Superannuation Industry (Supervision) Act 1993

Pt 2A inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Div 8 inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. No 40 of 2019, s 3 and Sch 4 items 13 - 15 contain the following application and transitional provisions:

13 Definitions  
13
In this Part:

commencement day
means the day on which this Schedule commences.

14 Treatment of persons holding a controlling stake in an RSE licensee before the commencement day  
14(1)
This item applies if:

(a) a person holds a controlling stake in an RSE licensee immediately before the commencement day; and

(b) the person continues to hold a controlling stake in the RSE licensee on, or on and after, the commencement day.

14(2)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , the person is taken to have approval under section 29HD to hold a controlling stake in the RSE licensee during the period:

(a) beginning on the commencement day; and

(b) ending when the period during which the person holds a controlling stake in the RSE licensee is broken.
15 Holding a controlling stake without approval  
15
Section 29JCB of the Superannuation Industry (Supervision) Act 1993 , as inserted by item 9 of this Schedule, applies where a person begins to hold a controlling stake in an RSE licensee on or after the day that is 3 months after the commencement day.

Div 8 repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012.

Div 8 inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Subdiv B inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. For application and transitional provisions, see note under Pt 2A Div 8 heading.

Subdiv B repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012.

Subdiv B inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

S 29HA inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. For application and transitional provisions, see note under Pt 2A Div 8 heading.

S 29HA repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012. S 29HA formerly read:

SECTION 29HA REQUIREMENT TO MAINTAIN AND REVIEW RISK MANAGEMENT STRATEGIES  
29HA(1)
An RSE licensee must:

(a) ensure that at all times its risk management strategy is up to date; and

(b) ensure that its risk management strategy is reviewed at least once each year to ensure that it complies with section 29H ; and

(c) modify, or replace, its risk management strategy in accordance with section 29HB if at any time the RSE licensee becomes aware that the risk management strategy no longer complies with section 29H .

29HA(2)
An RSE licensee must review its risk management strategy within 60 days after the RSE licensee:

(a) becomes the RSE licensee of a registrable superannuation entity (other than a registrable superannuation entity of which, at the time of the application for an RSE licence, the RSE licensee proposed to become the RSE licensee); or

(b) becomes an acting trustee appointed under Part 17 of a superannuation entity following the suspension or removal of a former trustee of the entity under that Part.

However, this subsection does not apply if review of the RSE licensee's risk management strategy is due under paragraph (1)(b) within the 60 days after the RSE licensee becomes an RSE licensee, or trustee, of the entity.

Note:

Only a person may be appointed as an acting trustee under Part 17 : see section 134 .

S 29HA inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.