Superannuation Industry (Supervision) Act 1993

PART 24 - ELIGIBLE ROLLOVER FUNDS  

Division 2 - Authority to operate an eligible rollover fund  

Subdivision A - Applying for authority  

SECTION 242A   APPLICATION FOR AUTHORITY TO OPERATE AN ELIGIBLE ROLLOVER FUND  

Who may apply?

242A(1)    
An RSE licensee of a prescribed class may apply to APRA for authority to operate a regulated superannuation fund as an eligible rollover fund.

Requirements for applications

242A(2)    
An application for authority to operate a regulated superannuation fund as an eligible rollover fund must:

(a)    be in the approved form; and

(b)    contain the information required by the approved form; and

(c)    state the RSE licensee ' s and the fund ' s ABNs; and

(d)    be accompanied by an election made in accordance with each of the following sections:

(i) section 242B ;

(ii) section 242C .

242A(3)    
If:

(a)    an RSE licensee applies for authority to operate a regulated superannuation fund as an eligible rollover fund; and

(b)    after the application is made, but before APRA decides the application, information contained in the application ceases to be correct;

the RSE licensee must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct.

242A(4)    
An application is taken not to comply with this section if subsection (3) is contravened.

Note:

APRA cannot give authority to operate a regulated superannuation fund as an eligible rollover fund while the application does not comply with this section: see paragraph 242F(1)(a) .

242A(4A)    

An application for authority to operate a regulated superannuation fund as an eligible rollover fund must not be made on or after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences.

Lapsed applications

242A(5)    
An application for authority lapses if:

(a)    it was made by an RSE licensee; and

(b)    the RSE licensee ceases to be an RSE licensee, or an RSE licensee of a class prescribed for the purposes of subsection (1), before:

(i) APRA makes a decision on the application for authority; or

(ii) if APRA ' s decision with respect to the application is subject to review under this Act - the review is finally determined or otherwise disposed of.