OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 5AAD   STANDARDS: FUND NOT TO INVITE CONTRIBUTIONS ETC IF NOTICE SERVED IN RELATION TO REGISTERED PROSPECTUS  

5AAD(1)   [ Prescribed standard ]  

For the purposes of subsection 7(1) of the Act, the standard in subregulation (2) is prescribed.

5AAD(2)   [ Notice not to invite ]  

A person must not invite persons:

(a) to become members of a superannuation fund; or

(b) to begin making contributions to a superannuation fund in respect of new members,

on the basis of a prospectus (including a prospectus issued before the commencement of this regulation) in respect of which a notice under subregulation (3) has been served on the person and is in force.

5AAD(3)   [ Duty of Commissioner ]  

If the Commissioner is of the opinion that any of the circumstances set out in subregulation (4) exist in respect of a prospectus registered under regulation 5AAA , the Commissioner may give notice in writing to a person:

(a) specifying the circumstances that in the opinion of the Commissioner exist in respect of the prospectus; and

(b) stating that subregulation (2) applies to that person in relation to the prospectus.

5AAD(4)   [ Grounds to issue notice ]  

The circumstances are:

(a) the prospectus contravenes, in a substantial respect, the requirements of the applied provisions applicable to the prospectus;

(b) the prospectus contains a false or misleading statement;

(c) there is a substantial omission from the prospectus.

5AAD(5)   [ Cancellation of notice ]  

If, while a notice is in force under this regulation, the Commissioner becomes satisfied that the circumstances that resulted in the notice being given no longer exist, the Commissioner by further notice in writing, may cancel the first-mentioned notice.