Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES

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Division 8 - Approval to hold a controlling stake in an RSE licensee

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History

Div 8 inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. No 40 of 2019, s 3 and Sch 4 items 13 - 15 contain the following application and transitional provisions:

13 Definitions
13
In this Part:
commencement day
means the day on which this Schedule commences.
14 Treatment of persons holding a controlling stake in an RSE licensee before the commencement day
14(1)
This item applies if:

(a) a person holds a controlling stake in an RSE licensee immediately before the commencement day; and

(b) the person continues to hold a controlling stake in the RSE licensee on, or on and after, the commencement day.

14(2)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , the person is taken to have approval under section 29HD to hold a controlling stake in the RSE licensee during the period:

(a) beginning on the commencement day; and

(b) ending when the period during which the person holds a controlling stake in the RSE licensee is broken.
15 Holding a controlling stake without approval
15
Section 29JCB of the Superannuation Industry (Supervision) Act 1993 , as inserted by item 9 of this Schedule, applies where a person begins to hold a controlling stake in an RSE licensee on or after the day that is 3 months after the commencement day.

Div 8 repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012.

Div 8 inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

Subdivision C - Approval

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SECTION 29HD

29HD APPROVAL TO HOLD A CONTROLLING STAKE IN AN RSE LICENSEE

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APRA must give approval for a person to hold a controlling stake in an RSE licensee if, and only if:

(a) the application for approval complies with section 29HA ; and

(b) the applicant has provided to APRA all information that the applicant was requested under section 29HB to provide, or the request has been disposed of; and

(c) APRA has no reason to believe that, because of the person ' s controlling stake in the RSE licensee, or the way in which that controlling stake is likely to be used, the RSE licensee may 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 .

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History

S 29HD inserted by No 40 of 2019, s 3 and Sch 4 item 8, effective 5 July 2019. For application and transitional provisions, see note under Pt 2A Div 8 heading.

S 29HD repealed by No 117 of 2012, s 3 and Sch 2 item 25, effective 9 September 2012. S 29HD formerly read:

SECTION 29HD APRA TO BE GIVEN INFORMATION
29HD(1)
APRA may give an RSE licensee a notice requesting it to give APRA, in a specified way, specified information relating to its risk management strategy by a specified time that is reasonable in the circumstances.

29HD(2)
A person commits an offence if:

(a) the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b) there has been a failure by the RSE licensee to comply with a notice under subsection (1).
Penalty: 50 penalty units.

29HD(3)
A person commits an offence if:

(a) the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b) there has been a failure by the RSE licensee to comply with a notice under subsection (1).
This is an offence of strict liability.

Penalty: 25 penalty units.

Note 1:

For strict liability , see section 6.1 of the Criminal Code .

Note 2:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.

Note 3:

Sections 137.1 and 137.2 of the Criminal Code also create offences for providing false or misleading information or documents.

29HD(4)
Subsection (2) or (3) does not apply if the RSE licensee has a reasonable excuse for the failure to comply with the notice under subsection (1).
Note:

A defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ).

S 29HD inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.

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