Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 (117 of 2012)

Schedule 1   Trustee obligations

Superannuation Industry (Supervision) Act 1993

13   After section 54

Insert:

54A Regulations may prescribe other covenants

(1) The regulations may prescribe a covenant to be included in the governing rules of a superannuation entity and, if the governing rules of such a superannuation entity do not contain a covenant to the effect of the prescribed covenant, those rules are taken to contain a covenant to that effect.

Prescribed covenants may deal with same matters as other requirements

(2) Without limiting the generality of subsection (1), the regulations may prescribe, for the purposes of that subsection, a covenant that elaborates, supplements, or otherwise deals with, any aspect of:

(a) a matter to which a covenant in sections 52 to 53 relates; or

(b) a matter to which a provision of this Act relates.

But prescribed covenants must be capable of operating concurrently with other requirements

(3) However, a covenant prescribed under subsection (1) must be capable of operating concurrently with:

(a) all the covenants referred to in sections 52 to 53; and

(b) this Act.

(4) The regulations may specify that a covenant prescribed under subsection (1) is to form part of the enhanced trustee obligations, or the enhanced director obligations.