FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS

Division 1 - Authorisation of RSE licensees as FHSA providers

Subdivision B - Grant of authorisation as FHSA provider

SECTION 93

93 Capital requirements
The capital requirements under this section are met by an applicant if it satisfies the financial requirements that apply under the Prudential Standards.

View history note

History

S 93 substituted by No 61 of 2013, s 3 and Sch 1 item 14, applicable in relation to: (a) RSE licensees who apply to be authorised as an FHSA provider on or after 1 July 2013; and (b) RSE licensees that are authorised as FHSA providers, whether before, on or after 1 July 2013. S 93 formerly read:

SECTION 93 Capital requirements
93(1)
The capital requirements under this section are met by an applicant if it satisfies at least one of the following subsections.

93(2)
An applicant satisfies this subsection if it satisfies subsection 29DA(2) of the Superannuation Industry (Supervision) Act 1993 .

93(3)
An applicant satisfies this subsection if:

(a) it satisfies subsection 29DA(3) of the Superannuation Industry (Supervision) Act 1993 because it is entitled to the benefit of an approved guarantee (within the meaning of that Act); and

(b) the approved guarantee is also in respect of its duties as trustee of each FHSA trust of which it is, or is proposing to become, the trustee.

[ CCH Note: For the purposes of s 93(3) and 93(4), Superannuation Industry (Supervision) (approved guarantee) determination No 1 of 2008 has been made, effective 25 September 2008.]

93(4)
An applicant satisfies this subsection if:

(a) it satisfies subsection 29DA(4) of the Superannuation Industry (Supervision) Act 1993 because it is entitled to the benefit of an approved guarantee (within the meaning of that Act); and

(b) the approved guarantee is also in respect of its duties as trustee of each FHSA trust of which it is, or is proposing to become, the trustee.

[ CCH Note: For the purposes of s 93(3) and 93(4), Superannuation Industry (Supervision) (approved guarantee) determination No 1 of 2008 has been made, effective 25 September 2008.]

93(5)
An applicant satisfies this subsection if:

(a) it satisfies subsection 29DA(5) of the Superannuation Industry (Supervision) Act 1993 ; and

(b) it has agreed, in writing, to comply with written requirements that have been given to it by APRA; and

(c) the written requirements relate to the custody of the assets of each FHSA trust of which it is, or is proposing to become, the trustee.

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