Superannuation Industry (Supervision) Act 1993

PART 6 - PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES  

SECTION 58A   SERVICE PROVIDERS AND INVESTMENTS CANNOT BE LIMITED TO PARTICULAR PERSONS OR ASSOCIATES  

Does not apply to self managed superannuation funds

58A(1)    
This section does not apply to a regulated superannuation fund that is a self managed superannuation fund.

Service providers

58A(2)    
A provision in the governing rules of a regulated superannuation fund is void to the extent that it specifies a person or persons (whether by name or in any other way, directly or indirectly) from whom the trustee, or one or more of the trustees, of the fund may or must acquire a service.

Investments in entities

58A(3)    
A provision in the governing rules of a regulated superannuation fund is void to the extent that it specifies an entity or entities (whether by name or in any other way, directly or indirectly) in or through which one or more of the assets of the fund may or must be invested.

Financial products

58A(4)    
A provision in the governing rules of a regulated superannuation fund is void to the extent that it specifies (whether by name or by reference to an entity) a financial product or financial products:

(a) in or through which one or more of the assets of the fund may or must be invested; or

(b) that may or must be purchased using assets of the fund; or

(c) in relation to which one or more assets of the fund may or must be used to make payments.

Exception

58A(5)    
Subsections (2), (3) and (4) do not apply if the relevant person, entity or financial product is specified in a law of the Commonwealth or of a State or Territory, or is required to be specified under such a law.