FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 2 - Application of the Superannuation Industry (Supervision) Act 1993  

SECTION 114   Modified application of the Superannuation Industry (Supervision) Act 1993  

114(1)    
The object of this section is to apply certain prudential provisions of the Superannuation Industry (Supervision) Act 1993 to RSE licensees that hold an authorisation as an FHSA provider.

114(2)    
For the purposes of this Act, the provisions of the Superannuation Industry (Supervision) Act 1993 apply:

(a) to an FHSA provider that holds such an authorisation in the same way that they apply to an RSE licensee that is a trustee of a public offer superannuation fund; and

(aa) to:

(i) a director of an FHSA provider; and

(ii) a secretary of an FHSA provider; and

(ii) another person who is concerned or takes part in the management of an FHSA provider;

where the FHSA provider holds such an authorisation, in the same way that they apply to a responsible officer of an RSE licensee that is a trustee of a public offer superannuation fund; and

(b) to an FHSA trust in the same way that they apply to a public offer superannuation fund; and

(c) to the holder of an FHSA provided by such an FHSA provider in the same way that they apply to a beneficiary or member of a public offer superannuation fund; and

(d) to an FHSA provided by such an FHSA provider in the same way that they apply to a superannuation interest.

Example:

An FHSA provider that is the trustee of an FHSA trust may commit an offence under section 35A of the Superannuation Industry (Supervision) Act 1993 as applied by this section if the provider fails to comply with the obligations in section 35A concerning the accounting records of the FHSA trust.

114(2A)    
Subsection (2) also applies for the purposes of section 315 of the Superannuation Industry (Supervision) Act 1993 as if:

(a) a reference in that subsection to an FHSA provider included a reference to a trustee who purports to provide an FHSA trust; and

(b) a reference in that subsection to an FHSA trust included a reference to a trust purported to be an FHSA trust; and

(c) a reference in that subsection to a holder of an FHSA included a reference to a beneficiary of a trust purported to be an FHSA trust.

114(3)    
However:

(a) subsection (2) does not apply to the provisions of the Superannuation Industry (Supervision) Act 1993 mentioned in section 115 ; and

(b) the remaining provisions of that Act apply under subsection (2) as modified by this Division.