FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)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 97
Conditions imposed on all authorisations
97(1)
The following conditions are imposed on all authorisations as an FHSA provider:
(a) the FHSA provider must comply with this Act, the regulations and the Prudential Standards;
(b) the FHSA provider must perform properly the duties of a trustee in respect of each FHSA trust of which it is the trustee;
(c) the FHSA provider must ensure that every FHSA trust of which it is the trustee is maintained solely in respect of the provision of FHSAs;
(d) the FHSA provider must continue to meet the capital requirements under section 93 ;
(e) the FHSA provider must continue to hold an RSE licence of a class that would enable it to be a trustee of a public offer entity;
(f) the FHSA provider must comply with any other conditions specified by regulations made for the purposes of this paragraph.
97(2)
An additional condition specified by a regulation made for the purposes of this subsection as a condition applying to all authorisations of a specified class is imposed on each authorisation of that class.
The following conditions are imposed on all authorisations as an FHSA provider:
(a) the FHSA provider must comply with this Act, the regulations and the Prudential Standards;
(b) the FHSA provider must perform properly the duties of a trustee in respect of each FHSA trust of which it is the trustee;
(c) the FHSA provider must ensure that every FHSA trust of which it is the trustee is maintained solely in respect of the provision of FHSAs;
(d) the FHSA provider must continue to meet the capital requirements under section 93 ;
(e) the FHSA provider must continue to hold an RSE licence of a class that would enable it to be a trustee of a public offer entity;
(f) the FHSA provider must comply with any other conditions specified by regulations made for the purposes of this paragraph.
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:
Additional conditions may be imposed on various types of authorisation (see subsection (2)) or a particular authorisation (see section 98 ).
97(2)
An additional condition specified by a regulation made for the purposes of this subsection as a condition applying to all authorisations of a specified class is imposed on each authorisation of that class.
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