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 1 Amendments
Superannuation Industry (Supervision) Act 1993
8 After Division 7 of Part 2A
Insert:
Division 8 - Approval to hold a controlling stake in an RSE licensee
Subdivision A - Application of this Division
29H Application
This Division only applies in relation to an RSE licensee that is a body corporate.
Subdivision B - Applying for approval
29HA Application for approval to hold a controlling stake
(1) A person may apply to APRA for approval to hold a controlling stake in an RSE licensee.
(2) The application must:
(a) be in the approved form; and
(b) contain the information required by the approved form.
(3) If:
(a) a person applies for approval to hold a controlling stake in an RSE licensee; and
(b) after the application is made, but before APRA decides the application, information contained in the application ceases to be correct;
the person must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct.
(4) An application is taken not to comply with this section if subsection (3) is contravened.
29HB APRA may request further information
APRA may give a person who has applied for approval to hold a controlling stake in an RSE licensee a notice requesting the person to give APRA, in writing, specified information relating to the application.
29HC Period for deciding applications for approval
(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 90days 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.
Subdivision C - Approval
29HD Approval to hold a controlling stake in an RSE licensee
APRA must give approval for a person to hold a controlling stake in an RSE licensee if, and only if:
(a) the application for approval complies with section 29HA; and
(b) the applicant has provided to APRA all information that the applicant was requested under section 29HB to provide, or the request has been disposed of; and
(c) APRA has no reason to believe that, because of the person's controlling stake in the RSE licensee, or the way in which that controlling stake is likely to be used, the RSE licensee may be unable to satisfy one or more of the trustee's obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A.
29HE Notice of approval
If APRA gives a person approval to hold a controlling stake in an RSE licensee, APRA must notify the RSE licensee in writing of the approval.
29HF APRA to give notice of refusal of approval
If APRA refuses an application by a person for approval to hold a controlling stake in an RSE licensee, APRA must take all reasonable steps to ensure that the person is given a notice:
(a) informing it of APRA's refusal of the application; and
(b) setting out the reasons for the refusal;
as soon as practicable after refusing the application.