Superannuation Industry (Supervision) Regulations 1994

PART 9AB - ANNUAL PERFORMANCE ASSESSMENTS ETC.  

Division 9AB.2 - Performance assessments  

REGULATION 9AB.18   APRA ' S DETERMINATION OF ALTERNATIVE ASSUMPTIONS - PARAGRAPHS 60D(7)(b) AND (c) OF ACT  

APRA ' s determination of alternative assumptions

9AB.18(1)    
For the purposes of paragraph 60D(7)(b) of the Act, APRA may, by legislative instrument, determine a specified alternative assumption in relation to a specified quarter covered by the table in regulation 9AB.17 that replaces one of the following assumptions in relation to that quarter:

(a)    an assumed index identified in an item of that table;

(b)    an assumed annual fee identified in an item of that table;

(c)    an assumed annual rate of tax identified in an item of that table.

9AB.18(2)    
To avoid doubt, the determination may:

(a)    specify an alternative assumption in relation to more than one specified quarter; or

(b)    specify more than one alternative assumptions, each of which replaces one particular assumption mentioned in paragraph (1)(a) , (b) or (c) , in relation to a specified quarter; or

(c)    specify more than one alternative assumption, each of which replaces one particular assumption mentioned in paragraph (1)(a) , (b) or (c) , in relation to more than one specified quarter.

Specified conditions for APRA ' s determination of alternative assumptions

9AB.18(3)    
For the purposes of paragraph 60D(7)(c) of the Act, subregulations (4) , (5) and (6) specify conditions to be met before APRA can make a determination under subregulation (1) .

9AB.18(4)    
Before making a determination under subregulation (1) , APRA must consult with the Treasurer.

9AB.18(5)    
Before making a determination under subregulation (1) specifying an alternative assumption that replaces an assumption mentioned in paragraph (1)(a) (assumed index) in relation to a specified quarter, APRA must be reasonably satisfied that:

(a)    the relevant assumed index identified in an item of the table in regulation 9AB.17 does or did not exist in relation that quarter; and

(b)    the specified alternative assumption is substantially analogous to the relevant assumed index.

9AB.18(6)    
Before making a determination under subregulation (1) specifying an alternative assumption that replaces an assumption mentioned in paragraph (1)(b) or (c) (assumed annual fee or assumed annual rate of tax) in relation to a specified quarter, APRA must be reasonably satisfied that, as a result of material changes in the investment environment, the assumed annual fee or assumed rate of tax identified in an item of the table in regulation 9AB.17 is no longer suitable in relation to that quarter.