Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 5)

(343 of 2007)

8 October 2007

Superannuation Industry (Supervision) Act 1993

1   Name of Regulations

These Regulations are theSuperannuation Industry (Supervision) Amendment Regulations 2007 (No. 5).

2   Commencement

These Regulations commence as follows:

(a) on the commencement of theFinancial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007  - regulations 1 to 3 and Schedule 1;

(b) 12 months after the day on which theFinancial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences  - Schedule 2

3   Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedules 1 and 2 amend the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1   Amendments commencing on commencement of Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007

[1]   Subregulation 1.03 (1), interpretation of reviewable decision, paragraphs (a) and (b)

omit

[2]   Subparagraph 1.04 (2) (a) (i)

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Corporations Law

insert

Corporations Act 2001

[3]   Subparagraph 1.04 (2) (a) (iii)

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Territory

insert

Territory, or is a delegate of the Auditor-General

[4]   Subparagraph 1.04 (2) (b) (i)

substitute

(i) is, under Division 2 of Part 9.2 of the Corporations Act 2001, registered, or taken to be registered, as an auditor; or

[5]   Subparagraph 1.04 (2) (b) (ii)

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Territory

insert

Territory, or is a delegate of the Auditor-General

[6]   Subregulations 1.04 (2A) to (2C)

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[7]   Subregulation 8.01 (1)

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paragraphs 112 (1) (a) and (b)

insert

paragraphs 35B (1) (a) and (b)

[8]   Regulation 8.01A

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[9]   Subregulation 8.02 (1)

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paragraph 112 (1) (c)

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paragraph 35B (1) (c)

[10]   Subregulation 8.02 (2)

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paragraphs 112 (1) (a) and (b)

insert

paragraphs 35B (1) (a) and (b)

[11]   After regulation 8.02

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8.02A Period within which an auditor must be appointed (Act s 35C)

For subsection 35C (1) of the Act, the following periods are prescribed:

(a) for a registrable superannuation entity  - as soon as practicable, but in any event, no later than the last day of each year of income;

(b) for a self managed superannuation fund  - as soon as practicable but, in any event, no later than 30 days before the date by which the auditor must give a report mentioned in subsection 35C (6) of the Act to the trustees of the fund.

Note   See regulation 8.03 for the period within which a report mentioned in subsection 35C (6) of the Act must be provided.

[12]   Regulation 8.03

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subsection 113 (4)

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subsection 35C (6)

[13]  After regulation 8.03

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8.04 Period within which audit report is given to the APRA (Act s 36)

For subsection 36 (1) of the Act, the prescribed period is as soon as practicable but, in any event, no later than 4 months after the year of income to which that report relates.

[14]   Paragraph 11.07 (1) (c)

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numbers.

insert

numbers; or

[15]   After paragraph 11.07 (1) (c)

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(d) the RSE licensee of the entity.

[16]   After subregulation 11.07 (2)

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(2A) For subsections 31 (1), 32 (1) and 33 (1) of the Act, it is a standard applicable to the operation of a superannuation entity other than a self managed superannuation fund that an incoming trustee must give written notice to the Regulator that it has commenced as a trustee of the entity.

(2B) A notice mentioned in subregulation (2A) must be given as soon as practicable after the RSE licensee has commenced as a trustee of the entity but, in any event, no later than 5 days after that date.

[17]   Subsection 11.07 (3)

substitute

(3) For subsections 31 (1), 32 (1) and 33 (1) of the Act, it is a standard applicable to the operation of a superannuation entity that the trustee must give notice in writing to the Regulator, in accordance with subregulation (4), of:

(a) a decision or resolution to wind up the entity; or

(b) a decision or resolution to retire as a trustee of the entity.

[18]   Paragraph 11.07 (4) (a)

after

commenced

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or the trustee of the entity has retired

[19]   Paragraph 11.07 (4) (b)

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entity and, in any event, before the winding up is commenced.

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entity or of the trustee to retire and, in any event, before the winding up is commenced or the trustee has retired.

[20]   Division 13.1

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[21]   Paragraph 13.17 (2) (b)

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or an approved non-ADI financial institution

[22]   Subparagraph 13.17 (2) (c) (i)

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, an approved non-ADI financial institution

[23]   Paragraph 13.17A (2) (b)

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or an approved non-ADI financial institution

[24]   Subparagraph 13.17A (2) (c) (i)

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, an approved non-ADI financial institution

[25]   Subsection 13.17AA (1)

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an approved non-ADI financial institution

Schedule 2   Amendments commencing 12 months after the day on which the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences

[1]   Subparagraph 11.04 (b) (i)

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the name of the trustee, its registered address, telephone number and Australian Company Number,

insert

the name, registered address and telephone number of the trustee,

[2]   Subparagraph 11.05 (b) (i)

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, telephone number and Australian Company Number

insert

and telephone number

[3]   Subparagraph 11.06 (b) (i)

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, telephone number and Australian Company Number

insert

and telephone number

[4]   Paragraph 11.07A (3) (b)

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(if any) or, if it has no ABN, its SFN (if any)

[5]   Subparagraph 11.07A (3) (f) (ii)

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(if any) or, if it has no ABN, its SFN (if any)

[6]   Paragraph 11.07A (3) (g)

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(if any) or, if it has no ABN, its SFN (if any)

[7] Subsection 11.07A (4), definition of SFN

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[8]   Paragraph 11A.02 (2) (b)

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[9]   Paragraph 11A.02 (2) (g)

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, if any,

[10]   Subparagraphs 11A.02 (3) (b) (i) and (v)

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[11]   Subparagraph 11A.02 (3) (b) (vi)

omit

, if any

[12]   Subparagraph 11A.02 (3) (c) (i)

substitute

(i) the ABN of the RSE licensee; and

[13]   Paragraph 11A.03 (2) (b)

omit

[14]   Paragraph 11A.03 (2) (g)

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, if any,

[15]   Subparagraphs 11A.03 (3) (b) (i) and (v)

omit

[16] Subparagraph 11A.03 (3) (b)   (vi)

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, if any

[17]   Paragraph 11A.04 (2) (b)

omit

[18]   Paragraph 11A.04 (2) (g)

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, if any,

[19]   Subparagraphs 11A.04 (3) (b) (i) and (v)

omit

[20]   Subparagraph 11A.04 (3) (b) (vi)

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, if any