Superannuation Industry (Supervision) Act 1993
APRA may, on its own initiative, vary or revoke any condition that it imposed on an RSE licence under section 29EA .29FD(2) [Conditions on revocation]
(a) a condition as varied under subsection (1) must not be inconsistent with any condition imposed by section 29E ; and
(b) if the RSE licensee that holds the licence is also a financial services licensee:
(i) APRA must consult ASIC before varying or revoking 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
(ii) APRA must consult ASIC before varying a condition so that it would, in APRA's opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (i); and
29FD(3) [Non-compliance with conditions for financial services licensee]
(iii) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i) or (ii) within one week after the condition is varied or revoked.
A failure to comply with a requirement of paragraph (2)(b) does not invalidate the variation or revocation of a condition.
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