OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS

Division 1 - General

View history note

REGULATION 5AAA STANDARDS: SUPERANNUATION FUND NOT TO INVITE CONTRIBUTIONS ETC UNLESS PROSPECTUS FILED

5AAA(1) [ Prescribed standard ]

For the purposes of subsection 7(1) of the Act, the standard in subregulation (2) is prescribed.

5AAA(2) [ Prospectus requirement ]

Subject to subregulation (3), a person must not invite persons:

(a) to become members of a superannuation fund; or

(b) to begin making contributions to a superannuation fund in respect of new members;

unless a prospectus in relation to that fund has been registered by the Commissioner under this regulation.

5AAA(3) [ Prospectus requirement not applicable ]

Subregulation (2) does not apply to a person, in relation to a superannuation fund, if:

(a) by reason of the operation of section 66A or 1017 of the Corporations Law, the person:

(i) was not, immediately before 22 December 1992, required under Part 7.12 of the Corporations Law to lodge a prospectus in relation to that fund; or

(ii) would not, if that fund had existed immediately before 22 December 1992, have been required under that Part to lodge a prospectus in relation to the fund; or

(b) the fund invests only in life policies issued by a life assurance company that is related to the trustee or to any of the trustees, as the case may be, of the fund, within the meaning of section 50 of the Corporations Law.

5AAA(4) [ Duty of Commissioner to register ]

If the Commissioner is of the opinion, in respect of a prospectus lodged for registration, that:

(a) the prospectus complies with the requirements of the applied provisions; and

(b) the prospectus does not contain any false or misleading statement; and

(c) there is no substantial omission from the prospectus;

the Commissioner must register the prospectus.

5AAA(5) [ Effect of substantial compliance ]

If the Commissioner is of the opinion that a prospectus that does not comply with all of the requirements of the applied provisions nevertheless complies substantially with those requirements, the Commissioner may treat the prospectus as complying with all of those requirements.

5AAA(6) [ Written notice ]

The Commissioner must, within 14 days after a prospectus is lodged for registration, give notice in writing to the person by whom it was lodged:

(a) that the prospectus has been registered; or

(b) that the prospectus has not been registered, giving the reason why the prospectus has not been registered.

5AAA(7) [ Effect of lack of notice ]

For the purposes of subregulation (2), a prospectus is taken to be registered on the expiry of the period referred to in subregulation (6) if the person who lodged the prospectus is not given notice under paragraph (6)(a) or (b) within that period.

5AAA(8) [ Prospectus deemed registered ]

For the purposes of subregulation (2), a prospectus is taken to have been registered if:

(a) immediately before the date of commencement of this regulation, it was a prospectus accepted by the Commissioner as having been lodged under these Regulations as in force immediately before that date; or

(b) immediately before 22 December 1992, it was a prospectus registered under section 1020A of the Corporations Law.

View history note

History

Reg 5AAA-5AAD substituted for reg 5AAA by SR No 213 of 1993, reg 6.1, effective 3 August 1993. Reg 5AAA formerly read:

REGULATION 5AAA STANDARDS: SUPERANNUATION FUND NOT TO INVITE CONTRIBUTIONS ETC UNLESS PROSPECTUS REGISTERED
5AAA(1)
For the purposes of subsection 7(1) of the Act, the standard in subregulation (3) is prescribed.

5AAA(2)
In this regulation:
applied provisions
means the following provisions of the Corporations Law:

(a) section 1017;

(b) section 1020;

(c) subsections 1021(1), (2), (3), (4), (5), (6), (6A), (13), (13A) and (14);

(d) section 1022;

(e) section 1022A;

(f) section 1024 (other than subsection (7));

(g) section 1029;

(h) section 1029A;

(i) section 1030;

(j) section 1032;

(k) section 1033.

5AAA(3)
A person:

(a) must not invite persons to become members of a superannuation fund; or

(b) must not invite persons to begin making contributions to a superannuation fund in respect of new members;
unless there is lodged with the Commissioner in relation to that superannuation fund a prospectus that would comply with the applied provisions if it were registered with the Australian Securities Commission under section 1020A of the Corporations Law.

5AAA(4)
Subject to subregulation (5), terms used in the applied provisions that are defined in the Corporations Law have, for the purposes of the application of the applied provisions under subregulation (3), the same meanings as they have in the Corporations Law.

5AAA(5)
In the application of the applied provisions under subregulation (3), a reference in the applied provisions to:

(a) the Commission is taken to be a reference to the Commissioner; and

(b) securities of a corporation is taken to be a reference to the interest of a member in a superannuation fund; and

(c) the allotment or sale of securities of a corporation is taken to be a reference to a person becoming a member of the superannuation fund; and

(d) a reference to a buyer is taken to be a reference to a person who becomes a member of the superannuation fund.

Reg 20 of SR No 213 of 1993 provides as follows:

REGULATION 20.1 APPLICATION OF REPEALED PROVISIONS
20.1
The provisions of regulation 5AAA in force immediately before the commencement of this regulation are taken not to apply and never to have applied to a person, in relation to a superannuation fund, if:

(a) by reason of the operation of section 66A or 1017 of the Corporations Law, the person:

(i) was not, immediately before 22 December 1992, required under Part 7.12 of the Corporations Law to lodge a prospectus in relation to that fund; or

(ii) would not, if that fund had existed immediately before 22 December 1992, have been required under that Part to lodge a prospectus in relation to the fund; or

(b) the fund invested only in life policies issued by a life assurance company that was related to the trustee or to any of the trustees, as the case may be, of the fund, within the meaning of section 50 of the Corporations Law.

Reg 5AAA inserted by SR No 33 of 1993, reg 2.1, effective 24 February 1993.

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