Superannuation Industry (Supervision) Act 1993

PART 2C - MYSUPER  

Division 3 - Authority  

SECTION 29T   AUTHORITY TO OFFER A MYSUPER PRODUCT  

29T(1)  


APRA must authorise an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product if, and only if:

(a)  the application for authority complies with section 29S ; and

(b)  the applicant has provided to APRA all information that the applicant was requested, under section 29SA , to provide, or the request has been disposed of; and

(c)  the fund is registered under Part 2B ; and

(d)  

either:

(i) the fund has 7 or more members; or

(ii) APRA is satisfied that the fund will, if authority is given, have 7 or more members within a period specified in the authority; and

(e)  

the fund is not an eligible rollover fund; and

(f)  one of the following subparagraphs applies:


(i) the licensee is not already authorised to offer another class of beneficial interest in the fund as a MySuper product;

(ii) the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB is satisfied, in relation to the class of beneficial interest in the fund to which the application relates, at the time APRA gives authority;

(iii) the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB was satisfied in relation to each class of beneficial interest that the RSE licensee is already authorised to offer as a MySuper product, at the time APRA gave that earlier authority; and

(g)  APRA is satisfied that section 29TC is satisfied in relation to that class of beneficial interest; and

(h)  

APRA has no reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;
may fail to comply with the enhanced trustee obligations for MySuper products; and

(i)  

where the RSE licensee is a body corporate - APRA has no reason to believe that the directors of the RSE licensee may fail to comply with the enhanced director obligations for MySuper products; and

(j)  

APRA has no reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;
may fail to comply with the general fees rules and the fees rules in relation to MySuper products; and

(k)  

APRA has no reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;
may contravene section 29W , 29WA or 29WB .

29T(2)  
Otherwise APRA must refuse to give the authority.


 

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