Superannuation Industry (Supervision) Regulations 1994

PART 4 - MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES  

Division 4.2 - Operating standards  

REGULATION 4.08A   OPERATING STANDARD - MEMBER REPRESENTATION FOR CERTAIN REGULATED SUPERANNUATION FUNDS WHERE A DECLARATION UNDER SUBSECTION 18(7) OF THE ACT APPLIES  

4.08A(1)    
For the purposes of subsection 31(1) of the Act, the standard stated in subregulation (2) applies to the operation of regulated superannuation funds.

4.08A(2)    
A regulated superannuation fund:

(a)    that is not a standard employer-sponsored fund; and

(b)    

that has more than 6 members; and

(c)    in relation to which a declaration under subsection 18(7) of the Act is in force;

must have in place an arrangement in relation to the management and control of the fund that:

(d)    has been agreed to by a majority of the members of the fund; and

(e)    is approved by APRA in writing.

Note: Subsection 18(7) of the Act allows for funds to be declared not to be public offer funds.

4.08A(3)    
An approval for paragraph (2)(e) :

(a)    is subject to any conditions specified in the instrument of approval; and

(b)    may be revoked by APRA by written notice given to the holder of the approval.

4.08A(4)    
APRA may vary the conditions of an approval for paragraph (2)(e) by written notice given to the holder of the approval.

4.08A(5)    
An approval that:

(a)    was granted by the Commissioner or APRA under the regulation 4.08A that, under section 2 of Modification Declaration 10, had effect as if it had been inserted into these regulations; and

(b)    was in force immediately before 1 March 2001;

continues in force as if granted by APRA for this regulation after that commencement.

Note: Modification Declaration 10 was gazetted on 19 July 1995 under section 332 of the Act.

4.08A(6)    
When deciding whether or not to approve an arrangement for paragraph (2)(e) , APRA must have regard to any written guidelines determined by APRA under this subregulation.

4.08A(7)    
This regulation does not apply to a fund if the fund has an acting trustee appointed under Part 17 of the Act.