Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 6 - Varying RSE licences  

SECTION 29FB   PERIOD FOR DECIDING APPLICATIONS  

29FB(1)   [Time period]  

APRA must decide an application under section 29F within 60 days of receiving the application, unless APRA extends the period for deciding the application under subsection (2).

29FB(2)   [Extension]  

APRA may extend the period for deciding an application under section 29F by up to 60 days if APRA informs the RSE licensee of the extension:

(a) in writing; and

(b) within 60 days of receiving the application.

29FB(3)   [Application of extension]  

If APRA extends the period for deciding an application under section 29F , it must decide the application within the extended period.

29FB(4)   [Effect of no decision]  

If APRA has not decided an application under section 29F by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.