FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
PART 7
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PRUDENTIAL PROVISIONS
Division 1
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Authorisation of RSE licensees as FHSA providers
Subdivision C
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Conditions on authorisation as FHSA provider
SECTION 98
Additional conditions imposed by APRA on individual authorisations
98(1)
APRA may, at any time, impose an additional condition on an authorisation as an FHSA provider by giving the FHSA provider a notice setting out the additional condition.
98(2)
A condition imposed under subsection (1) must not be inconsistent with the following:
(a) any condition imposed by, or under, section 97 on an authorisation as an FHSA provider;
(b) any condition imposed on the RSE licence of the FHSA provider under the Superannuation Industry (Supervision) Act 1993 .
98(3)
If the FHSA provider is also a financial services licensee:
(a) APRA must consult ASIC before imposing a condition that, in APRA ' s opinion, might reasonably be expected to affect the FHSA provider ' s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the FHSA provider provides; and
(b) APRA must inform ASIC about the imposition of any condition not covered by paragraph (a) within one week after the condition is imposed.
98(4)
A failure to comply with a requirement of subsection (3) does not affect the validity of the imposition of any condition.
98(5)
An additional condition imposed under this section comes into force on the later of:
(a) the day on which APRA gives the FHSA provider the notice of the condition; or
(b) the day specified in the notice as the day on which the condition comes into force.
APRA may, at any time, impose an additional condition on an authorisation as an FHSA provider by giving the FHSA provider a notice setting out the additional condition.
98(2)
A condition imposed under subsection (1) must not be inconsistent with the following:
(a) any condition imposed by, or under, section 97 on an authorisation as an FHSA provider;
(b) any condition imposed on the RSE licence of the FHSA provider under the Superannuation Industry (Supervision) Act 1993 .
Note 1:
Breach of a condition may lead to consequences such as a direction from APRA to comply with the condition (see section 99 ) or cancellation of the authorisation (see section 107 ).
Note 2:
An FHSA provider must notify APRA of certain breaches of conditions (see section 111 ).
Note 3:
FHSA providers may apply to APRA to have conditions imposed under this section varied or revoked (see section 100 ).
98(3)
If the FHSA provider is also a financial services licensee:
(a) APRA must consult ASIC before imposing a condition that, in APRA ' s opinion, might reasonably be expected to affect the FHSA provider ' s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the FHSA provider provides; and
(b) APRA must inform ASIC about the imposition of any condition not covered by paragraph (a) within one week after the condition is imposed.
98(4)
A failure to comply with a requirement of subsection (3) does not affect the validity of the imposition of any condition.
98(5)
An additional condition imposed under this section comes into force on the later of:
(a) the day on which APRA gives the FHSA provider the notice of the condition; or
(b) the day specified in the notice as the day on which the condition comes into force.
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