Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 6 - Varying RSE licences  

SECTION 29FD   APRA MAY VARY OR REVOKE LICENCE CONDITIONS ON ITS OWN INITIATIVE  

29FD(1)   [Power to revoke]  

APRA may, on its own initiative, vary or revoke any condition that it imposed on an RSE licence under section 29EA .

29FD(2)   [Conditions on revocation]  

However:

(a) a condition as varied under subsection (1) must not be inconsistent with any condition imposed by section 29E ; and

(b) if the RSE licensee that holds the licence is also a financial services licensee:

(i) APRA must consult ASIC before varying or revoking a condition that, in APRA's opinion, might reasonably be expected to affect the RSE licensee's ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and

(ii) APRA must consult ASIC before varying a condition so that it would, in APRA's opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (i); and

(iii) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i) or (ii) within one week after the condition is varied or revoked.

29FD(3)   [Non-compliance with conditions for financial services licensee]  

A failure to comply with a requirement of paragraph (2)(b) does not invalidate the variation or revocation of a condition.