(7)
An additional condition imposed under this section comes into force on the later of: (a) the day on which APRA gives the RSE licensee the notice of the condition; or (b) the day specified in the notice as the day on which the condition comes into force.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.