Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (25 of 2008)

Schedule 2   Direction powers

Superannuation Industry (Supervision) Act 1993

26   Subsection 264(1)

Repeal the subsection, substitute:

Regulator may act to preserve values of interests

(1) The Regulator may do any one or more of the things set out in subsections (2) to (4) if it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by a trustee or an investment manager of a superannuation entity is likely to:

(a) if the Regulator intends to do a thing set out in subsection (2) - adversely affect the values of the interests of beneficiaries; or

(b) otherwise - significantly adversely affect the values of the interests of the beneficiaries.

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