Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 242F

Authority to operate an eligible rollover fund

  (1)   APRA must authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund if, and only if:

  (a)   the application for authority complies with section   242A; and

  (b)   the applicant has provided to APRA all information that the applicant was requested, under section   242D, to provide, or the request has been disposed of; and

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

  (d)   the RSE licensee is of a class prescribed for the purposes of subsection   242A(1); and

  (e)   APRA is satisfied that, under the governing rules of the fund:

  (i)   the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and

  (ii)   a single diversified investment strategy is to be adopted in relation to all assets of the fund; and

  (f)   APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and

  (g)   APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and

  (h)   APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and

  (i)   APRA is satisfied that the RSE licensee is not likely to contravene section   242P.

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


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback