Superannuation Industry (Supervision) Act 1993

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

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Division 8 - Approval to hold a controlling stake in an RSE licensee

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History

Div 8 inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. No 40 of 2019, s 3 and Sch 4 items 13 - 15 contain the following application and transitional provisions:

13 Definitions
13
In this Part:
commencement day
means the day on which this Schedule commences.
14 Treatment of persons holding a controlling stake in an RSE licensee before the commencement day
14(1)
This item applies if:

(a) a person holds a controlling stake in an RSE licensee immediately before the commencement day; and

(b) the person continues to hold a controlling stake in the RSE licensee on, or on and after, the commencement day.

14(2)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , the person is taken to have approval under section 29HD to hold a controlling stake in the RSE licensee during the period:

(a) beginning on the commencement day; and

(b) ending when the period during which the person holds a controlling stake in the RSE licensee is broken.
15 Holding a controlling stake without approval
15
Section 29JCB of the Superannuation Industry (Supervision) Act 1993 , as inserted by item 9 of this Schedule, applies where a person begins to hold a controlling stake in an RSE licensee on or after the day that is 3 months after the commencement day.

Div 8 repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012.

Div 8 inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Subdivision B - Applying for approval

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SECTION 29HC PERIOD FOR DECIDING APPLICATIONS FOR APPROVAL

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29HC(1)
APRA must decide an application by a person for approval to hold a controlling stake in an RSE licensee:

(a) within 90 days after receiving the application; or

(b) if the applicant was requested to provide information under section 29HB - within 90 days after:

(i) receiving from the person all of the information the person was requested to provide under that section; or

(ii) all notices relating to that information being disposed of;

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

29HC(2)
APRA may extend the period for deciding an application by a person for approval to hold a controlling stake in an RSE licensee by up to 30 days if APRA informs the person of the extension:

(a) in writing; and

(b) within 90 days after receiving the application.

29HC(3)
If APRA extends the period for deciding the application, it must decide the application within the extended period.

29HC(4)
If APRA has not decided an application for approval to hold a controlling stake in an RSE licensee 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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History

S 29HC inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. For application and transitional provisions, see note under Pt 2A Div 8 heading.

S 29HC repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012. S 29HC formerly read:

SECTION 29HC NOTIFICATION OF MODIFICATIONS ETC. TO RISK MANAGEMENT STRATEGIES
29HC(1)
If an RSE licensee modifies its risk management strategy, the RSE licensee must give APRA:

(a) a copy of the modification; and

(b) a copy of the strategy as modified;
within 14 days after making the modification.

29HC(2)
If an RSE licensee repeals its risk management strategy (the old strategy ) and replaces it with another risk management strategy (the new strategy ), the RSE licensee must give APRA:

(a) a copy of the new strategy; and

(b) a written statement to the effect that the new strategy replaces the old strategy;
within 14 days after the old strategy is repealed.

29HC(3)
Any copy or statement given to APRA by an RSE licensee under this section must be signed by the RSE licensee.
Note:

If the RSE licensee is a group of individual trustees, the copy or statement must be signed by each of the members of the group: see subsection 13A(6) .

29HC(4)
A person commits an offence if:

(a) the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b) the RSE licensee is in breach of subsection (1), (2) or (3).
Penalty: 50 penalty units.

29HC(5)
A person commits an offence if:

(a) the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b) the RSE licensee is in breach of subsection (1), (2) or (3).
This is an offence of strict liability.

Penalty: 25 penalty units.

Note 1:

For strict liability , see section 6.1 of the Criminal Code .

Note 2:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.

S 29HC inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

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