FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
APRA may, at any time, impose an additional condition on an authorisation as an FHSA provider by giving the FHSA provider a notice setting out the additional condition.
98(2)
A condition imposed under subsection (1) must not be inconsistent with the following:
(a) any condition imposed by, or under, section 97 on an authorisation as an FHSA provider;
(b) any condition imposed on the RSE licence of the FHSA provider under the Superannuation Industry (Supervision) Act 1993 .
Note 1:
Breach of a condition may lead to consequences such as a direction from APRA to comply with the condition (see section 99 ) or cancellation of the authorisation (see section 107 ).
Note 2:
An FHSA provider must notify APRA of certain breaches of conditions (see section 111 ).
Note 3:
FHSA providers may apply to APRA to have conditions imposed under this section varied or revoked (see section 100 ).
98(3)
If the FHSA provider is also a financial services licensee:
(a) APRA must consult ASIC before imposing 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
(b) APRA must inform ASIC about the imposition of any condition not covered by paragraph (a) within one week after the condition is imposed.
98(4)
A failure to comply with a requirement of subsection (3) does not affect the validity of the imposition of any condition.
98(5)
An additional condition imposed under this section comes into force on the later of:
(a) the day on which APRA gives the FHSA provider the notice of the condition; or
(b) the day specified in the notice as the day on which the condition comes into force.
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