Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 1   Amendments commencing on Royal Assent

Superannuation Industry (Supervision) Act 1993

152   Section 332

Repeal the section, substitute:

332 Regulator’s powers of modification - modifiable provisions

(1) The Regulator may, in writing, declare that a modifiable provision is to have effect, as if it were modified as specified in the declaration, in relation to:

(a) a particular person or class of persons; or

(b) a particular group of individual trustees or a class of groups of individual trustees.

(2) A declaration that applies to a particular person or group is not a legislative instrument.

(3) Otherwise, a declaration is a legislative instrument.