Retirement Savings Accounts Act 1997

PART 3 - APPROVAL OF RSA INSTITUTIONS  

SECTION 33   SUSPENSION OR REVOCATION OF APPROVAL  

33(1)   [Notice of suspension or revocation]  

APRA may suspend or revoke the approval of an RSA institution by written notice given to the RSA institution.

33(2)   [Grounds for suspension or revocation]  

Without limiting subsection (1), APRA may suspend or revoke an approval under that subsection if APRA is satisfied, on reasonable grounds, that:

(a) the RSA institution has requested in writing that the approval be suspended or revoked; or

(b) the RSA institution ceases to be an ADI or a life insurance company or prescribed financial institution; or

(c) there has been a contravention of any condition to which the approval is subject; or

(d) the RSA institution can no longer be relied on to conduct RSAs in compliance with this Act and the regulations.

33(3)   [Minister's consent]  

Except in a case covered by paragraph (2)(a), APRA must not make a decision under subsection (1) without consulting with the prescribed regulatory agency, if any, and obtaining the written consent of the Minister.

33(4)   [Written notice to lift suspension]  

APRA may lift a suspension of an approval of an RSA institution by written notice given to the RSA institution.