APRA for the purposes of APRA’s administration of the provisions it administers (including provisions both APRA and ASIC administer); and

ASIC for the purposes of ASIC’s administration of the provisions it administers (including provisions both APRA and ASIC administer); and

the Commissioner of Taxation for the purposes of the administration of the provisions the Commissioner of Taxation administers.

Division 3 of Part 25 (see instead item 58 of the general administration table);

sections 328 and 332 (see instead subsection (8) of this section).

Special rules about ASIC

powers and duties conferred on ASIC by section 255 are conferred only in relation to persons who are relevant persons in relation to superannuation entities; and

powers and duties conferred on ASIC by section 256 are conferred only in relation to the affairs of superannuation entities.

Special rules about the Commissioner of Taxation

powers and duties conferred on the Commissioner of Taxation by Divisions 4 to 8 of Part 25 (other than section 285) are conferred only in relation to:

persons who are relevant persons in relation to superannuation entities; and

the affairs of superannuation entities; and

powers and duties are not conferred on the Commissioner of Taxation by section 342 (about pre-1 July 88 funding credits and debits).

(a) APRA for the purposes of the administration of provisions administered by APRA (including provisions both APRA and ASIC administer) or by the Commissioner of Taxation; and

ASIC for the purposes of the administration of provisions administered solely by ASIC.

Directions

keeping of reports to members of, or beneficiaries in, funds; or

disclosure of information to members of, or beneficiaries in, funds; or

disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or

any other matter prescribed by regulations for the purposes of this paragraph.

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

a State bank.

administration fee has the meaning given by subsection 29V(2).

adopted child means a person adopted by the first-mentioned person: under the law of a State or Territory relating to the adoption of children; or under the law of any other place relating to the adoption of children, if the validity of the adoption would be recognised under the law of any State or Territory.

under the law of a State or Territory relating to the adoption of children; or

under the law of any other place relating to the adoption of children, if the validity of the adoption would be recognised under the law of any State or Territory.

advice fee has the meaning given by subsection 29V(8).

AFCA scheme has the same meaning as in the Corporations Act 2001.

amend includes the insertion of a provision in, or the omission of a provision from, those rules.

annual members’ meeting, for a registrable superannuation entity, means a meeting of members of the entity held under subsection 29P(1) for a year of income of the entity.

annuity includes a benefit provided by a life insurance company or a registered organisation, if the benefit is taken, under the regulations, to be an annuity for the purposes of this Act.

approved deposit fund means a fund that: is an indefinitely continuing fund; and is maintained by an RSE licensee that is a constitutional corporation; and is maintained solely for approved purposes.

is an indefinitely continuing fund; and

is maintained by an RSE licensee that is a constitutional corporation; and

is maintained solely for approved purposes.

approved form has the meaning given by section 11A.

approved guarantee has the meaning given by section 11E.

approved purposes, in relation to a fund, means:

the purpose of receiving on deposit:

(i) amounts of roll-over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997); and

(ia) amounts of directed termination payments (Income Tax (Transitional Provisions) Act 1997); andwithin the meaning of section 82-10F of the

amounts paid under Part 24 of this Act; and

(iii) amounts paid under Superannuation Guarantee (Administration) Act 1992; andsection 65 of the

the purpose of dealing with such amounts, in accordance with the rules of the fund, in any way calculated directly or indirectly to enhance the value of, or render profitable, property of the fund; and

subject to any inconsistent requirement in the standards from time to time applicable to the fund under section 32, the purpose of paying to beneficiaries, or to the legal personal representatives of beneficiaries, upon request, amounts equal to the beneficiary’s interest in the fund; and

such other purposes (if any) as APRA approves in writing.

approved SMSF auditor means a person who is registered under section 128B, but does not include: a person for whom an order disqualifying a person from being an approved SMSF auditor, or suspending a person’s registration as an approved SMSF auditor, is in force under section 130F; or a person who is disqualified from being or acting as an auditor of all superannuation entities under section 130D.

a person for whom an order disqualifying a person from being an approved SMSF auditor, or suspending a person’s registration as an approved SMSF auditor, is in force under section 130F; or

a person who is disqualified from being or acting as an auditor of all superannuation entities under section 130D.

APRA means the Australian Prudential Regulation Authority.

APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.

ASIC means the Australian Securities and Investments Commission.

asset means any form of property and, to avoid doubt, includes money (whether Australian currency or currency of another country).

associate has the meaning given by section 12.

Australian court means:

the High Court; or

a court created by the Parliament; or

a court of a State or Territory.

Australian resident means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936.

authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs.

benchmark means a benchmark mentioned in, or specified in regulations made for the purposes of, subparagraphs 52(9)(a)(i) and (ii) and paragraph 52(9)(aa).

beneficiary, in relation to a fund, scheme or trust, means a person (whether described in the governing rules as a member, a depositor or otherwise) who has a beneficial interest in the fund, scheme or trust and includes, in relation to a superannuation fund, a member of the fund despite the express references in this Act to members of such funds.

books includes:

any record; or

any accounts or accounting records, however compiled, recorded or stored; or

a document.

buy-sell spread has the meaning given by subsection 29V(4).

child, in relation to a person, includes:

an adopted child, a stepchild or an ex-nuptial child of the person; and

a child of the person’s spouse; and

(c) someone who is a child of the person within the meaning of the Family Law Act 1975.

choice product: A class of beneficial interest in a regulated superannuation fund is a choice product unless:

all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members; or

that class of beneficial interest in the fund is a MySuper product.

civil penalty order means a declaration or order made under section 196.

civil penalty provision has the meaning given by section 193.

class means (except in subsections 29E(7) and (8)) a class of RSE licence provided for under subsection 29B(2) or (3), or under regulations made for the purposes of subsection 29B(4).

Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987, or a person for the time being acting as Insurance and Superannuation Commissioner under that Act.

comparable choice products means a class of choice product specified in regulations made for the purposes of this definition that the choice product is to be compared with.

connected entity, in relation to an RSE licensee of a registrable superannuation entity, means:

(a) an associated entity (within the meaning of the Corporations Act 2001) of the RSE licensee; and

if the RSE licensee is a group of individual trustees—an entity that has the capacity to determine or influence decisions made by one or more members of the group in relation to the registrable superannuation entity; and

any other entity of a kind prescribed by the regulations.

constitutional corporation means a body corporate that is: a trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or a financial corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution).

a trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or

a financial corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution).

contributing employer means an employer having obligations under Part 3B (about the superannuation data and payment regulations and standards).

controlling stake: a person holds a controlling stake in an RSE licensee that is a body corporate if the person holds a stake of more than 15% in the RSE licensee.

corporate trustee, in relation to a fund, scheme or trust, means a body corporate that is a trustee of the fund, scheme or trust.

court means any court, when exercising jurisdiction under this Act.

Court means the Federal Court of Australia or the Supreme Court of a State or a Territory.

custodian means a person (other than a trustee of the entity) who, under a contract with a trustee or an investment manager of the entity, performs custodial functions in relation to any of the assets of the entity.

data and payment regulations and standards relating to RSAs has the same meaning as in the Retirement Savings Accounts Act 1997.

data processing device means any article or material (for example, a disc) from which information is capable of being reproduced with or without the aid of any other article or device.

death benefit: see section 68AA.

deed includes an instrument having the effect of a deed.

defined benefit fund has (except in Division 3A of Part 8 and in Part 23) the meaning given by the regulations.

defined benefit member:

(a) in the definition of choice product in this subsection, section 20B and Part 2C—has the same meaning as in the Superannuation Guarantee (Administration) Act 1992; and

in Division 3A of Part 8 and in Part 23—has the meaning given by section 83A; and

in any other provision of this Act—has the meaning given by the regulations;

subject to subsection (1A).

dependant includes the spouse of the person, any child of the person and any person with whom the person has an interdependency relationship.

director, in relation to a body corporate, has the same meaning as in the Corporations Act 2001.

disclose means give, reveal or communicate in any way.

education direction: see subsection 160(2).

eligible rollover fund: a regulated superannuation fund is an eligible rollover fund if an RSE licensee is authorised under section 242F to operate the fund as an eligible rollover fund.

eligible superannuation entity means a regulated superannuation fund or an approved deposit fund.

employee has the meaning given by section 15A.

employer has the meaning given by section 15A.

employer representative, in relation to a group of trustees of a fund, a policy committee of a fund or the board of directors of a corporate trustee of a fund, means a member of the group, committee or board, as the case may be, nominated by:

the employer or employers of the members of the fund; or

an organisation representing the interests of that employer or those employers.

employer-sponsor has the meaning given by subsection 16(1).

employer-sponsored fund has the meaning given by subsection 16(3).

enhanced director obligations means:

for MySuper products—the obligations imposed by:

a covenant referred to in paragraph 52A(2)(f), as it relates to covenants referred to in subsection 52(9), (12) or (13); and

covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations for MySuper products; and

for eligible rollover funds—the obligations imposed by:

section 242L; and

covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations for eligible rollover funds.

enhanced trustee obligations means:

for MySuper products—the obligations imposed by:

covenants referred to in section 52; and

covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations for MySuper products; and

for eligible rollover funds—the obligations imposed by:

covenants referred to in section 52, as enhanced by the obligations imposed under section 242K; and

covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations for eligible rollover funds.

entity means any of the following: an individual; a body corporate; a partnership; a trust.

an individual;

a body corporate;

a partnership;

a trust.

entry fee has the meaning given by subsection 99B(2).

evidential burden means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.

excluded approved deposit fund means an approved deposit fund: in which there is only one beneficiary; and that satisfies such other conditions (if any) as are specified in the regulations. excluded instalment trust, of a superannuation fund, means a trust: (a) that arises because a trustee or investment manager of the superannuation fund makes an investment under which a listed security (the underlying security) is held in trust until the purchase price of the underlying security is fully paid; and where the underlying security, and property derived from the underlying security, is the only trust property; and where an investment in the underlying security held in trust would not be an in-house asset of the superannuation fund.

in which there is only one beneficiary; and

that satisfies such other conditions (if any) as are specified in the regulations.

excluded instalment trust, of a superannuation fund, means a trust:

(a) that arises because a trustee or investment manager of the superannuation fund makes an investment under which a listed security (the underlying security) is held in trust until the purchase price of the underlying security is fully paid; and

where the underlying security, and property derived from the underlying security, is the only trust property; and

where an investment in the underlying security held in trust would not be an in-house asset of the superannuation fund.

executive officer means a person, by whatever name called and whether or not a director of the body, who is concerned, or takes part, in the management of the body.

exempt public sector superannuation scheme means a public sector superannuation scheme that is specified in regulations made for the purposes of this definition.

exit fee has the meaning given by subsection 99BA(2).

expert means a person whose profession or reputation gives authority to a statement made by him or her in relation to that matter.

fees rules means the rules in Division 5 of Part 2C.

financial product has the same meaning as in Division 3 of Part 7.1 of the Corporations Act 2001.

financial product advice has the same meaning as in the Corporations Act 2001.

financial services licensee has the meaning given by the Corporations Act 2001.

function includes duty.

general administration table means the table in section 6.

general fees rules means the rules in Part 11A.

governing rules, in relation to a fund, scheme or trust, means:

any rules contained in a trust instrument, other document or legislation, or combination of them; or

any unwritten rules;

governing the establishment or operation of the fund, scheme or trust.

group of individual trustees means a group of trustees each of whom is an individual trustee.

group of trustees, in relation to a fund, scheme or trust, means a board, committee or other group of trustees of the fund, scheme or trust.

half-year means a period of 6 months ending on 30 June or 31 December.

Income Tax Assessment Act means the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997.

independent director means a director of the corporate trustee who: is not a member of the fund; and is neither an employer-sponsor of the fund nor an associate of such an employer-sponsor; and is neither an employee of an employer-sponsor of the fund nor an employee of an associate of such an employer-sponsor; and is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and is not, in any capacity, a representative of an organisation representing the interests of one or more employer-sponsors of the fund.

is not a member of the fund; and

is neither an employer-sponsor of the fund nor an associate of such an employer-sponsor; and

is neither an employee of an employer-sponsor of the fund nor an employee of an associate of such an employer-sponsor; and

is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and

is not, in any capacity, a representative of an organisation representing the interests of one or more employer-sponsors of the fund.

independent trustee means a trustee of the fund who: is not a member of the fund; and is neither an employer-sponsor of the fund nor an associate of such an employer-sponsor; and is neither an employee of an employer-sponsor of the fund nor an employee of an associate of such an employer-sponsor; and is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and is not, in any capacity, a representative of an organisation representing the interests of one or more employer-sponsors of the fund.

is not a member of the fund; and

is neither an employer-sponsor of the fund nor an associate of such an employer-sponsor; and

is neither an employee of an employer-sponsor of the fund nor an employee of an associate of such an employer-sponsor; and

is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and

is not, in any capacity, a representative of an organisation representing the interests of one or more employer-sponsors of the fund.

individual RSE auditor means an individual who is appointed as auditor of a registrable superannuation entity.

individual trustee, in relation to a fund, scheme or trust, means an individual who is a trustee of the fund, scheme or trust.

insolvent under administration means a person who: (a) under the Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which the person has not been discharged; or under the law of a country other than Australia or the law of an external Territory, has the status of an undischarged bankrupt; and includes: a person any of whose property is subject to control under: (i) Bankruptcy Act 1966; orsection 50 or 188 of the a corresponding provision of the law of an external Territory or the law of a foreign country; or a person who has executed a personal insolvency agreement under: (i) Part X of the Bankruptcy Act 1966; or the corresponding provisions of the law of an external Territory or the law of a foreign country; if a certificate has not been given under section 232 of that Act or the corresponding provision of the law of the external Territory or foreign country, as the case may be, in respect of the agreement.

(a) under the Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which the person has not been discharged; or

under the law of a country other than Australia or the law of an external Territory, has the status of an undischarged bankrupt;

and includes:

a person any of whose property is subject to control under:

(i) Bankruptcy Act 1966; orsection 50 or 188 of the

a corresponding provision of the law of an external Territory or the law of a foreign country; or

a person who has executed a personal insolvency agreement under:

(i) Part X of the Bankruptcy Act 1966; or

the corresponding provisions of the law of an external Territory or the law of a foreign country;

if a certificate has not been given under section 232 of that Act or the corresponding provision of the law of the external Territory or foreign country, as the case may be, in respect of the agreement.

inspector has the meaning given by section 265.

instalment receipt means an investment under which: a listed security is held in a trust until the purchase price of the security is fully paid; and the security, and property derived from the security, is the only trust property.

a listed security is held in a trust until the purchase price of the security is fully paid; and

the security, and property derived from the security, is the only trust property.

insurance fee has the meaning given by subsection 29V(9).

interdependency relationship has the meaning given by section 10A.

invest means:

apply assets in any way; or

make a contract;

for the purpose of gaining interest, income, profit or gain.

investment fee has the meaning given by subsection 29V(3).

investment manager means a person appointed by a trustee of a fund or trust to invest on behalf of the trustee, or the trustees, of the fund or trust.

involved, in relation to a contravention, has the meaning given by section 17.

lawyer means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person.

lead auditor has the meaning given by section 11F.

lease arrangement means any agreement, arrangement or understanding in the nature of a lease (other than a lease) between a trustee of a superannuation fund and another person, under which the other person is to use, or control the use of, property owned by the fund, whether or not the agreement, arrangement or understanding is enforceable, or intended to be enforceable, by legal proceedings.

legal personal representative means the executor of the will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person.

lifecycle exception has the meaning given by subsection 29TC(2).

life insurance company means:

(a) a body corporate registered under Life Insurance Act 1995; orsection 21 of the

a public authority:

that is constituted by a law of a State or Territory; and

that carries on life insurance business within the meaning of section 11 of that Act.

listed security has the meaning given by subsection 66(5).

loan includes the provision of credit or any other form of financial accommodation, whether or not enforceable, or intended to be enforceable, by legal proceedings.

lodge means lodge with the Regulator.

market value means the amount that a willing buyer of the asset could reasonably be expected to pay to acquire the asset from a willing seller if the following assumptions were made: that the buyer and the seller dealt with each other at arm’s length in relation to the sale; that the sale occurred after proper marketing of the asset; that the buyer and the seller acted knowledgeably and prudentially in relation to the sale. member has a meaning affected by section 15B.

that the buyer and the seller dealt with each other at arm’s length in relation to the sale;

that the sale occurred after proper marketing of the asset;

that the buyer and the seller acted knowledgeably and prudentially in relation to the sale.

member has a meaning affected by section 15B.

member of staff means:

(a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and

(b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 2001; and

in relation to the Commissioner of Taxation—a taxation officer.

member representative, in relation to a group of trustees of a fund, a policy committee of a fund or the board of directors of a corporate trustee of a fund, means a member of the group, committee or board, as the case may be, nominated by:

the members of the fund; or

a trade union, or other organisation, representing the interests of those members.

modifications includes additions, omissions and substitutions.

MySuper member: A member of a regulated superannuation fund is a MySuper member of the fund if the member holds a beneficial interest in the fund of a class that the RSE licensee of the fund is authorised to offer as a MySuper product.

MySuper product: A class of beneficial interest in a regulated superannuation fund is a MySuper product if an RSE licensee is authorised under section 29T to offer that class of beneficial interest in the fund as a MySuper product.

occurrence of an event includes the coming into existence of a state of affairs.

old-age pensions has the same meaning as in paragraph 51(xxiii) of the Constitution.

ongoing fee arrangement has the same meaning as in the Corporations Act 2001.

Part 6A product has the meaning given by section 60B.

Part 8 associate has the meaning given by Subdivision B of Division 1 of Part 8.

pension, except in the expression old-age pension, includes a benefit provided by a fund, if the benefit is taken, under the regulations, to be a pension for the purposes of this Act.

permanent incapacity: a member of a superannuation fund or an approved deposit fund is suffering permanent incapacity if the member is taken, under the regulations, to be suffering permanent incapacity for the purposes of this Act.

permanent incapacity benefit: see section 68AA.

personal advice has the same meaning as in the Corporations Act 2001.

policy committee means a board, committee or other body that: advises a trustee of the fund about such matters as are specified in the regulations; and is established by or under the governing rules of the fund.

advises a trustee of the fund about such matters as are specified in the regulations; and

is established by or under the governing rules of the fund.

pooled superannuation trust means a unit trust: the trustee of which is a constitutional corporation; and that, under the regulations, is a unit trust to which this definition applies.

the trustee of which is a constitutional corporation; and

that, under the regulations, is a unit trust to which this definition applies.

practical control of an RSE licensee that is a body corporate has the meaning given by section 131EC.

premises includes:

a structure, building, aircraft, vehicle or vessel; and

any land or place (whether enclosed or built on or not); and

a part of a structure, building, aircraft, vehicle or vessel or of such a place.

private sector fund means a superannuation fund covered by paragraph (a) of the definition of superannuation fund, other than a public sector fund.

procure includes cause.

produce includes permit access to.

prudential matter has the meaning given by subsection 34C(4).

prudential standard means a standard determined by APRA under subsection 34C(1).

public offer entity means:

a public offer superannuation fund; or

an approved deposit fund that is not an excluded approved deposit fund; or

a pooled superannuation trust.

public offer entity licence means an RSE licence of a class provided for under subsection 29B(2).

public offer superannuation fund has the meaning given by section 18.

public sector fund means a superannuation fund that is: (a) covered by paragraph (a) of the definition of superannuation fund; and part of a public sector superannuation scheme.

(a) covered by paragraph (a) of the definition of superannuation fund; and

part of a public sector superannuation scheme.

public sector superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established: by or under a law of the Commonwealth or of a State or Territory; or under the authority of: the Commonwealth or the government of a State or Territory; or a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth or of a State or Territory.

by or under a law of the Commonwealth or of a State or Territory; or

under the authority of:

the Commonwealth or the government of a State or Territory; or

a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth or of a State or Territory.

quarter means a period of 3 months beginning on 1 January, 1 April, 1 July and 1 October.

rectification direction: see subsection 159(2).

rectify, in relation to a contravention of this Act or the regulations that has occurred in relation to a superannuation entity, includes put in operation managerial or administrative arrangements that could reasonably be expected to ensure that there are no further contraventions of a similar kind.

redeem includes pay an amount equal to the interest pursuant to a covenant of a kind referred to in section 53 that is contained, or taken to be contained, in the governing rules of the fund.

registered company auditor has the same meaning as in the Corporations Act 2001.

registered organisation means:

an association registered under a law of a State or Territory as a trade union; or

a society registered under a law of a State or Territory providing for the registration of friendly or benefit societies; or

(c) an association of employees that is registered as an organisation, or recognised, under the Fair Work (Registered Organisations) Act 2009.

registrable superannuation entity means:

a regulated superannuation fund; or

an approved deposit fund; or

a pooled superannuation trust;

but does not include a self managed superannuation fund.

regulated document means a document: issued, or authorised to be issued, by the trustee of the entity; and that the trustee knows, or ought reasonably to know (having regard to the trustee’s abilities, experience, qualifications and other attributes), may influence a person’s decision: whether to apply to have a superannuation interest in the entity issued to a person; or whether to apply to become a standard employer-sponsor of the entity.

issued, or authorised to be issued, by the trustee of the entity; and

that the trustee knows, or ought reasonably to know (having regard to the trustee’s abilities, experience, qualifications and other attributes), may influence a person’s decision:

whether to apply to have a superannuation interest in the entity issued to a person; or

whether to apply to become a standard employer-sponsor of the entity.

regulated superannuation fund has the meaning given by section 19.

Regulator means:

if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA (other than a provision that is administered by both APRA and ASIC)—APRA; or

if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC (other than a provision that is administered by both APRA and ASIC)—ASIC; or

(c) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by both APRA and ASIC—either APRA or ASIC, but, if the context requires the reference to be particularly to one of those bodies, then Regulator means that body; or

if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation—the Commissioner of Taxation.

related, in relation to bodies corporate, has the meaning given by section 20.

related party, of a superannuation fund, means any of the following:

a member of the fund;

a standard employer-sponsor of the fund;

a Part 8 associate of an entity referred to in paragraph (a) or (b).

related trust, of a superannuation fund, means a trust that a member or a standard employer-sponsor of the fund controls (within the meaning of section 70E), other than an excluded instalment trust of the fund.

relative of an individual means the following: a parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendant or adopted child of the individual or of his or her spouse; a spouse of the individual or of any other individual referred to in paragraph (a).

a parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendant or adopted child of the individual or of his or her spouse;

a spouse of the individual or of any other individual referred to in paragraph (a).

relevant person means:

in relation to a fund or trust:

if the trustee or an investment manager of the fund or trust is or includes an individual—that individual; or

if the trustee or an investment manager of the fund or trust is or includes a body corporate—a responsible officer of that body corporate; or

an auditor of the fund or trust; or

an actuary of the fund or trust; or

a person who is a custodian in relation to the fund or trust; or

in relation to an approved SMSF auditor:

the approved SMSF auditor; or

a person who is a relevant person under paragraph (a) in relation to a self managed superannuation fund of which the approved SMSF auditor is or was an auditor; or

in relation to an audit of a self managed superannuation fund:

the person who is conducting, or conducted, the audit; or

a person who is a relevant person under paragraph (a) in relation to the self managed superannuation fund.

resident approved deposit fund has the meaning given by section 20A.

resident regulated superannuation fund means a regulated superannuation fund that is an Australian superannuation fund within the meaning of the Income Tax Assessment Act 1997.

resolution, of an entity, means the process by which APRA or other relevant persons manage or respond to the entity:

being unable to meet its obligations; or

being considered likely to be unable, or being considered likely to become unable, to meet its obligations; or

suspending payment, or being considered likely to suspend payment;

including through the exercise of powers and functions under this Act or another law.

responsible officer, in relation to a body corporate, means:

a director of the body; or

a secretary of the body; or

an executive officer of the body.

reviewable decision means:

a decision of APRA under subsection 18(6) or (7) to make a declaration; or

a decision of APRA under subsection 18(7A) to make a declaration under subsection 18(7) subject to conditions; or

a decision of APRA under subsection 18(7C) to revoke a declaration that a superannuation fund is not a public offer superannuation fund or;

a decision of APRA under subsection 18(10) to revoke a declaration; or

a decision of APRA under subsection 29CA(2) to treat an application for an RSE licence as having been withdrawn; or

a decision of APRA under subsection 29D(2) refusing an application for an RSE licence; or

a decision of APRA under subsection 29EA(1) to impose additional conditions on an RSE licence; or

a decision of APRA under subsection 29FA(2) to treat an application for variation of an RSE licence so that it is an RSE licence of a different class as having been withdrawn; or

a decision of APRA under subsection 29FA(2) to treat an application for variation or revocation of a condition imposed on an RSE licence as having been withdrawn; or

a decision of APRA to refuse to vary an RSE licence under subsection 29FC(1) so that it is an RSE licence of a different class; or

a decision of APRA to refuse to vary or revoke under subsection 29FC(1) any conditions imposed on an RSE licence; or

a decision of APRA under subsection 29FD(1) to vary or revoke any conditions imposed on an RSE licence; or

a decision of APRA under subsection 29G(1) to cancel an RSE licence; or

a decision of APRA under section 29HD to refuse to give a person approval to hold a controlling stake in an RSE licensee; or

a decision of APRA under subsection 29M(2) refusing an application for registration of a registrable superannuation entity; or

a decision of APRA under subsection 29N(2) to cancel the registration of a registrable superannuation entity; or

a decision of APRA under subsection 29T(2) to refuse to authorise an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; or

a decision of APRA under subsection 29U(1) to cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; or

a decision to determine, vary or revoke a prudential standard referred to in paragraph 34C(1)(e) or (f); or

a decision of the Regulator to give or vary a direction under section 34P or 34Q; or

a decision of the Regulator refusing to give an approval under paragraph 35A(2)(b); or

a decision of the Regulator to give such an approval subject to conditions under subsection 35A(3); or

a decision of the Regulator to give a notice under section 40; or

a decision of the Regulator refusing to give a notice under section 40; or

a decision of the Regulator under subsection 42(1AA) or (1AC); or

a refusal of the Regulator to give an approval under subparagraph 62(1)(b)(v); or

a decision of the Regulator to give a direction under section 63; or

a decision of the Regulator refusing to revoke a direction under section 63; or

a decision of the Regulator to make a determination under subsection 70A(1); or

a decision of the Regulator refusing to revoke a determination under subsection 70A(1); or

a decision of the Regulator refusing to make a determination under paragraph 71(1)(e); or

a decision of the Regulator to revoke a determination under paragraph 71(1)(e); or

a decision of the Regulator to make a determination under subsection 71(4); or

a decision of the Regulator refusing to revoke a determination under subsection 71(4); or

a decision of APRA under section 92 refusing to grant an arrangement approval; or

a decision of APRA under section 92 revoking an arrangement approval; or

a decision of APRA under subsection 93A(2) or (3) to approve or not approve a higher percentage; or

a decision of APRA under subsection 93A(4) to specify conditions to which an approval is subject; or

a decision of APRA under subsection 93A(5) to vary an approval; or

a decision of APRA under subsection 95(2) refusing to approve a borrowing; or

a decision of APRA under subsection 117(6) refusing to waive a requirement; or

a decision of APRA under subparagraph 123(2)(b)(ii) or (3)(c)(ii); or

a decision of the Regulator under subsection 126A(1), (2) or (3) to disqualify an individual; or

a decision of the Regulator under subsection 126A(5) refusing to revoke the disqualification of an individual; or

a decision of the Regulator under subsection 126B(4) refusing to allow a longer period than 14 days to make an application for waiver; or

a decision of the Regulator under subsection 126D(3) refusing to make a declaration waiving an applicant’s status as a disqualified person; or

a decision of the Regulator under subsection 126F(3) refusing to waive, in whole or in part, the requirement to pay an amount under subsection 126F(2); or

a decision of the Regulator under section 128B refusing an application made under section 128A; or

a decision of the Regulator under section 128D imposing or varying conditions, or additional conditions, on a person’s registration as an approved SMSF auditor; or

a decision of the Regulator refusing an application to vary or revoke conditions, or additional conditions, imposed under section 128D on a person’s registration as an approved SMSF auditor; or

a decision of the Regulator under subsection 128E(2) cancelling a person’s registration as an approved SMSF auditor; or

a decision of the Regulator refusing an application to waive the payment of the whole or a part of a fee under subsection 128L(4); or

a decision of the Regulator to make an order under subsection 130F(2); or

a decision of the Regulator refusing an application to revoke an order under subsection 130F(8); or

a decision of the Regulator to make a disqualification order under section 131; or

a decision of the Regulator refusing to revoke a disqualification order under section 131; or

a decision of APRA to give a direction under section 131AA, other than a direction on the ground mentioned in paragraph 133AA(2)(a); or

a decision of APRA to give a direction under subsection 131D(1), 131DA(1) or 131DA(3); or

a decision of APRA to vary a direction under subsection 131DC(1); or

a decision of the Regulator under subsection 131EB(1) to give a person a direction to relinquish control of an RSE licensee; or

a decision of the Regulator to suspend or remove a trustee of a superannuation entity under section 133; or

a decision of the Regulator under section 141; or

a decision of APRA under subsection 242F(2) to refuse to authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund; or

a decision of APRA under subsection 242J(1) to cancel an authority to operate a regulated superannuation fund as an eligible rollover fund; or

a decision of the Regulator under section 328 to make an exemption that applies to a particular person or a particular group of individual trustees; or

a decision of the Regulator under section 332 to make a declaration that applies to a particular person or a particular group of individual trustees; or

a decision of the Regulator under section 335 to vary or revoke an exemption or declaration that applies to a particular person or a particular group of individual trustees; or

a decision of APRA refusing to give a notice under subsection 342(2) in relation to a fund; or

a decision of APRA to give a notice under subsection 342(6) in relation to a fund; or

a decision of the Regulator under subsection 347A(9).

RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.

RSE actuary means a person who is appointed as an actuary of a registrable superannuation entity.

RSE audit company means a company that is appointed as auditor of a registrable superannuation entity.

RSE audit firm means a firm that is appointed as auditor of a registrable superannuation entity.

RSE auditor means:

an individual RSE auditor; or

an RSE audit firm; or

an RSE audit company.

RSE licence means a licence granted under section 29D.

RSE licensee means a constitutional corporation, body corporate, or group of individual trustees, that holds an RSE licence granted under section 29D.

RSE licensee law means:

this Act or the regulations; and

prudential standards; and

(b) the Financial Sector (Collection of Data) Act 2001; and

(c) the Financial Institutions Supervisory Levies Collection Act 1998; and

(ca) the Financial Accountability Regime Act 2023; and

(d) the provisions of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as applying in relation to superannuation interests; and

any other provisions of any other law of the Commonwealth specified in regulations made for the purposes of this paragraph.

salary or wages has the same meaning as in the Superannuation Guarantee (Administration) Act 1992.

self managed superannuation fund has the meaning given by sections 17A and 17B.

signed means executed by or on behalf of the body corporate in a way that is effective in law and that binds the body corporate.

SMSF actuary means a person who is a Fellow or an Accredited Member of the Institute of Actuaries of Australia.

SMSF auditor number, of an approved SMSF auditor, means the number stated under paragraph 128B(6)(b) in a certificate under subsection 128B(6) relating to the auditor’s registration under section 128B.

spouse of a person includes:

(a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; andsection 2E of the

another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.

stake in an RSE licensee that is a body corporate, has the same meaning as in the Financial Sector (Shareholdings) Act 1998.

standard employer-sponsor has the meaning given by subsection 16(2).

standard employer-sponsored fund has the meaning given by subsection 16(4).

standard employer-sponsored member has the meaning given by subsection 16(5).

subsidiary has the same meaning as in the Corporations Act 2001.

superannuation account has the meaning given by subsection 108A(3).

superannuation actuary means:

an RSE actuary; or

an SMSF actuary.

superannuation auditor means:

an RSE auditor; or

an approved SMSF auditor.

superannuation data and payment matter has the meaning given by subsection 34K(5).

superannuation data and payment regulations and standards means:

the regulations made under section 34K; and

the standards issued by the Commissioner of Taxation under that section.

superannuation data and payment standard means a standard issued by the Commissioner of Taxation under section 34K.

superannuation entity means:

a regulated superannuation fund; or

an approved deposit fund; or

a pooled superannuation trust.

superannuation entity affected by a reviewable decision means the superannuation entity in relation to which the decision was made.

superannuation entity director has the meaning given by subsection 52A(7).

superannuation fund means:

a fund that:

is an indefinitely continuing fund; and

is a provident, benefit, superannuation or retirement fund; or

a public sector superannuation scheme.

superannuation interest means a beneficial interest in a superannuation entity.

suspended SMSF auditor means a person for whom an order suspending a person’s registration as an approved SMSF auditor is in force under section 130F.

switching fee has the meaning given by subsection 29V(5).

taxation officer means:

a Second Commissioner of Taxation; or

a Deputy Commissioner of Taxation; or

(c) a person engaged under the Public Service Act 1999, or an officer or employee of an authority of the Commonwealth, performing duties in the Australian Taxation Office; or

a person engaged to provide services relating to the Australian Taxation Office.

trustee, in relation to a fund, scheme or trust, means:

if there is a trustee (within the ordinary meaning of that expression) of the fund, scheme or trust—the trustee; or

in any other case—the person who manages the fund, scheme or trust.

unit trust means:

(a) a unit trust within the meaning of Income Tax Assessment Act 1936 (whether established by a law of the Commonwealth or of a State or Territory, by a government agency or otherwise); orDivision 6C of Part III of the

the trustee of such a trust;

as appropriate.

value means market value, and includes amount.

virtual meeting technology has the same meaning as in the Corporations Act 2001.

year of income has the same meaning as in the Income Tax Assessment Act 1936.

(a) circumstances in which a member of a superannuation fund is not a defined benefit member for the purposes of this Act, or a provision of this Act; and

(b) circumstances in which a member of a superannuation fund who is not otherwise a defined benefit member for the purposes of this Act, or a provision of this Act, is to be taken to be a defined benefit member for the purposes of this Act, or that provision.

who receives a pension from the fund; or

who has deferred his or her entitlement to receive a benefit from the fund.

it has ceased being a self managed superannuation fund for the purposes of the rest of this Act; and

the trustee of the fund is not an RSE licensee.

they have a close personal relationship; and

they live together; and

one or each of them provides the other with financial support; and

one or each of them provides the other with domestic support and personal care.

2 persons (whether or not related by family) satisfy the requirement of paragraph (1)(a); and

they do not satisfy the other requirements of an interdependency relationship under subsection (1); and

the reason they do not satisfy the other requirements is that either or both of them suffer from a physical, intellectual or psychiatric disability;

they have an interdependency relationship.

(a) matters that are, or are not, to be taken into account in determining under subsection (1) or (2) whether 2 persons have an interdependency relationship; and

(b) circumstances in which 2 persons have, or do not have, an interdependency relationship.

require or permit the form to be attached to, or to form part of, another document;

require or permit the form to be given on a specified kind of data processing device or by specified electronic transmission, in accordance with specified software or other requirements.

the form is taken to constitute a written notice; and

if the form includes the electronic signature of a person—the form is taken to be signed by that person.

the person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and

either:

the form purports to be given by another person; or

the form purports to be given on behalf of another person, and that other person has not consented to the giving of the form.

the person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and

the form includes the electronic signature of another person who has not consented to the inclusion of the signature.

the Regulator is given an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and

the form is given to the Regulator by a person on behalf of the trustee, or one or more of the trustees, of a superannuation entity.

In this section, the trustee, or each of the trustees, on whose behalf the form is given is referred to as the responsible trustee.

the person is authorised to give the form to the Regulator on the responsible trustee’s behalf; and

the information in the form is correct.

within the 5 year period, the Regulator requests the responsible trustee to produce the declaration to the Regulator; and

the responsible trustee does not comply with the request.

the Regulator and the person seeking to lodge it (either on the person’s own behalf or on another person’s behalf) have agreed, in writing, that it may be lodged electronically; or

the Regulator has approved, in writing, the electronic lodgment of documents of that kind.

that sections 12 and 14 and paragraphs 15(1)(b) and 16(1)(b) and (c) of that Act had not been enacted;

that section 13 of that Act were not limited to Chapter 7, but extended to all provisions of that Act.

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the obligations of the RSE licensee were being complied with.

a beneficiary has an interest in a fund; and

on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund:

to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or

into an RSA specified by the beneficiary;

the trustee of the fund is taken to have paid the amount to the beneficiary on request.

a beneficiary has an interest in a fund; and

on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund to:

an approved deposit fund; or

a regulated superannuation fund;

the trustee of the first-mentioned fund is taken to have paid the amount to the beneficiary on request.

expand the meaning of those terms; and

make particular provision to avoid doubt as to the status of certain persons.

a person who is paid to perform or present, or to participate in the performance or presentation of, any music, play, dance, entertainment, sport, display or promotional activity or any similar activity involving the exercise of intellectual, artistic, musical, physical or other personal skills is an employee of the person liable to make the payment; and

a person who is paid to provide services in connection with an activity referred to in paragraph (a) is an employee of the person liable to make the payment; and

a person who is paid to perform services in, or in connection with, the making of any film, tape or disc or of any television or radio broadcast is an employee of the person liable to make the payment.

holds, or performs the duties of, an appointment, office or position under the Constitution or under a law of the Commonwealth, of a State or of a Territory; or

is otherwise in the service of the Commonwealth, of a State or of a Territory (including service as a member of the Defence Force or as a member of a police force);

is an employee of the Commonwealth, the State or the Territory, as the case requires.

contributes to the fund; or

would, apart from a temporary cessation of contributions, contribute to the fund;

for the benefit of:

a member of the fund who is an employee of:

the employer; or

an associate of the employer; or

the dependants of such a member in the event of the death of the member.

Standard employer-sponsor

it has no more than 6 members;

if the trustees of the fund are individuals—each individual trustee of the fund is a member of the fund;

if the trustee of the fund is a body corporate—each director of the body corporate is a member of the fund;

each member of the fund:

is a trustee of the fund; or

if the trustee of the fund is a body corporate—is a director of the body corporate;

no member of the fund is an employee of another member of the fund, unless the members concerned are relatives;

no trustee of the fund receives any remuneration from the fund or from any person for any duties or services performed by the trustee in relation to the fund;

if the trustee of the fund is a body corporate—no director of the body corporate receives any remuneration from the fund or from any person (including the body corporate) for any duties or services performed by the director in relation to the fund.

Basic conditions—single member funds

if the trustee of the fund is a body corporate:

the member is the sole director of the body corporate; or

the member is one of only 2 directors of the body corporate, and the member and the other director are relatives; or

the member is one of only 2 directors of the body corporate, and the member is not an employee of the other director; and

if the trustees of the fund are individuals:

the member is one of only 2 trustees, of whom one is the member and the other is a relative of the member; or

the member is one of only 2 trustees, and the member is not an employee of the other trustee; and

no trustee of the fund receives any remuneration from the fund or from any person for any duties or services performed by the trustee in relation to the fund;

if the trustee of the fund is a body corporate—no director of the body corporate receives any remuneration from the fund or from any person (including the body corporate) for any duties or services performed by the director in relation to the fund.

Certain other persons may be trustees

a member of the fund has died and the legal personal representative of the member is a trustee of the fund or a director of a body corporate that is the trustee of the fund, in place of the member, during the period:

beginning when the member of the fund died; and

ending when death benefits commence to be payable in respect of the member of the fund; or

the legal personal representative of a member of the fund is a trustee of the fund or a director of a body corporate that is the trustee of the fund, in place of the member, during any period when:

the member of the fund is under a legal disability; or

the legal personal representative has an enduring power of attorney in respect of the member of the fund; or

if a member of the fund is under a legal disability because of age and does not have a legal personal representative:

the parent or guardian of the member is a trustee of the fund in place of the member; or

if the trustee of the fund is a body corporate—the parent or guardian of the member is a director of the body corporate in place of the member; or

an appointment under section 134 of an acting trustee of the fund is in force.

Circumstances in which entity that does not satisfy basic conditions remains a self managed superannuation fund

the time an RSE licensee of the fund is appointed;

6 months after it would so cease to be a self managed superannuation fund.

Subsection (4) does not apply if admission of new members

a relative of the other person; or

either of the following:

a body corporate of which the other person, or a relative of the other person, is a director;

a body corporate related to that body corporate; or

a trustee of a trust of which the other person, or a relative of the other person, is a beneficiary; or

a partnership, where:

the other person, or a relative of the other person, is a partner in the partnership; or

the other person, or a relative of the other person, is a director of a body corporate that is a partner in the partnership; or

the other person, or a relative of the other person, is a beneficiary of a trust, if a trustee of the trust is a partner in the partnership.

a member of a fund is taken to be an employee of a person belonging to a class specified in the regulations for the purposes of this paragraph; and

despite subsections (6) and (7) and section 15A, a member of a fund is not taken to be an employee of a person belonging to a class specified in the regulations for the purposes of this paragraph.

Meaning of relative

a parent, child, grandparent, grandchild, sibling, aunt, uncle, great-aunt, great-uncle, niece, nephew, first cousin or second cousin of the individual or of his or her spouse or former spouse; or

a spouse or former spouse of the individual, or of an individual referred to in paragraph (a).

the trustee performs the duties or services other than in the capacity of trustee; and

the trustee is appropriately qualified, and holds all necessary licences, to perform the duties or services; and

the trustee performs the duties or services in the ordinary course of a business, carried on by the trustee, of performing similar duties or services for the public; and

the remuneration is no more favourable to the trustee than that which it is reasonable to expect would apply if the trustee were dealing with the relevant other party at arm’s length in the same circumstances.

the director performs the duties or services other than:

in the capacity of director; and

in connection with the body corporate’s capacity of trustee; and

the director is appropriately qualified, and holds all necessary licences, to perform the duties or services; and

the director performs the duties or services in the ordinary course of a business, carried on by the director, of performing similar duties or services for the public; and

the remuneration is no more favourable to the director than that which it is reasonable to expect would apply if the director were dealing with the relevant other party at arm’s length in the same circumstances.

one of the following subparagraphs applies to the fund:

it is a regulated superannuation fund that is not a standard employer-sponsored fund;

it is a standard employer-sponsored fund that has at least one member:

(A) who is not a standard employer-sponsored member; and

(B) who is not a member of a prescribed class;

it is a standard employer-sponsored fund in relation to which an election under subsection (2) has been made;

a declaration under subsection (6) (which allows for funds to be declared to be public offer superannuation funds) is in force in relation to the fund; and

the fund is not a self managed superannuation fund; and

no declaration under subsection (7) (which allows for funds to be declared not to be public offer superannuation funds) is in force in relation to the fund.

Election to be a public offer superannuation fund

in the approved form; and

signed by the trustee.

Trustee has power to make election despite anything in the governing rules

APRA may revoke the declaration; and

the superannuation fund is taken, with effect from the revocation, to have become a public offer superannuation fund.

Commencement of declaration

if a time is specified in the declaration as the time when it stops being in force—until that time, or until the declaration is revoked, whichever occurs first; or

otherwise—until the declaration is revoked.

Revocation of declaration

the trustee of the fund must be a constitutional corporation pursuant to a requirement contained in the governing rules;

the governing rules must provide that the sole or primary purpose of the fund is the provision of old-age pensions.

Election by trustee

in the approved form; and

signed by the trustee or each trustee;

electing that this Act is to apply in relation to the fund.

Election is irrevocable

either:

the fund was established in Australia; or

at that time, any asset of the fund is situated in Australia; and

at that time, the central management and control of the fund is in Australia; and

at that time, the percentage worked out using the following formula is not less than 50%:

where:

Accumulated entitlements of resident members means the sum of so much of the value of the assets of the fund at that time as is attributable to:

deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and

income or accretions arising from those deposits.

Total assets of fund means the value of the assets of the fund at that time.

Definitions

if the member is a defined benefit member of the fund; or

if the fund is an eligible rollover fund; or

to the extent that the member’s underlying asset(s) is invested in one or more of the following:

a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested;

a life policy under which the benefit to the member (or a relative or dependant of the member) is based only on the realisation of a risk, not the performance of an investment;

an investment account contract the only beneficiaries of which are the member, and relatives and dependants of the member;

an investment option under which the investment is held as cash; or

to the extent that a pension is payable out of the member’s underlying asset(s), because the member has satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h).

(a) benefits of a person in a regulated superannuation fund (the earlier fund) are transferred to another regulated superannuation fund (the later fund); and

the person gave or (because of a previous application of this subsection) is taken to have given the trustee, or the trustees, of the earlier fund a direction on the investment option under which an asset (or assets) of the earlier fund is to be invested; and

(c) an amount attributable to the person is invested under an equivalent investment option offered by the later fund (the equivalent investment option);

the person is taken to have given the trustee, or the trustees, of the later fund a direction to invest in the equivalent investment option any asset (or assets) of the later fund that is attributed to the person in relation to an amount attributed to the person.

constitutional corporations; and

other bodies corporate; and

groups of individual trustees.

any public offer entity; and

any other registrable superannuation entity included in a class of registrable superannuation entities specified in regulations made for the purposes of this subsection;

subject to any condition imposed on that licence under subsection 29EA(3).

holds a licence of that class; or

is a member of a group of individual trustees that holds a licence of that class;

to be a trustee of any registrable superannuation entity included in a class of registrable superannuation entities (other than a class of public offer entities) specified in regulations made for the purposes of this subsection, subject to any condition imposed on that licence under subsection 29EA(3).

holds a licence of that class; or

is a member of a group of individual trustees that holds a licence of that class;

is enabled to be a trustee, subject to any condition imposed on that licence under subsection 29EA(3).

be in the approved form; and

contain the information required by the approved form; and

be accompanied by the application fee (if any) prescribed by regulations made for the purposes of this paragraph.

a body corporate applies for an RSE licence; and

after the application is made, but before APRA decides the application, another director is added to, or removed from the board;

the body corporate must notify APRA, in the approved form, about the change to the membership of the board as soon as practicable after that change occurs.

a group of individual trustees applies for an RSE licence; and

after the application is made, but before APRA decides the application, another trustee is added to, or removed from the group;

a member of the group must notify APRA, in the approved form, about the change to the membership of the group as soon as practicable after that change occurs.

does not comply with a request to provide information under this section; and

does not have a reasonable excuse for not complying.

APRA’s decision; and

the reasons for that decision;

as soon as practicable after making the decision.

in writing; and

within 90 days after receiving the application.

APRA has no reason to believe that:

if the application is made by a body corporate—the body corporate; or

if the application is made by a group of individual trustees—the group as a whole or any member of the group;

would fail to comply with the RSE licensee law or Chapter 2M of the Corporations Act 2001 if the RSE licence were granted; and

APRA has no reason to believe that:

if the application is made by a body corporate—the body corporate; or

if the application is made by a group of individual trustees—the group as a whole or any member of the group;

would fail to comply with any condition imposed on the RSE licence if it were granted; and

the application for the licence complies with section 29C and is for a class of licence that the body corporate or group of individual trustees may apply for under that section; and

APRA is satisfied that:

if the application is made by a body corporate—the body corporate meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees; or

if the application is made by a group of individual trustees—the group as a whole meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees and each of the members of the group meets the requirements of the prudential standards relating to fitness and propriety for members of groups of trustees that are RSE licensees; and

in a case where the applicant is not a constitutional corporation—APRA is satisfied that:

if the application is made by a body corporate—the body corporate; or

if the application is made by a group of individual trustees—each member of the group;

only intends to act as a trustee of one or more superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old-age pensions; and

in a case where the application is for a licence of a class that enables a trustee that holds a licence of the class to be a trustee of a public offer entity subject to any condition imposed under subsection 29EA(3)—APRA is satisfied that the applicant is a constitutional corporation; and

the application has not been withdrawn, treated as withdrawn under subsection 29CA(2) or taken to have been refused under subsection 29CC(4).

each document that it gives to APRA in the capacity of an RSE licensee; and

any other document in which it identifies itself as an RSE licensee of a registrable superannuation entity; and

if the RSE licensee is a body corporate—any document in which the body corporate identifies itself as a trustee of a registrable superannuation entity; or

if the RSE licensee is a group of individual trustees—any document in which a member of the group identifies itself as a trustee of a registrable superannuation entity or as a member of a group of individual trustees that are the RSE licensee of a registrable superannuation entity.

the time when it is granted; or

the time specified on the licence as the time when it comes into force.

any imposition of licence conditions under Division 5; or

any variation or revocation of the licence conditions, or variation of the licence class, under Division 6;

until the RSE licence is cancelled under Division 7.

(a) the RSE licensee and, if the RSE licensee is a group of individual trustees, each of the members of the group, must comply with the RSE licensee law and Chapter 2M of the Corporations Act 2001;

the duties of a trustee in respect of each registrable superannuation entity of which it is an RSE licensee must be properly performed by:

if the RSE licensee is a body corporate—the body corporate; or

if the RSE licensee is a group of individual trustees—each of the members of the group;

the RSE licensee must:

have an ABN; or

(ii) have made an application for an ABN that has not been refused under the A New Tax System (Australian Business Number) Act 1999;

(d) the RSE licensee must ensure that each registrable superannuation entity of which it is the RSE licensee is:

registered under Part 2B; or

the subject of an application for registration under Part 2B that has not been finally determined or otherwise disposed of;

the RSE licensee must ensure that each registrable superannuation entity of which it is an RSE licensee has an ABN;

the RSE licensee must notify APRA of any change in the composition or control of the RSE licensee (see subsection (2)) within 14 days after the change takes place;

the RSE licensee must comply with any other conditions prescribed by regulations made for the purposes of this paragraph.

Change in the composition of the RSE licensee

if the RSE licensee is a body corporate:

a person becoming, or ceasing to be, a director of the RSE licensee; or

a person’s stake in the RSE licensee changing; or

if the RSE licensee is a group of individual trustees—an individual becoming, or ceasing to be, a member of the group.

if the RSE licensee that holds the licence is a body corporate—that the body; or

if the RSE licensee is a group of individual trustees—that the members of the group;

only act as a trustee of superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old-age pensions.

Licences held by groups of individual trustees

the members of the group must make all reasonable efforts to ensure that the group always has at least 2 members;

any continuous period for which the group has less than 2 members must be 90 days or less.

Licences held by bodies corporate

performing the RSE licensee’s duties, or exercising the RSE licensee’s powers, as a trustee of a registrable superannuation entity; or

providing personal advice.

Licences held by RSE licensees of transferee funds

the RSE licensee must ensure that the governing rules of the fund are not varied so that section 29TC is no longer satisfied in relation to that class of interest;

the RSE licensee must ensure that the governing rules of the fund relating to that class of interest are not contravened.

RSE licensees who apply for authority to offer MySuper product

the only purpose of the fund is no longer to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; or

a single diversified investment strategy is no longer adopted in relation to assets of the fund.

Complying with rules relating to merging multiple accounts in a superannuation entity

a condition is expressed to have effect as mentioned in subsection (2A); and

(b) a provision of the prudential standards (the inconsistent provision) is inconsistent with the condition to any extent;

the inconsistent provision is to be disregarded to the extent of the inconsistency in determining, for the purposes of any law of the Commonwealth, whether the RSE licensee has complied with its obligations under the prudential standards.

a registrable superannuation entity specified in the condition; or

a registrable superannuation entity included in the class of registrable superannuation entities specified in the condition.

(a) APRA must consult ASIC before imposing a condition that, in APRA’s opinion, might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001) that the RSE licensee provides; and

APRA must inform ASIC about the imposition of any condition not covered by paragraph (a) within one week after the condition is imposed.

the day on which APRA gives the RSE licensee the notice of the condition; or

the day specified in the notice as the day on which the condition comes into force.

variation of its RSE licence so that the RSE licence is an RSE licence of a different class;

variation or revocation of a condition that APRA has imposed on its RSE licence under section 29EA.

be in the approved form; and

contain the information required by the approved form; and

if the application is for a variation of an RSE licence so that it is an RSE licence of a different class—be accompanied by the application fee (if any) prescribed for the type of variation by regulations made for the purposes of this paragraph.

does not comply with a request to provide information under this section; and

does not have a reasonable excuse for not complying.

APRA’s decision; and

the reasons for that decision;

as soon as practicable after making the decision.

in writing; and

within 60 days of receiving the application.

vary the RSE licensee’s RSE licence so that it is an RSE licence of a different class; or

vary or revoke a condition that APRA has imposed on the RSE licence under section 29EA;

in accordance with an application under section 29F.

an RSE licence must not be varied so that it becomes an RSE licence of a particular class unless APRA is satisfied that the RSE licensee will comply with any conditions imposed on that class of RSE licence; and

a condition as varied under paragraph (1)(b) must not be inconsistent with any condition imposed by section 29E; and

if the RSE licensee is also a financial services licensee:

(i) APRA must consult ASIC before varying the RSE licence so that it is an RSE licence of a different class, if, in APRA’s opinion, the variation might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001) that the RSE licensee provides; and

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

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 (ii); and

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

the variation of an RSE licence so that it is an RSE licence of a different class; or

the variation or revocation of a licence condition.

a condition as varied under subsection (1) must not be inconsistent with any condition imposed by section 29E; and

if the RSE licensee that holds the licence 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 RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001) that the RSE licensee provides; and

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

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.

varies the RSE licensee’s RSE licence under section 29FC so that it is an RSE licence of a different class; or

varies or revokes, under section 29FC or 29FD, a condition that APRA imposed on the RSE licence under section 29EA.

if paragraph (1)(a) applies—specify the class of the RSE licence after the variation; and

if paragraph (1)(b) applies:

identify the licence condition being varied or revoked; and

specify any conditions imposed under section 29EA to which the licence is subject after the variation or revocation comes into force; and

state the reasons for the variation or revocation; and

specify the day, not earlier than the day on which APRA gives the notice, on which the variation or revocation comes into force.

APRA’s refusal of the application; and

the reasons for the refusal;

as soon as practicable after refusing the application.

the variation comes into force on the day specified in the notice under paragraph 29FE(2)(d); and

the variation remains in force until:

the licence is again varied so that it is an RSE licence of a different class; or

the licence is cancelled.

the variation comes into force on the day specified in the notice under paragraph 29FE(2)(d); and

the variation remains in force until:

the condition is varied in an inconsistent manner; or

the condition is revoked; or

the licence is cancelled.

the RSE licensee has requested, in the approved form, that the licence be cancelled; or

the RSE licensee is a body corporate and is a disqualified person for the purposes of Part 15; or

the RSE licensee has breached a condition imposed on the licence; or

APRA has reason to believe that the RSE licensee will breach a condition imposed on the licence; or

the RSE licensee has failed to comply with a direction by APRA under subsection 131D(1) or 131DA(1); or

APRA has reason to believe that the RSE licensee will fail to comply with a direction by APRA under subsection 131D(1) or 131DA(1).

that APRA has cancelled the licence; and

of the reasons for the cancellation.

be in the approved form; and

contain the information required by the approved form.

a person applies for approval to hold a controlling stake in an RSE licensee; and

after the application is made, but before APRA decides the application, information contained in the application ceases to be correct;

the person must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct.

within 90 days after receiving the application; or

(b) if the applicant was requested to provide information under days after:section 29HB—within 90

receiving from the person all of the information the person was requested to provide under that section; or

all notices relating to that information being disposed of;

unless APRA extends the period for deciding the application under subsection (2).

in writing; and

within 90 days after receiving the application.

the person holds an RSE licence that enables the person to be the trustee of the entity;

the person is a member of a group of individual trustees that holds an RSE licence that enables the members of the group to each be a trustee of the entity.

is a body corporate; and

is not the only trustee of the registrable superannuation entity.

the RSE licensee has breached or will breach a condition imposed on its RSE licence; and

the breach is or will be significant (see subsection (1A));

the RSE licensee must give APRA a written report about the breach as soon as practicable, and in any case within 30 days, after becoming aware of the breach.

the number or frequency of similar previous breaches;

the impact the breach has or will have on the RSE licensee’s ability to fulfil its obligations as trustee of the superannuation entity;

(c) the extent to which the breach indicates that the RSE licensee’s arrangements to ensure compliance with the RSE licensee law or Chapter 2M of the Corporations Act 2001 might be inadequate;

the actual or potential financial loss arising or that will arise from the breach to the beneficiaries of the entity or to the RSE licensee;

any other matters prescribed by regulations made for the purposes of this paragraph.

the person is:

a body corporate that is an RSE licensee; or

a member of a group of individual trustees that is an RSE licensee; and

the RSE licensee is in breach of subsection (1).

the person makes a representation; and

the representation is that the person is, or is a member of a group that is, an RSE licensee; and

the representation is false.

the person holds a controlling stake in an RSE licensee; and

the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee.

be in the approved form; and

contain the information required by the approved form; and

state the RSE licensee’s and the entity’s ABNs; and

be accompanied by an up-to-date copy of the trust deed by which the registrable superannuation entity is constituted (except to the extent that the trust deed is constituted by the governing rules of the entity); and

be accompanied by an up-to-date copy of the governing rules of the registrable superannuation entity (except to the extent that the governing rules are constituted by the law of the Commonwealth or by unwritten rules).

Notifying certain changes while applications are pending

an RSE licensee applies for registration of a registrable superannuation entity; and

after the application is made but before APRA decides the application, the trust deed (other than the governing rules of the entity) by which the entity is constituted is varied or revoked and replaced;

the RSE licensee must lodge an up-to-date copy of the trust deed with APRA as soon as practicable after the trust deed is varied or revoked and replaced.

an RSE licensee applies for registration of a registrable superannuation entity; and

after the application is made but before APRA decides the application, any governing rules of the entity (that are not constituted by the law of the Commonwealth or by unwritten rules) are varied or revoked and replaced;

the RSE licensee must lodge an up-to-date copy of the governing rules (that are not constituted by the law of the Commonwealth or by unwritten rules) with APRA as soon as practicable after the governing rules are varied or revoked and replaced.

it was made by an RSE licensee; and

the RSE licensee ceases to be an RSE licensee before:

APRA makes a decision on the application for registration; or

if APRA’s decision with respect to the application is subject to review under this Act—before the review is finally determined or otherwise disposed of.

within 21 days after receiving the application; or

if the applicant was requested to provide information under within 21 days after:section 29LA—

receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or

all notices relating to that information being disposed of;

unless APRA extends the period for deciding the application under subsection (2).

in writing; and

within the period in which it would otherwise be required to decide the application under subsection (1).

the application for registration complies with section 29L; and

the applicant has provided to APRA all information that the applicant was requested, under section 29LA, to provide, or the request has been disposed of; and

APRA is satisfied that nothing in the governing rules of the entity conflicts with Part 6; and

the applicant for registration holds an RSE licence that enables:

if the applicant is a body corporate—the body corporate; or

if the applicant is a group of individual trustees—each member of the group;

to be a trustee of that entity.

each document that the RSE licensee gives to APRA that relates to the entity; and

any other document in which the RSE licensee identifies itself as the RSE licensee of the entity; and

if the RSE licensee is a body corporate—any document in which the body corporate identifies itself as a trustee of the entity; and

if the RSE licensee is a group of individual trustees—any document that a member of the group gives to APRA or in which a member of the group identifies itself as a trustee of the entity or as a member of a group of individual trustees that are the RSE licensee of the entity.

(a) is a reporting document within the meaning of the Financial Sector (Collection of Data) Act 2001; and

relates to the entity; and

was given to APRA under that Act;

states that the entity has been wound up.

the entity has no beneficiaries and no assets; and

there are no outstanding claims against the entity for benefits or other payments; and

other circumstances (if any) prescribed by regulations made for the purposes of this paragraph exist.

stating that APRA has cancelled the registration of the entity; and

setting out the reasons for the cancellation;

as soon as practicable after cancelling the registration of the entity.

all members of the registrable superannuation entity;

if the RSE licensee is a body corporate—all responsible officers of the body corporate;

any individual, company or firm that is the RSE auditor of the registrable superannuation entity;

any individual, company or firm that has been an RSE auditor of the registrable superannuation entity for the year of income of the entity;

any person who has been an actuary of the registrable superannuation entity during the year of income of the entity.

set out in the notice:

if there is only one location at which to physically attend the annual members’ meeting—the date, time and place for the meeting; and

if there are 2 or more locations at which to physically attend the annual members’ meeting—the date and time for the meeting at each location, and the main location for the meeting; and

if virtual meeting technology is to be used in holding the annual members’ meeting—sufficient information to allow persons to participate in the meeting by means of the technology; and

include in the notice the agenda of matters to be discussed at the annual members’ meeting; and

include in the notice links to each of the following reports that are publicly available on the registrable superannuation entity’s website:

the financial report for the year of income of the entity;

the directors’ report for the year of income of the entity;

the auditor’s report on the financial report for the year of income of the entity; and

include with the notice any other information prescribed by the regulations; and

give the notice, and any information required to be included with the notice, in the manner (if any) prescribed by the regulations; and

give the notice, and any information required to be included with the notice:

no later than 6 months after the end of the year of income of the entity; and

at least 21 days before the meeting.

at one or more physical venues; or

at one or more physical venues and using virtual meeting technology; or

using virtual meeting technology only.

if the meeting is held at only one physical venue (whether or not it is also held using virtual meeting technology)—that physical venue; or

if the meeting is held at more than one physical venue (whether or not it is also held using virtual meeting technology)—the main physical venue of the meeting as set out in the notice of the meeting; or

if the meeting is held using virtual meeting technology only—the registered address of, or an address for service of notices on, the registrable superannuation entity as contained in a register kept by APRA under regulations made for the purposes of subsection 353(2).

the registrable superannuation entity; and

if the RSE licensee is a body corporate—the RSE licensee and the responsible officers of the RSE licensee; and

if the RSE licensee is a group of individual trustees—each of the individual trustees; and

any audit of the registrable superannuation entity for the year of income of the entity; and

any actuarial investigation of the registrable superannuation entity during the year of income of the entity; and

any information included with the notice of the meeting.

Minutes of meeting

minutes of the annual members’ meeting are prepared; and

those minutes include the answers to any questions asked at the meeting that a person is obliged to answer either at or after the meeting under sections 29PB, 29PC, 29PD or 29PE; and

those minutes are made available to all members on the registrable superannuation entity’s website.

Subsection (1) does not apply in relation to certain entities

a superannuation fund with no more than 6 members; or

an excluded approved deposit fund; or

a pooled superannuation trust; or

an eligible rollover fund.

Offence

the person is:

a body corporate that is an RSE licensee; or

a member of a group of individual trustees that is an RSE licensee; and

the RSE licensee contravenes subsection (1), (2), (3), (4), (5) or (6).

the RSE licensee of a registrable superannuation entity is a body corporate; and

any of the following persons is given notice of an annual members’ meeting for the entity in accordance with subsections 29P(2) and (3):

the Chair of the board of directors of the RSE licensee;

a director of the RSE licensee;

an executive officer of the RSE licensee;

the person must attend the meeting.

(a) a person (the relevant person) has been an individual RSE auditor of a registrable superannuation entity for a year of income of the entity; and

the relevant person is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3);

then:

if the relevant person is a practising auditor—the relevant person must attend the meeting; and

if:

the relevant person is not a practising auditor; and

another person is the individual RSE auditor of the entity;

the individual RSE auditor must attend the meeting; and

if:

the relevant person is not a practising auditor; and

a firm or company is the RSE auditor of the entity; and

the firm or company is conducting an audit of the entity;

the lead auditor of the audit must attend the meeting.

a firm or company has been an RSE auditor of a registrable superannuation entity for a year of income of the entity; and

the firm or company is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3); and

(c) a person (the relevant lead auditor) was the lead auditor of the audit of the entity that was conducted by the firm or company for the year;

then:

if:

the firm or company conducts audits; and

the relevant lead auditor is a member or employee of the firm or a director or employee of the company;

the relevant lead auditor must attend the meeting; and

if:

the firm or company conducts audits; and

paragraph (d) does not apply; and

(iii) a person (the relevant audit team member) was a member of the audit team that was involved in the audit of the entity that was conducted by the firm or company for the year; and

the relevant audit team member is a member or employee of the firm or a director or employee of the company; and

the relevant audit team member is not the lead auditor of the audit of the entity;

the relevant audit team member must attend the meeting; and

if:

the firm or company does not conduct audits; and

another person is the individual RSE auditor of the entity;

the individual RSE auditor must attend the meeting; and

if:

the firm or company does not conduct audits; and

another firm or company is the RSE auditor of the entity; and

the other firm or company is conducting an audit of the entity;

the lead auditor of the audit must attend the meeting.

2 or more persons are required by paragraph (3A)(e) to attend a meeting; and

one of those persons attends the meeting;

the remaining persons are not required to attend the meeting.

other directors of the entity have attended the meeting; and

the number of directors of the entity who attended the meeting is no less than the number of directors that would constitute a quorum for a meeting of the board of directors of the entity.

if the question is not relevant to:

an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or

the registrable superannuation entity; or

if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or

if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or

in any other circumstances prescribed by the regulations.

if the question is not relevant to:

an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or

the registrable superannuation entity; or

if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or

if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or

in any other circumstances prescribed by the regulations.

a person is required by subsection 29P(3) or (3A) to attend an annual members’ meeting for a registrable superannuation entity for a year of income of the entity; and

a member of the entity asks the person a question at the meeting.

if the question is not relevant to:

an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or

the registrable superannuation entity; or

an audit of the registrable superannuation entity carried out by the individual RSE auditor, the RSE audit firm or the RSE audit company, as the case may be; or

any matter that might reasonably be expected to be apparent to the auditor of the entity in relation to the entity; or

if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or

if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or

in any other circumstances prescribed by the regulations.

if the question is not relevant to:

an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or

the registrable superannuation entity; or

an actuarial investigation of the registrable superannuation entity carried out by the actuary; or

any matter that might reasonably be expected to be apparent to the actuary of the entity in relation to the entity; or

if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or

if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or

in any other circumstances prescribed by the regulations.

Subdivision B—Other obligations in relation to information

(a) an RSE licensee is required to give information to APRA under a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001); and

under the reporting standard, the information is required to be calculated in a particular way; and

the same or equivalent information is given by the RSE licensee to a person other than an agency of the Commonwealth or of a State or Territory, whether or not by publishing the information on a website;

the RSE licensee must ensure that the information given to the other person is calculated in the same way as the information given to APRA.

the person is:

a body corporate that is an RSE licensee; or

a member of a group of individual trustees that is an RSE licensee; and

the RSE licensee contravenes subsection (1).

be in the approved form; and

contain the information required by the approved form; and

state the RSE licensee’s and the fund’s ABNs; and

be accompanied by an up-to-date copy of the trust deed by which the fund is constituted (except to the extent that the trust deed is constituted by governing rules of the fund); and

be accompanied by an up-to-date copy of the governing rules of the fund (except to the extent that the governing rules are constituted by the law of the Commonwealth or by unwritten rules); and

be accompanied by elections made in accordance with each of the following sections:

section 29SAA;

section 29SAB;

section 29SAC.

Notifying certain changes while applications are pending

an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and

after the application is made but before APRA decides the application, the trust deed (other than the governing rules of the fund) by which the fund is constituted is varied or revoked and replaced;

the RSE licensee must lodge an up-to-date copy of the trust deed with APRA as soon as practicable after the trust deed is varied or revoked and replaced.

an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and

after the application is made but before APRA decides the application, any governing rules of the fund (that are not constituted by the law of the Commonwealth or by unwritten rules) are varied or revoked and replaced;

the RSE licensee must lodge an up-to-date copy of the governing rules (that are not constituted by the law of the Commonwealth or by unwritten rules) with APRA as soon as practicable after the governing rules are varied or revoked and replaced.

an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and

after the application is made, but before APRA decides the application, information contained in the application ceases to be correct;

the RSE licensee must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct.

it was made by an RSE licensee; and

the RSE licensee ceases to be an RSE licensee before:

APRA makes a decision on the application for authority; or

if APRA’s decision with respect to the application is subject to review under this Act—the review is finally determined or otherwise disposed of.

the RSE licensee elects that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, the RSE licensee will:

attribute to the MySuper product each amount that is an accrued default amount for a member of the fund who is eligible to hold the MySuper product, unless the member directs the RSE licensee in writing to attribute the amount to another MySuper product or an investment option within a choice product in the fund; and

do so before the end of a period of 30 days beginning on the day on which notice of authority to offer the class of beneficial interest in the fund as a MySuper product is given to the RSE licensee under section 29TD; and

the RSE licensee elects that the RSE licensee will, before the end of the action period, take the action required under the prudential standards in relation to the following:

each amount that is an accrued default amount for a member of the fund who is not eligible to hold a MySuper product offered by the fund;

each amount that is an accrued default amount for a member of another regulated superannuation fund of the RSE licensee that does not offer a MySuper product; and

the election is in writing; and

the election is in the approved form.

if APRA authorises the RSE licensee to offer the class of beneficial interest in the fund as a MySuper product—the day on which notice of that authority is given to the RSE licensee under section 29TD; or

if APRA refuses the application—the day on which notice of the refusal is given to the RSE licensee under section 29TE.

notices to be given to a member of the fund for whom there is an accrued default amount before the amount is attributed, or a decision is taken to continue to attribute the amount, to a MySuper product or an investment option within a choice product in the fund; and

notices to be given to a member of the fund for whom there is an accrued default amount before the amount is moved to another fund.

the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any MySuper member a fee in relation to the MySuper product, all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund:

in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or

in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and

the election is in writing; and

the election is in the approved form.

financial product advice provided to the RSE licensee mentioned in subsection (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and

financial product advice provided to the other person mentioned in subparagraph (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.

within 60 days after receiving the application; or

if the applicant was requested to provide information under within 60 days after:section 29SA—

receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or

all notices relating to that information being disposed of;

unless APRA extends the period for deciding the application under subsection (2).

in writing; and

within the period in which it would otherwise be required to decide the application under subsection (1).

the application for authority complies with section 29S; and

the applicant has provided to APRA all information that the applicant was requested, under section 29SA, to provide, or the request has been disposed of; and

the fund is registered under Part 2B; and

either:

the fund has 7 or more members; or

APRA is satisfied that the fund will, if authority is given, have 7 or more members within a period specified in the authority; and

the fund is not an eligible rollover fund; and

one of the following subparagraphs applies:

the licensee is not already authorised to offer another class of beneficial interest in the fund as a MySuper product;

the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB is satisfied, in relation to the class of beneficial interest in the fund to which the application relates, at the time APRA gives authority;

the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB was satisfied in relation to each class of beneficial interest that the RSE licensee is already authorised to offer as a MySuper product, at the time APRA gave that earlier authority; and

APRA is satisfied that section 29TC is satisfied in relation to that class of beneficial interest; and

APRA has no reason to believe that:

where the RSE licensee is a body corporate—the RSE licensee; or

where the RSE licensee is made up of a group of individual trustees—any of those individual trustees;

may fail to comply with the enhanced trustee obligations for MySuper products; and

where the RSE licensee is a body corporate—APRA has no reason to believe that the directors of the RSE licensee may fail to comply with the enhanced director obligations for MySuper products; and

APRA has no reason to believe that:

where the RSE licensee is a body corporate—the RSE licensee; or

where the RSE licensee is made up of a group of individual trustees—any of those individual trustees;

may fail to comply with the general fees rules and the fees rules in relation to MySuper products; and

APRA has no reason to believe that:

where the RSE licensee is a body corporate—the RSE licensee; or

where the RSE licensee is made up of a group of individual trustees—any of those individual trustees;

may contravene section 29W, 29WA or 29WB.

under the governing rules of the fund, one employer is specified as a large employer in relation to the fund who is relevant to that class of beneficial interest; and

either:

that employer is a large employer in relation to the fund (see subsection (2)); or

APRA is satisfied that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, that employer will be a large employer in relation to the fund by the end of the period specified in the authority; and

under the governing rules of the fund, a person is not entitled to hold an interest of that class in the fund unless the person is:

an employee or a former employee of the large employer; or

an employee or a former employee of an associate of the large employer; or

a relative or dependant of an employee or a former employee mentioned in subparagraph (i) or (ii); and

under the governing rules of the fund: