Superannuation Industry (Supervision) Act 1993
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Hide history noteAPRA must cancel the registration of a registrable superannuation entity if a document that:
(a) is a reporting document within the meaning of the Financial Sector (Collection of Data) Act 2001 ; and
(b) relates to the entity; and
(c) was given to APRA under that Act;
states that the entity has been wound up.
29N(1A) [ Fund becomes SMSF]APRA may cancel the registration of a superannuation entity that has become a self managed superannuation fund.
APRA may cancel the registration of a registrable superannuation entity if APRA is satisfied, on reasonable grounds, that:
(a) the entity has no beneficiaries and no assets; and
(b) there are no outstanding claims against the entity for benefits or other payments; and
(c) other circumstances (if any) prescribed by regulations made for the purposes of this paragraph exist. 29N(3) [Notice]
If APRA cancels the registration of a registrable superannuation entity under subsection (2), APRA must take all reasonable steps to ensure that the RSE licensee of the entity is given a notice:
(a) stating that APRA has cancelled the registration of the entity; and
(b) setting out the reasons for the cancellation;
as soon as practicable after cancelling the registration of the entity.
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