Superannuation Industry (Supervision) Act 1993

PART 6A - ANNUAL PERFORMANCE ASSESSMENTS ETC.  

SECTION 60D   REQUIREMENTS FOR ASSESSMENT  

Meeting requirements specified in regulations

60D(1)    
The requirement in this subsection is met for a Part 6A product in relation to a financial year if:

(a)    where the Part 6A product is in a class of Part 6A products specified in regulations made for the purposes of this subsection - the requirements (if any) specified in regulations made for the purposes of this subsection for that class of Part 6A product are met for the Part 6A product in relation to the financial year; or

(b)    the Part 6A product is not in a class of Part 6A products specified in regulations made for the purposes of this subsection.

Requirements specified in regulations

60D(2)    
Regulations made for the purposes of subsection (1) may specify requirements in respect of:

(a)    investment returns; and

(b)    any other matter (whether or not related to investment returns).

60D(3)    
The investment returns mentioned in paragraph (2)(a) may be investment returns net of fees and/or tax.

60D(4)    
Regulations made for the purposes of subsection (1) may do any of the following:

(a)    specify requirements that depend on the exercise of a discretion by APRA;

(b)    if the regulations specify requirements that depend on the exercise of such a discretion - specify matters that APRA must or may take into account in exercising that discretion;

(c)    if the regulations specify requirements that depend on the exercise of such a discretion - allow APRA to make specified assumptions in exercising that discretion.

Comparing actual return and benchmark return

60D(5)    
Regulations made for the purposes of subsection (1) may specify requirements based on a comparison of the actual return for a Part 6A product for a period with a benchmark return for the Part 6A product, or a class of Part 6A products, for the period.

Methods for determining return - general

60D(6)    
In specifying requirements mentioned in subsection (5) , regulations made for the purposes of subsection (1) may:

(a)    specify one or more methods for determining the actual return for a Part 6A product, or a class of Part 6A products, for a period; and

(b)    specify one or more methods for determining the benchmark return for a Part 6A product, or a class of Part 6A products, for a period.

Methods for determining return - assumptions

60D(7)    
In specifying a method or methods mentioned in subsection (6) , regulations made for the purposes of subsection (1) may:

(a)    specify assumptions to be made in applying that method or methods; and

(b)    allow APRA to determine, by legislative instrument, specified alternative assumptions that:

(i) are to be made in applying that method or methods; and

(ii) replace one or more of the assumptions mentioned in paragraph (a) ; and

(c)    require specified conditions to be met before APRA can make such a determination.

60D(8)    
The assumptions mentioned in subsection (7) may include assumptions as to any of the following matters:

(a)    rates of fees for a period;

(b)    rates of taxation for a period;

(c)    any other matter (whether or not related to a matter mentioned in paragraphs (a) and (b) ).

Methods for determining return - regulations to replace assumptions

60D(9)    
Subsections (10) and (11) apply if:

(a)    APRA makes a determination mentioned in paragraph (7)(b) that specifies an assumption (the earlier assumption ); and

(b)    the earlier assumption is to be made in applying a method or methods in relation to a matter in respect of a period (the relevant period ).

60D(10)    
Regulations made for the purposes of subsection (1) may later specify an assumption (the later assumption ) that:

(a)    is to be made in applying that method or methods in relation to that matter in respect of the relevant period; and

(b)    replaces the earlier assumption.

60D(11)    
However, if the regulations mentioned in subsection (10) are made after the end of the relevant period, the later assumption must be the same as the earlier assumption.

Scope of regulations not limited

60D(12)    
Subsections (2) to (11) do not limit the scope of regulations that may be made for the purposes of subsection (1) .

Incorporation by reference

60D(13)    
Despite subsection 14(2) of the Legislation Act 2003 , regulations made for the purposes of subsection (1) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time.