Superannuation Industry (Supervision) Act 1993

PART 2B - REGISTRABLE SUPERANNUATION ENTITIES  

Division 2 - Applying for registration  

SECTION 29LB   PERIOD FOR DECIDING APPLICATIONS FOR REGISTRATION  

29LB(1)   [Period]  

APRA must decide an application by an RSE licensee for registration of a registrable superannuation entity:

(a) within 21 days after receiving the application; or

(b) if the applicant was requested to provide information under section 29LA - within 21 days after:

(i) receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or

(ii) all notices relating to that information being disposed of;

unless APRA extends the period for deciding the application under subsection (2).

29LB(2)   [Extension]  

APRA may extend the period for deciding an application by an RSE licensee for registration of a registrable superannuation entity by up to 7 days if APRA informs the RSE licensee of the extension:

(a) in writing; and

(b) within the period in which it would otherwise be required to decide the application under subsection (1).

29LB(3)   [Application of extension]  

If APRA extends the period for deciding an application for registration of a registrable superannuation entity, it must decide the application within the extended period.

29LB(4)   [Effect of no decision]  

If APRA has not decided an application for registration of a registrable superannuation entity 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.