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

Schedule 2   Prudential standards

Part 2   Consequential amendments

Superannuation Industry (Supervision) Act 1993

20   Paragraph 29D(1)(d)

Repeal the paragraph, substitute:

(d) APRA is satisfied that:

(i) if the application is made by a body corporate - the body corporate meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees; or

(ii) if the application is made by a group of individual trustees - the group as a whole meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees and each of the members of the group meets the requirements of the prudential standards relating to fitness and propriety for members of groups of trustees that are RSE licensees; and