Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 5   Application, transitional and saving provisions

294   Saving provision for section 328 exemptions (Superannuation Industry Supervision Act)

(1) This item applies to an exemption that was in force under section 328 of the Superannuation Industry (Supervision) Act 1993 immediately before that section was amended by this Act.

(2) The exemption:

(a) continues in force after the commencement of the amendment, as if it were an exemption made under section 328 as amended; and

(b) may be varied or revoked by the Regulator under section 328 as amended.

(3) An exemption to which subitem (2) does not apply ceases to have effect at the time the amendment of section 328 made by this Act commences.