FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 1 - Authorisation of RSE licensees as FHSA providers  

Subdivision D - Variation or revocation of condition on authorisation as FHSA provider  

SECTION 104   APRA may vary or revoke conditions on authorisation - on its own initiative  

104(1)    
APRA may, on its own initiative, vary or revoke any condition that it imposed on an authorisation as an FHSA provider under section 98 .

104(2)    
However:

(a) a condition as varied must not be inconsistent with the following:

(i) any condition imposed by section 97 ;

(ii) any condition imposed on the RSE licence of the FHSA provider under the Superannuation Industry (Supervision) Act 1993 ; and

(b) if the FHSA provider is also a financial services licensee:

(i) APRA must consult ASIC before varying or revoking a condition that, in APRA ' s opinion, might reasonably be expected to affect the FHSA provider ' s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the FHSA provider provides; and

(ii) APRA must consult ASIC before varying a condition so that it would, in APRA ' s opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (i); and

(iii) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i) or (ii) within one week after the condition is varied or revoked.

104(3)    
A failure to comply with a requirement of paragraph (2)(b) does not affect the validity of the variation or revocation of a condition.