Superannuation Industry (Supervision) Act 1993
Pt 2A inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.
Div 7 inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.
APRA may, in writing, cancel an RSE licence.
In some circumstances, APRA must inform or consult ASIC (see section 29GA ).
S 29G(1) amended by No 25 of 2008, s 3 and Sch 3 items 32 and 33, by omitting " Subject to subsection (3), " before " APRA may, " and omitting " needs the consent of the Minister (see subsection (3)) or " after " In some circumstances, APRA " in the note, effective 26 May 2008.
S 29G(1) amended by No 93 of 2004, s 3 and Sch 1 item 8, by substituting " subsection (3) " for " subsection (2) " (fixing an incorrect cross-reference), effective 1 July 2004.
Without limiting subsection (1), APRA may cancel an RSE licence under that subsection if:
(a) the RSE licensee has requested, in the approved form, that the licence be cancelled; or
(b) the RSE licensee is a body corporate and is a disqualified person for the purposes of Part 15 ; or
(c) the RSE licensee has breached a condition imposed on the licence; or
(d) APRA has reason to believe that the RSE licensee will breach a condition imposed on the licence; or
(e) the RSE licensee has failed to comply with a direction by APRA under subsection 131D(1) or 131DA(1) ; or
(f) APRA has reason to believe that the RSE licensee will fail to comply with a direction by APRA under subsection 131D(1) or 131DA(1) .
(v) (Repealed by No 70 of 2015)
S 29G(2) amended by No 40 of 2019, s 3 and Sch 5 item 7, by substituting " under subsection 131D(1) or 131DA(1) " for " under section 29EB " in para (e) and (f), applicable to events that occur, and anything that a person does or fails to do, on or after 6 April 2019.
S 29G(2) amended by No 70 of 2015, s 3 and Sch 1 items 147 and 148, by substituting " 29EB. " for " 29EB; " in para (f) and repealing para (v), effective 1 July 2015. Para (v) formerly read:
(v) where the RSE licensee is an FHSA provider (within the meaning of the First Home Saver Accounts Act 2008 ) - circumstances exist as described in paragraph 107(2)(b), (c), (d), (e) or (f) of that Act.
S 29G(2) amended by No 45 of 2008, s 3 and Sch 3 item 38, by inserting para (v), effective 26 June 2008.
(Repealed by No 25 of 2008)
S 29G(3) repealed by No 25 of 2008, s 3 and Sch 3 item 34, effective 26 May 2008. S 29G(3) formerly read:
APRA must not cancel an RSE licence under subsection (1) without the Minister ' s written consent, unless paragraph (2)(a) or (b) applies to the cancellation.
If APRA cancels an RSE licence it must take all reasonable steps to ensure that the body corporate or a member of the group that held the RSE licensee is given a notice informing the body corporate or group:
(a) that APRA has cancelled the licence; and
(b) of the reasons for the cancellation.
S 29G inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.
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