Superannuation Industry (Supervision) Act 1993

PART 24 - ELIGIBLE ROLLOVER FUNDS  

Division 2 - Authority to operate an eligible rollover fund  

Subdivision B - Authority  

SECTION 242F   AUTHORITY TO OPERATE AN ELIGIBLE ROLLOVER FUND  

242F(1)    
APRA must authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund if, and only if:

(a) the application for authority complies with section 242A ; and

(b) the applicant has provided to APRA all information that the applicant was requested, under section 242D , to provide, or the request has been disposed of; and

(c) the fund is registered under Part 2B ; and

(d) the RSE licensee is of a class prescribed for the purposes of subsection 242A(1) ; and

(e) APRA is satisfied that, under the governing rules of the fund:

(i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and

(ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; and

(f) APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and

(g) APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and

(h) APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and

(i) APRA is satisfied that the RSE licensee is not likely to contravene section 242P .

242F(2)    
Otherwise APRA must refuse to give the authority.