OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)
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Hide history noteFor the purposes of subsection 7(1) of the Act, the standard in subregulation (2) is prescribed.
5AAA(2) [ Prospectus requirement ]Subject to subregulation (3), a person must not invite persons:
(a) to become members of a superannuation fund; or
(b) to begin making contributions to a superannuation fund in respect of new members;
unless a prospectus in relation to that fund has been registered by the Commissioner under this regulation.
5AAA(3) [ Prospectus requirement not applicable ]Subregulation (2) does not apply to a person, in relation to a superannuation fund, if:
(a) by reason of the operation of section 66A or 1017 of the Corporations Law, the person:
(i) was not, immediately before 22 December 1992, required under Part 7.12 of the Corporations Law to lodge a prospectus in relation to that fund; or
(ii) would not, if that fund had existed immediately before 22 December 1992, have been required under that Part to lodge a prospectus in relation to the fund; or
(b) the fund invests only in life policies issued by a life assurance company that is related to the trustee or to any of the trustees, as the case may be, of the fund, within the meaning of section 50 of the Corporations Law. 5AAA(4) [ Duty of Commissioner to register ]
If the Commissioner is of the opinion, in respect of a prospectus lodged for registration, that:
(a) the prospectus complies with the requirements of the applied provisions; and
(b) the prospectus does not contain any false or misleading statement; and
(c) there is no substantial omission from the prospectus;
the Commissioner must register the prospectus.
5AAA(5) [ Effect of substantial compliance ]If the Commissioner is of the opinion that a prospectus that does not comply with all of the requirements of the applied provisions nevertheless complies substantially with those requirements, the Commissioner may treat the prospectus as complying with all of those requirements.
5AAA(6) [ Written notice ]The Commissioner must, within 14 days after a prospectus is lodged for registration, give notice in writing to the person by whom it was lodged:
(a) that the prospectus has been registered; or
(b) that the prospectus has not been registered, giving the reason why the prospectus has not been registered. 5AAA(7) [ Effect of lack of notice ]
For the purposes of subregulation (2), a prospectus is taken to be registered on the expiry of the period referred to in subregulation (6) if the person who lodged the prospectus is not given notice under paragraph (6)(a) or (b) within that period.
5AAA(8) [ Prospectus deemed registered ]For the purposes of subregulation (2), a prospectus is taken to have been registered if:
(a) immediately before the date of commencement of this regulation, it was a prospectus accepted by the Commissioner as having been lodged under these Regulations as in force immediately before that date; or
(b) immediately before 22 December 1992, it was a prospectus registered under section 1020A of the Corporations Law.
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