Superannuation Industry (Supervision) Amendment Regulations 2008 (No. 3) (171 of 2008)

Schedule 1   Amendments

[2]   Part 3A, after Division 3A.3

insert

Division 3A.4 Conditions on RSE licences

3A.07 Conditions on RSE licences of FHSA providers

(1) For subsection 29E (7) of the Act, this regulation sets out conditions that apply to RSE licences of RSE licensees that hold authorisations as FHSA providers under Part 7 of the FHSA Act.

(2) An RSE licensee must not:

(a) appoint or engage a person to be; or

(b) allow a person to act as;

an investment manager or custodian of a superannuation entity if the person is a disqualified person under Part 15 of the Act as applied by Division 2 of Part 7 of the FHSA Act.

(3) An RSE licensee that becomes aware that it has breached the condition specified in subregulation (2) must, as soon as practicable after so becoming aware, remove the person from the position of investment manager or custodian of the trust.