Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)

Schedule 4   Approval to own or control an RSE licensee

Part 2   Application and transitional provisions

14   Treatment of persons holding a controlling stake in an RSE licensee before the commencement day

(1) This item applies if:

(a) a person holds a controlling stake in an RSE licensee immediately before the commencement day; and

(b) the person continues to hold a controlling stake in the RSE licensee on, or on and after, the commencement day.

(2) For the purposes of the Superannuation Industry (Supervision) Act 1993, the person is taken to have approval under section 29HD to hold a controlling stake in the RSE licensee during the period:

(a) beginning on the commencement day; and

(b) ending when the period during which the person holds a controlling stake in the RSE licensee is broken.