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 242E   PERIOD FOR DECIDING APPLICATIONS FOR AUTHORITY  

242E(1)    
APRA must decide an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund:

(a) within 60 days after receiving the application; or

(b) if the applicant was requested to provide information under section 242D - within 60 days after:

(i) receiving from the RSE licensee all of the information the RSE licensee 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).

242E(2)    
APRA may extend the period for deciding an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund by up to 60 days if APRA informs the RSE licensee of the extension:

(a) in writing; and

(b) within the period in which it would otherwise be required to decide the application under subsection (1).

242E(3)    
If APRA extends the period for deciding an application for authority to operate a regulated superannuation fund as an eligible rollover fund, it must decide the application within the extended period.

242E(4)    
If APRA has not decided an application for authority to operate a regulated superannuation fund as an eligible rollover fund 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.