Superannuation Industry (Supervision) Act 1993

PART 2C - MYSUPER  

Division 4 - Cancelling authority  

SECTION 29U   CANCELLING AUTHORITY TO OFFER MYSUPER PRODUCT  

29U(1)  
APRA may, in writing, cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product.

29U(2)  
Without limiting subsection (1), APRA may cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product if:


(a) APRA is no longer satisfied that section 29TC is satisfied in relation to that class of beneficial interest in the fund; or


(b) authority was given to offer that class of beneficial interest in the fund as a MySuper product because section 29TB was satisfied in relation to the class and either:


(i) in a case where that section was satisfied because APRA was satisfied that an employer would be a large employer by the end of a period specified in the authority - the employer was not a large employer at that time; or

(ii) in any case - that section was no longer satisfied in relation to the class on the last day of the immediately preceding year of income; or


(c) APRA has 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 not comply with the enhanced trustee obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or


(ca) where the RSE licensee is a body corporate - APRA has reason to believe that the directors of the RSE licensee may not comply with the enhanced director obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or


(d) APRA has 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 not comply with the general fees rules and the fees rules in relation to MySuper products (whether because of a previous failure to do so, or for any other reason); or


(e) APRA has 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 (whether because of a previous contravention of that section, or for any other reason); or


(f) the fund ceases to be registered under Part 2B ; or


(g) either:


(i) in a case where authority was given to offer the class of beneficial interest in the fund as a MySuper product on the basis that the fund would have 5 or more members within a period specified in the authority - the fund does not have 5 or more members at the end of that period; or

(ii) in any case - the fund has ceased to have 5 or more members; or


(h) paragraph 29T(1)(e) is no longer satisfied in relation to the fund (no longer an eligible rollover fund); or


(i) APRA is satisfied 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 - one of those individual trustees;
has contravened a provision of the governing rules of the fund relating to the MySuper product; or


(j) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 29SAA (election to transfer accrued default amounts to a MySuper product); or


(k) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 29SAC (election not to pass costs of conflicted remuneration to MySuper members).

29U(3)  
If APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product it must take all reasonable steps to ensure that the RSE licensee is given a notice informing the RSE licensee:


(a) that APRA has cancelled the authority; and


(b) of the reasons for the cancellation.

29U(4)  


If:


(a) APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and


(b) as a result of the cancellation, the fund no longer offers any MySuper product;

APRA must also notify the Fair Work Commission in writing of that fact.


 

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