Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 5   Application, transitional and saving provisions

295   Saving provision for section 332 declarations (Superannuation Industry Supervision Act)

(1) This item applies to a declaration that was in force under section 332 of the Superannuation Industry (Supervision) Act 1993 immediately before that section was amended by this Act.

(2) The declaration:

(a) continues in force after the commencement of the amendments, as if it were a declaration made under section 332 as amended; and

(b) may be varied or revoked by APRA under section 332 as amended.

(3) A declaration or part of a declaration to which subitem (2) does not apply ceases to have effect at the time the amendment of section 332 made by this Act commences.