Superannuation Industry (Supervision) Act 1993

PART 2C - MYSUPER  

Division 2 - Applying for authority  

SECTION 29S   APPLICATION FOR AUTHORITY TO OFFER A MYSUPER PRODUCT  

Who may apply?

29S(1)  
An RSE licensee may apply to APRA for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product. Requirements for applications

29S(2)  
An application for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product must:


(a) be in the approved form; and


(b) contain the information required by the approved form; and


(c) state the RSE licensee ' s and the fund ' s ABNs; and


(d) be accompanied by an up-to-date copy of the trust deed by which the fund is constituted (except to the extent that the trust deed is constituted by governing rules of the fund); and


(e) be accompanied by an up-to-date copy of the governing rules of the fund (except to the extent that the governing rules are constituted by the law of the Commonwealth or by unwritten rules); and


(f) be accompanied by elections made in accordance with each of the following sections:


(i) section 29SAA ;

(ii) section 29SAB ;

(iii) section 29SAC .
Notifying certain changes while applications are pending

29S(3)  
If:


(a) an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and


(b) after the application is made but before APRA decides the application, the trust deed (other than the governing rules of the fund) by which the fund is constituted is varied or revoked and replaced;

the RSE licensee must lodge an up-to-date copy of the trust deed with APRA as soon as practicable after the trust deed is varied or revoked and replaced.

29S(4)  
If:


(a) an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and


(b) after the application is made but before APRA decides the application, any governing rules of the fund (that are not constituted by the law of the Commonwealth or by unwritten rules) are varied or revoked and replaced;

the RSE licensee must lodge an up-to-date copy of the governing rules (that are not constituted by the law of the Commonwealth or by unwritten rules) with APRA as soon as practicable after the governing rules are varied or revoked and replaced.

29S(5)  
If:


(a) an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and


(b) after the application is made, but before APRA decides the application, information contained in the application ceases to be correct;

the RSE licensee must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct.

29S(6)  
An application is taken not to comply with this section if subsection (3), (4) or (5) is contravened.

Note:

APRA cannot give authority to offer a class of beneficial interest in the fund as a MySuper product while the application does not comply with this section: see paragraph 29T(1)(a).

Lapsed applications

29S(7)  
An application for authority lapses if:


(a) it was made by an RSE licensee; and


(b) the RSE licensee ceases to be an RSE licensee before:


(i) APRA makes a decision on the application for authority; or

(ii) if APRA ' s decision with respect to the application is subject to review under this Act - the review is finally determined or otherwise disposed of.

 

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