Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)
Schedule 8 Trustees of registrable superannuation entities should have no other duty
Superannuation Industry (Supervision) Act 1993
1 After subsection 29E(5)
Insert:
Licences held by bodies corporate
(5A) An additional condition is imposed on each RSE licence held by an RSE licensee that is a body corporate. The condition is that the RSE licensee must not have a duty to act in the interests of another person, other than a duty that arises in the course of:
(a) performing the RSE licensee's duties, or exercising the RSE licensee's powers, as a trustee of a registrable superannuation entity; or
(b) providing personal advice.
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