Retirement Savings Accounts Act 1997

PART 3 - APPROVAL OF RSA INSTITUTIONS  

SECTION 26   DECIDING AN APPLICATION FOR APPROVAL  

26(1)   [Requirements for approval]  

If an application that satisfies section 23 is made, APRA must, in writing, approve an applicant as an RSA institution for the purposes of this Act unless APRA is satisfied that the applicant cannot be relied on to conduct RSAs in accordance with this Act and the regulations.

26(2)   [Consultation with agency]  

APRA must consult with the prescribed regulatory agency, if any, before it can be satisfied that the applicant cannot be relied on to conduct RSAs in accordance with this Act and the regulations.

26(3)   [Refusal of application]  

If APRA is so satisfied, it must, in writing, refuse the application.

26(4)   [Subject to conditions]  

The approval is subject to any conditions specified in the instrument of approval.

26(5)   [Reasons for refusal]  

If APRA refuses the application, APRA must set out the reasons for the refusal in the instrument of refusal.

26(6)   [Copy of approval or refusal]  

APRA must cause the applicant to be given a copy of the instrument of approval or refusal.