Superannuation Industry (Supervision) Act 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY

SECTION 133 SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY

133(1) Suspension or removal.

The Regulator may suspend or remove a trustee of a superannuation entity if:

(a) either:

(i) for a trustee who is an individual and who is a disqualified person only because he or she was disqualified under section 126H - the individual is disqualified from being or acting as a trustee of that superannuation entity; and

(ii) otherwise - the trustee is a disqualified person within the meaning of Part 15 ; or

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(b) it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by the trustee or any other trustees of the entity may result in the financial position of the entity or of any other superannuation entity becoming unsatisfactory; or

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(c) if the trustee is a trustee of a registrable superannuation entity - the trustee is not an RSE licensee or a member of a group of individuals that is an RSE licensee; or

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(d) (Repealed by No 53 of 2004)

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(e) if the trustee is an RSE licensee - the RSE licensee breaches any of the conditions of its RSE licence; or

(f) the Regulator has reason to believe that:

(i) either a person holds a controlling stake in the RSE licensee or a person has practical control of the RSE licensee; and

(ii) because of the person ' s control of the RSE licensee, or the way in which that 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 ; or

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(g) the Regulator has reason to believe that:

(i) a person holds a controlling stake in an RSE licensee; and

(ii) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee.

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History

S 133(1) amended by No 40 of 2019, s 3 and Sch 4 item 11, by inserting para (f) and (g), effective 5 July 2019. For application and transitional provisions, see note under Pt 2A Div 8 heading.

S 133(1) amended by No 25 of 2008, s 3 and Sch 1 item 68, by substituting para (a), effective 26 May 2008. Para (a) formerly read:

(a) the trustee is a disqualified person within the meaning of Part 15 ; or

S 133(1) amended by No 53 of 2004, s 3 and Sch 1 item 80, by substituting para (c) for paras (c) and (d), effective 1 July 2006. Paras (c) and (d) formerly read:

(c) the Regulator:

(i) under section 28 , revokes the approval of the trustee; or

(ii) under section 29G , cancels the RSE licence that enables the trustee to be a trustee of that entity; or

(d) if the superannuation entity is a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) - the trustee is required by subsection 121A(1) to be, but is not, an approved trustee or an RSE licensee that is a constitutional corporation; or

S 133(1) substituted by No 53 of 2004, s 3 and Sch 1 item 57, effective 1 July 2004. S 133(1) formerly read:

133(1) Suspension or removal.
The Regulator may suspend or remove the trustee, or all of the trustees, of a superannuation entity if:

(a) the trustee, or any of the trustees, is a disqualified person within the meaning of Part 15 ; or

(b) it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by the trustee or any of the trustees may result in the financial position of the entity or of any other superannuation entity becoming unsatisfactory; or

(c) the Regulator, under section 28 , revokes the approval of the trustee, or any of the trustees;

(d) where the superannuation entity is a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) - the trustee is required by subsection 121A(1) to be, but is not, an approved trustee.

S 133(1) amended by No 37 of 2002, s 3 and Sch 8 item 5, by substituting " is required by subsection 121A(1) to be, but is not, an approved trustee " for " is not an approved trustee " in para (d), effective 27 June 2002.

S 133(1) amended by No 121 of 1999, s 3 and Sch 1 items 54, 95 and 96, by inserting para (d), effective 1 April 2000, and by substituting " The Regulator " for " APRA " (first occurring) and " the Regulator " for " APRA " (wherever occurring) in paras (b) and (c), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 133(1) amended by No 54 of 1998.

133(2) Period of suspension.

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A suspension of a trustee is to be for such period as the Regulator determines.

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133(3) Extension of period of suspension.

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A suspension of a trustee may be extended for such further period or such further periods as the Regulator determines.

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133(4) Reasons.

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If the Regulator makes a decision:

(a) suspending or removing a trustee; or

(b) extending the suspension of a trustee;

the Regulator must cause to be given to the trustee a written notice:

(c) setting out that decision; and

(d) giving the reasons for that decision.

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133(5)
(Repealed by No 25 of 2008)

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