Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)

Schedule 2   Authority to offer a MySuper product

Superannuation Industry (Supervision) Act 1993

1   Paragraphs 29T(1)(h), (ha), (i) and (j)

Repeal the paragraphs, substitute:

(h) APRA has no reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;

may fail to comply with the enhanced trustee obligations for MySuper products; and

(i) where the RSE licensee is a body corporate - APRA has no reason to believe that the directors of the RSE licensee may fail to comply with the enhanced director obligations for MySuper products; and

(j) APRA has no reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;

may fail to comply with the general fees rules and the fees rules in relation to MySuper products; and

(k) APRA has no reason to believe that:

(i) where the RSE licensee is a body corporate - the RSE licensee; or

(ii) where the RSE licensee is made up of a group of individual trustees - any of those individual trustees;

may contravene section 29W, 29WA or 29WB.