Superannuation Industry (Supervision) Act 1993
View history note
Hide history noteThe Regulator may give a person a direction to relinquish control of an RSE licensee if:
(a) the Regulator has reason to believe that:
(i) the person has a controlling stake in the RSE licensee; or
(ii) the person has practical control of the RSE licensee; and
(b) the Regulator has reason to believe that because of:
(i) the person ' s controlling stake, or practical control, of the RSE licensee; or
(ii) the way in which control has been, is or is likely to be exercised;
the RSE licensee has been, is or is likely to be unable to satisfy one or more of the trustee ' s obligations contained in a covenant set out in sections 52 to 53 , or prescribed under section 54A .
131EB(2)
The Regulator may give a person a direction to relinquish control of an RSE licensee if:
(a) the Regulator has reason to believe that the person has a controlling stake in the RSE licensee; and
(b) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee.
131EB(3)
The Regulator may give a person a direction to relinquish control of an RSE licensee if:
(a) the Regulator has reason to believe that that the person has a controlling stake in the RSE licensee; and
(b) the person has approval under section 29HD to hold a controlling stake in the RSE licensee; and
(c) information given to the Regulator in relation to the application for approval was false or misleading in a material particular.
131EB(4)
To avoid doubt, a direction under subsection (1) or (3) to a person to relinquish a controlling stake in an RSE licensee may be given even if the person has approval to hold a controlling stake in the RSE licensee.
131EB(5)
The direction must be given in writing.
131EB(6)
The Regulator must give the person:
(a) a copy of the direction; and
(b) a statement of the Regulator ' s reasons for giving the direction.
131EB(7)
The Regulator may revoke a direction to relinquish control of an RSE licensee.
131EB(8)
The revocation must be in writing and a copy of the revocation must be given to the person.
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