Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29HC

  (1)   APRA must decide an application by a person for approval to hold a controlling stake in an RSE licensee:

  (a)   within 90 days after receiving the application; or

  (b)   if the applicant was requested to provide information under section   29HB--within 90 days after:

  (i)   receiving from the person all of the information the person was requested to provide under that section; or

  (ii)   all notices relating to that information being disposed of;

unless APRA extends the period for deciding the application under subsection   (2).

  (2)   APRA may extend the period for deciding an application by a person for approval to hold a controlling stake in an RSE licensee by up to 30 days if APRA informs the person of the extension:

  (a)   in writing; and

  (b)   within 90 days after receiving the application.

  (3)   If APRA extends the period for deciding the application, it must decide the application within the extended period.

  (4)   If APRA has not decided an application for approval to hold a controlling stake in an RSE licensee by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.