Parts 8 to 11A (other than section 99F);

section 99F; and

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.

an insurance fee.

relate to the administration or operation of the fund; and

are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee”.

relate to the investment of assets of the entity; and

are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee”.

the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees:

that is engaged in at the request, or with the consent, of a member; or

that relates to a member and is required by law; and

those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, an advice fee or an insurance fee.

the fee relates directly to costs incurred by the trustee, or the trustees, of a superannuation entity because of the provision of financial product advice to a member by:

a trustee of the entity; or

another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity; and

(b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an insurance fee.

the fee relates directly to either or both of the following:

insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity;

costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and

the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and

the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an advice fee.

the fee is an advice fee that relates directly to financial product advice provided to a member; and

the member holds a MySuper product; and

the fee is charged to the member.

the fee is an insurance fee that relates directly to either or both of the following:

insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member;

costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member; and

the member holds a MySuper product; and

the fee is charged to the member.

the fee is in accordance with subsection (2), (3) or (4); and

the fee is in accordance with subsection (5).

are incurred by the trustee, or the trustees, of the fund in the administration and operation of the fund in relation to those members; and

are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.

a regulated superannuation fund offers a MySuper product; and

the trustee, or the trustees, of the fund enter into an arrangement with an investment manager for the investment of an asset or assets of the fund attributed, in whole or in part, to the MySuper product; and

(c) under the arrangement, a fee payable to the investment manager is determined, in whole or in part, by reference to the performance of the investments made by the investment manager on behalf of the trustee or trustees of the fund (a performance-based fee).

the charging of fees (including the calculation of the amount of fees) to:

members of a fund; and

members who hold a particular class of beneficial interest in a fund;

the attribution of costs between classes of beneficial interest in a fund;

a matter relating to the operation of the entity to which a covenant referred to in sections 52 to 53 or prescribed under section 54A relates; or

a matter relating to the operation of the entity to which a provision of this Act or another provision of the regulations relates.

the advice is provided by:

a trustee of the fund; or

another person acting as an employee of, or under an arrangement with, a trustee or trustees of the fund; and

the advice is personal advice; and

the advice is provided in any of the following circumstances:

the subject member has not yet acquired a beneficial interest in the fund when the advice is given, and the advice relates to whether the subject member should acquire such an interest;

the advice relates to a financial product that is not a beneficial interest in the fund, a related pension fund for the member and the fund, a related insurance product for the member and the fund or a cash management facility within the fund;

the advice relates to whether the subject member should consolidate that member’s beneficial interests in 2 or more superannuation entities into a beneficial interest in a single superannuation entity;

at the time the advice is provided, the subject member reasonably expects that a person mentioned in subparagraph (a)(i) or (ii) will periodically review the advice, provide further personal advice or monitor whether recommendations in the original or any later advice are implemented and the results of that implementation;

other prescribed circumstances.

(a) under the governing rules of a regulated superannuation fund (the first fund):

(i) a member of another regulated superannuation fund (the second fund) is entitled to become a member of the first fund on the satisfaction of a condition of release of benefits specified in a standard made under paragraph 31(2)(h); and

on becoming a member of the first fund, a pension would be payable out of the assets of the first fund to the member; and

the RSE licensee for the first fund is, or is an associate of, the RSE licensee of the second fund;

the trustee, or the trustees, of a regulated superannuation fund provide a benefit to members of the fund who hold a particular class of beneficial interest in the fund by taking out insurance; and

a person holds a beneficial interest of that class in the fund, or is considering acquiring a beneficial interest of that class in the fund;

fees charged, and costs passed on, to members of regulated superannuation funds and approved deposit funds on and after 1 July 2013; and

costs attributed to classes of beneficial interest in a regulated superannuation fund on and after 1 July 2013.

the life policy is one 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; and

the member was covered under the life policy immediately before 1 July 2013.

the investment account contract is one under which the only beneficiaries are the member, and relatives and dependants of the member; and

the investment account contract was in force immediately before 1 July 2013.

the fund complies with the requirements (if any) set out in the regulations in relation to the provision of a benefit in respect of MySuper members of the fund that is payable only in the event of the death of the member; and

the fund complies with the requirements (if any) set out in the regulations in relation to offering a benefit in respect of members of the fund (other than MySuper members) that is payable only in the event of the death of the member.

the kinds of benefits that must not be provided by taking out insurance, or insurance of a particular kind;

the kinds of benefits that must not be provided other than by taking out insurance, or insurance of a particular kind;

that the fund provides permanent incapacity benefit to each MySuper member of the fund;

that the fund provides death benefit in respect of each MySuper member of the fund;

that the benefits referred to in paragraphs (a) and (b) are provided by taking out insurance.

permanent incapacity benefit; or

death benefit;

that permanent incapacity benefit will not be provided to the member by the fund;

that death benefit will not be provided in respect of the member by the fund.

must make the election in relation to both permanent incapacity benefit and death benefit; or

must make the election in relation to death benefit if they make the election in relation to permanent incapacity benefit.

before the commencement of this item, a MySuper member of a regulated superannuation fund elected either or both of the following:

that a benefit of a kind referred to in paragraph 68AA(1)(a) of the new Act will not be provided to the member by the fund;

that a benefit referred to in paragraph 68AA(1)(b) of the new Act will not be provided in respect of the member by the fund; and

as at the commencement of this item, the election is in force.

(a) a document is a reporting document given to APRA under Financial Sector (Collection of Data) Act 2001; andsection 13 of the

either:

a determination has been made under section 57 that the document does not, or documents of that kind do not, contain confidential information; or

a determination has been made under section 57 that a specified part of the document, or of documents of that kind, does not contain confidential information;

a registered entity; or

a body regulated by APRA.

all or a specified part of a relevant reporting document contains, or does not contain, confidential information; or

all or a specified part of relevant reporting documents of a specified kind contains, or do not contain, confidential information.

all or a specified part of a relevant reporting document does not contain confidential information; or

all or a specified part of relevant reporting documents of a specified kind do not contain confidential information;

(a) if the determination is to relate to all or a specified part of a relevant reporting document—an entity or body that is required to give the document under Financial Sector (Collection of Data) Act 2001; orsection 13 of the

(b) if the determination is to relate to all or a specified part of a relevant reporting document of a specified kind—an association or other body representing an entity or body, or a class of entities or bodies, required to give a document of that kind under Financial Sector (Collection of Data) Act 2001.section 13 of the

that a product dashboard for each of the fund’s MySuper products and choice products is publicly available at all times on the fund’s website; and

that each product dashboard sets out the information required by subsection (2) or (3); and

that the information set out in each product dashboard about the average amount of fees and other costs is updated within 14 days after the end of each quarter; and

that the other information set out in each product dashboard is updated within 14 days after any change to the information; and

if the regulations prescribe the way in which information is to be set out in a product dashboard—that each product dashboard sets out the information in accordance with the regulations.

the investment return target for the product;

the number of times the current target has been achieved for the product:

in the last 10 financial years; or

if the MySuper product has been offered for a period of less than 10 financial years—in each of the financial years in which the MySuper product has been offered;

the level of investment risk that applies to the product;

a statement about the liquidity of members’ investments in the MySuper product;

the average amount of fees and other costs in relation to the MySuper product during the last quarter, expressed as a percentage of the assets of the fund attributable to the MySuper product.

the investment return target for the investment option;

the number of times the current target has been achieved for the investment option:

in the last 10 financial years; or

if the investment option has been offered for a period of less than 10 financial years—in each of the financial years in which the investment option has been offered;

the level of investment risk that applies to the investment option;

a statement about the liquidity of members’ investments in the investment option;

the average amount of fees and other costs in relation to the investment option during the last quarter, expressed as a percentage of the assets of the fund attributable to the investments in that option.

the assets of the fund that are invested under the option are invested only 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 a member (or a relative or dependant of a 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 a member, and relatives and dependants of a member; or

(b) the sole purpose of the investment option is the payment of a pension to members who have satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993; or

the assets of the fund that are invested under the option are invested only in another single asset.

information that is sufficient to identify each of the financial products or other property in which assets, or assets derived from assets, of the entity are invested, at the end of the reporting day;

the value of the assets, or assets derived from assets, of the entity, at the end of the reporting day, that are invested in each of the financial products or other property.

(a) a person (the first party) enters into an arrangement with another person (the second party); and

under the terms of the arrangement, the first party acquires a financial product from the second party; and

the first party acquires the financial product in this jurisdiction; and

the first party knows, or reasonably ought to know, that an asset that is the subject of the arrangement is, or is derived from, an asset of a registrable superannuation entity; and

the arrangement is not of a kind prescribed by the regulations as an arrangement to which this section does not apply.

that an asset that is the subject of the arrangement is, or is derived from, the assets of a registrable superannuation entity;

details of the trustee, or the trustees, of the registrable superannuation entity.

the financial product acquired by the first party; and

if the second party knows, or reasonably ought to know, that:

an asset about which the second party was notified by the first party will be used, by the second party or another person, to acquire another financial product—that financial product; or

an asset about which the second party was notified by the first party will be used, by the second party or another person, to acquire property other than a financial product—that other property;

the agent must notify the second party in accordance with subsection (2) on behalf of the first party; and

if the agent so notifies the second party, the first party is taken to have satisfied the obligation under that subsection.

(a) a person (the first party) enters into an arrangement (the core arrangement) with another person (the second party); and

under the terms of the core arrangement, the second party is the provider under a custodial arrangement under which the first party is a client; and

the first party knows, or reasonably ought to know that, under the custodial arrangement, a financial product may be acquired in this jurisdiction; and

the first party knows, or reasonably ought to know, that an asset that is the subject of the core arrangement is, or is derived from, an asset of a registrable superannuation entity; and

the core arrangement is not of a kind prescribed by the regulations as an arrangement to which this section does not apply.

that an asset that is the subject of the core arrangement is, or is derived from, the assets of a registrable superannuation entity;

details of the trustee, or the trustees, of the registrable superannuation entity.

(a) a person (the first party) enters into an arrangement (the core arrangement) with another person (the second party); and

under the terms of the core arrangement, the second party is the acquirer in relation to a custodial arrangement under which the first party is the provider; and

the first party knows, or reasonably ought to know that, under the core arrangement, the second party may acquire a financial product in this jurisdiction; and

the first party knows, or reasonably ought to know, that an asset that is the subject of the core arrangement is, or is derived from, an asset of a registrable superannuation entity; and

the core arrangement is not of a kind prescribed by the regulations as an arrangement to which this section does not apply.

that an asset that is the subject of the core arrangement is, or is derived from, the assets of a registrable superannuation entity;

details of the trustee, or the trustees, of the registrable superannuation entity.

the information has not been updated as required by that section; or

the information is otherwise misleading or deceptive; or

there is an omission from the information; and

in relation to information made publicly available under section 1017BB or information provided under section 1017BC—means:

the information is misleading or deceptive; or

there is an omission from the information.

the person is a trustee of a regulated superannuation fund; and

as trustee, the person is required, under section 1017BA, to ensure that a product dashboard for each of the fund’s MySuper products and choice products is made publicly available on the fund’s website; and

a product dashboard for each of the fund’s MySuper products and choice products is not made publicly available as required by that section.

the person is a trustee of a regulated superannuation fund; and

a product dashboard is made publicly available on the fund’s website in purported compliance with section 1017BA; and

the person knows that:

the information set out in the product dashboard has not been updated as required by that section; or

the information set out in the product dashboard is otherwise misleading or deceptive; or

there is an omission from the information set out in the product dashboard.

the person is a trustee of a regulated superannuation fund; and

a product dashboard is made publicly available on the fund’s website in purported compliance with section 1017BA; and

either:

the information set out in the product dashboard has not been updated as required by that section; or

the information set out in the product dashboard is otherwise misleading or deceptive; or

there is an omission from the information set out in the product dashboard.

the trustee or another trustee of the fund took reasonable steps to ensure that there would not be an omission from the information set out in the product dashboard; or

both of the following apply:

the information was omitted because it was not up to date;

the trustee or another trustee of the fund took reasonable steps to obtain up-to-date information; or

both of the following apply:

the information was omitted because it would have been misleading or deceptive;

the trustee or another trustee of the fund took reasonable steps to obtain information that would not have been misleading or deceptive.

the person is a trustee of a registrable superannuation entity; and

(b) as trustee, the person is required, under section 1017BB, to make information publicly available on the entity’s website; and

the information is not made publicly available as required by that section.

the person is a trustee of a registrable superannuation entity; and

as trustee, the person is required, under section 1017BB, to make information publicly available; and

information is made publicly available in purported compliance with that requirement; and

the trustee knows that:

the information is misleading or deceptive; or

there is an omission from the information.

the person is a trustee of a registrable superannuation entity; and

as trustee, the person is required, under section 1017BB, to make information publicly available; and

information is made publicly available in purported compliance with that requirement; and

either:

the information is misleading or deceptive; or

there is an omission from the information.

there was an omission from the information made publicly available because the trustee or another trustee of the entity was unable to obtain the information after taking reasonable steps to do so; or

both of the following apply:

the information was omitted because it would have been misleading or deceptive;

the trustee or another trustee of the entity took reasonable steps to obtain information that would not have been misleading or deceptive.

the person is required to notify another person under subsection 1017BC(2) or (4) or section 1017BD or 1017BE; and

the person does not notify, and is not taken to have notified, the other person as required by that provision.

the person is required to provide another person with information under subsection 1017BC(3); and

the person does not provide the other person with the information as required by that subsection.

the person:

notifies another person of information as required by subsection 1017BC(2) or (4) or section 1017BD or 1017BE; or

provides information (whether in a document or otherwise) to another person as required by subsection 1017BC(3); and

the person knows that:

the information provided is misleading or deceptive; or

there is an omission from the information provided.

the person:

notifies another person of information as required by subsection 1017BC(2) or (4) or section 1017BD or 1017BE; or

provides information (whether in a document or otherwise) to another person as required by subsection 1017BC(3); and

either:

the information provided is misleading or deceptive; or

there is an omission from the information provided.

the person took reasonable steps to ensure that there would not be an omission from the information provided; or

both of the following apply:

the information was omitted because it would have been misleading or deceptive;

the person took reasonable steps to obtain information that would not have been misleading or deceptive.

the information is not made publicly available as required by that section;

the information made publicly available is not updated as required by that section;

the information made publicly available is misleading or deceptive;

there is an omission from the information made publicly available; or

a person is required by section 1017BB to make information publicly available on a registrable superannuation entity’s website and any of the following circumstances apply:

the information is not made publicly available as required by that section;

the information made publicly available is misleading or deceptive;

there is an omission from the information made publicly available; or

a person is required by subsection 1017BC(3) to provide information to another person and any of the following circumstances apply:

the person does not provide the information as required by that subsection;

the information provided is misleading or deceptive;

there is an omission from the information provided.

if paragraph (1)(g) applies—the trustee, or the trustees, of the registrable superannuation entity on whose website the information was required to be made publicly available; or

if paragraph (1)(h) applies—the person who was required to provide the information.

section 1021NA, 1021NB or 1021NC; or

section 1021NA, 1021NB or 1021NC; or

to the extent that it relates to MySuper products—on and after 1 July 2013; and

to the extent that it relates to choice products—on and after 1 July 2014.

enabling APRA to publish information given by financial sector entities; and

any deductions (whether to cover fees, taxes, costs or for any other purpose) from the return on the investment made by the investor before all or part of the remainder of the return is paid or reinvested;

if the investor has invested all or part of the relevant assets in financial products or other property—the financial products or other property in which the investor has invested the relevant assets;

if the investor has invested all or part of the relevant assets in a managed investment scheme and the assets of the scheme have been invested in whole or part in financial products or other property—the financial products or other property in which the assets of the scheme have been invested;

if the investor has invested all or part of the relevant assets in a pooled superannuation trust or other kind of trust and the assets of the trust have been invested in whole or part in financial products or other property—the financial products or other property in which the assets of the trust have been invested;

the operations of the investor.

(a) a reporting standard requires an RSE licensee to provide information (the required information) in relation to the investment of relevant assets by the RSE licensee or a person connected with the RSE licensee; and

the relevant assets are invested under a contract or other arrangement between:

(i) the RSE licensee, a related body corporate of the RSE licensee or a custodian in relation to the relevant assets and the RSE licensee or related body corporate (the first party); and

(ii) a person connected with the RSE licensee (the second party);

a term requiring the first party, at the time the relevant assets are invested or as soon as reasonably practicable after that time, to notify the second party that the assets are, or are derived from, a registrable superannuation entity; and

a term requiring the second party, if notified by the first party in accordance with paragraph (c), to, as soon as reasonably practicable after being notified, provide the first party with the required information of which the second party is aware.

a related body corporate of the RSE licensee; or

a custodian in relation to assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or

a person who, under a contract or other arrangement with:

the RSE licensee; or

a related body corporate of the RSE licensee; or

(iii) a custodian in relation to assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee;

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.

details of the remuneration of:

if the RSE licensee is a body corporate—each executive officer in relation to the RSE licensee; and

if the RSE licensee is a group of individual trustees—each trustee of the registrable superannuation entity;

any other document or information prescribed by the regulations.

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).

(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 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).

subsection 1021NA(1), (2) or (3);

subsection 1021NB(1), (2) or (3);

subsection 1021NC(1), (2), (3) or (4).

the fees charged in relation to MySuper products, on a product by product basis;

the costs incurred in relation to MySuper products, on a product by product basis;

the net returns to beneficiaries of regulated superannuation funds who hold MySuper products, on a product by product basis;

any other information prescribed by the regulations.

is made under section 57 of the old law; and

is in force immediately before this item commences;

APRA has, for the purposes of paragraph 57(a) of the old law, given an entity, association or other body the opportunity to make representations in respect of information of the kind contained in a document; and

APRA has not made a determination under section 57 of the old law in respect of the document;

covered by the award; and

a defined benefit member of the fund or scheme.

it is a fund that offers a MySuper product;

it is an exempt public sector superannuation scheme.

ensure that the text of a modern award as published by FWA does not include a term that has the effect of requiring or permitting contributions, for the benefit of an employee covered by the award who is a default fund employee, to be made to the fund; and

do so as soon as is reasonably practicable after receiving the notice.

ensure that the text of a modern award as published by FWA does not include a term that has the effect of requiring or permitting contributions, for the benefit of an employee covered by the award who is a default fund employee, to be made to the scheme; and

do so as soon as is reasonably practicable after receiving the notice.

it is a fund that offers a MySuper product;

it is a fund or scheme of which the relevant employee, and each other default fund employee in relation to whom contributions are made to the fund or scheme by the same employer as the relevant employee, is a defined benefit member;

it is an exempt public sector superannuation scheme.

is made before 1 January 2014; and

is in operation on that day; and

(c) immediately before that day, does not include a term (the relevant term) of the kind mentioned in section 149A of the amended Act.

is made before 1 January 2014; and

is in operation on that day; and

(c) immediately before that day, includes a term (the relevant term) of the kind mentioned in section 155A of the amended Act that specifies a fund or scheme (a non-complying fund or scheme) that does not satisfy paragraph (1)(a) or (b) of that section.

a State reference transitional award or common rule.

APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and

as a result of the cancellation, the fund no longer offers any MySuper product;

a public sector superannuation scheme has ceased to be an exempt public sector superannuation scheme; and

the scheme is not a regulated superannuation fund that offers a MySuper product;

an enterprise agreement is approved by the FWC before 1 January 2014; and

(b) at the time the agreement is approved by the FWC, the agreement includes a term that has the effect of requiring or permitting contributions, for the benefit of an employee (the relevant employee) covered by the agreement who is a default fund employee, to be made to a superannuation fund or scheme that is specified in the agreement but does not satisfy one of the following:

it is a fund that offers a MySuper product;

it is a fund or scheme of which the relevant employee, and each other default fund employee in relation to whom contributions are made to the fund or scheme by the same employer as the relevant employee, is a defined benefit member;

it is an exempt public sector superannuation scheme; and

(c) on or after 1 January 2014, one or more contributions (the relevant contributions) are made to the fund or scheme under, or in accordance with, the agreement.

(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 is to be taken to be a defined benefit member for the purposes of this Act, or a provision of this Act.

(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;

(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.

subsection 29SAA(3); and

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);

section 29SAA;

section 29SAB.

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:

to take the action required under the prudential standards in relation to any asset or assets of the fund that are attributed to the MySuper product, if the authority to offer the relevant class of beneficial interest in the fund as a MySuper product is cancelled under subsection 29U(1); and

to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 29U(3); and

the election is in writing; and

the election is in the approved form.

requiring an RSE licensee of a regulated superannuation fund who holds an accrued default amount:

for a member of the fund who is not eligible to hold a MySuper product offered by the fund; or

for a member of a regulated superannuation fund of the RSE licensee that does not offer a MySuper product;

setting out the requirements that must be met in relation to the transfer of such an accrued default amount; and

dealing with other matters relating to such an accrued default amount.

requiring an RSE licensee who is authorised to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product to transfer any asset or assets of the fund that are attributed to the MySuper product into another MySuper product within the fund, or a MySuper product within another fund, if the authority is cancelled under subsection 29U(1); and

setting out the requirements that must be met in relation to the transfer of such an asset or assets; and

dealing with other matters relating to such an asset or assets.

for an action taken to give effect to an election made in accordance with section 29SAA or 29SAB; or

for an action of the kind mentioned in subsection 55C(1).

an election made in accordance with section 29SAA (election to transfer accrued default amounts to a MySuper product); or

an election made in accordance with section 29SAB (election to transfer assets attributed to a MySuper product if authorisation cancelled); or

a requirement in regulations made for the purposes of subsection 29SAA(3).

a direction given by a member of a regulated superannuation fund to attribute (or continue to attribute) an amount that is an accrued default amount for the member to a MySuper product or an investment option within a choice product in the fund; or

it would require a person to take action in relation to an accrued default amount; or

it would require a person to take action in relation to an asset of the kind mentioned in subparagraph 29SAB(a)(i);

action in relation to accrued default amounts; and

action in relation to an asset of the kind mentioned in subparagraph 29SAB(a)(i); and

the charging of a fee of a kind mentioned in paragraph 29SAC(1)(a); and

the use, disclosure and publication of information; and

a liability.

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 1 July 2017, or the end of a period of 30 days beginning on the day on which notice of authority to offer the relevant class of beneficial interest in the fund as a MySuper product is given to the RSE licensee under section 29TD (whichever is later); and

the RSE licensee elects to take the action required under the prudential standards in relation to the following, and to do so before the transitional action period ends:

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 otherwise made in accordance with paragraphs 29SAA(1)(c) and (d).

1 July 2017; and

the end of a period of 90 days beginning on:

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.

an RSE licensee of a regulated superannuation fund holds an accrued default amount for a member of the fund immediately before 1 July 2017; and

no application is made before 1 July 2017 by the RSE licensee, in relation to any of the RSE licensee’s regulated superannuation funds, for authority to offer a class of beneficial interest in the fund as a MySuper product;

(a) the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012; and

(b) the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012; and

(c) the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012.

(a) the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012; and

(b) the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012; and

(c) the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012.

for MySuper products—the obligations imposed by:

section 29VO; 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.

for MySuper products—the obligations imposed by:

covenants referred to in section 52, as enhanced by the obligations imposed under section 29VN; 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.

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

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.

an election made in accordance with section 242C (election not to pass costs of paying conflicted remuneration to members of eligible rollover fund).

subsection 242M(1);

section 388;

section 394.

to provide for the authorisation of RSE licensees to operate eligible rollover funds; and

to impose additional obligations on trustees, and directors of corporate trustees, in relation to eligible rollover funds; and

to provide a facility for the payment of benefits to eligible rollover funds.

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 election made in accordance with each of the following sections:

section 242B;

section 242C.

an RSE licensee applies for authority to operate a regulated superannuation fund as an eligible rollover fund; and

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

it was made by an RSE licensee; and

the RSE licensee ceases to be an RSE licensee, or an RSE licensee of a class prescribed for the purposes of subsection (1), 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:

to take the action required under the prudential standards in relation to amounts held in the eligible rollover fund, if the authority to operate the fund as an eligible rollover fund is cancelled under subsection 242J(1); and

to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 242J(3); and

the election is in writing; and

the election is in the approved form.

the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any member of the fund a fee 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 242D—

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;

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 242A; and

the applicant has provided to APRA all information that the applicant was requested, under section 242D, to provide, or the request has been disposed of; and

the fund is registered under Part 2B; and

the RSE licensee is of a class prescribed for the purposes of subsection 242A(1); and

APRA is satisfied that, under the governing rules of the fund:

the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and

a single diversified investment strategy is to be adopted in relation to all assets of the fund; and

APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and

APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and

APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and

APRA is satisfied that the RSE licensee is not likely to contravene section 242P.

informing it of APRA’s refusal of the application; and

setting out the reasons for the refusal;

APRA is no longer satisfied that, under the governing rules of the fund:

the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and

a single diversified investment strategy is to be adopted in relation to all assets of the fund; or

APRA is no longer satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds (whether because of a previous failure to do so, or for any other reason); or

APRA is no longer satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds (whether because of a previous failure to do so, or for any other reason); or

APRA is no longer satisfied that the RSE licensee is likely to comply with the general fees rules (whether because of a previous failure to do so, or for any other reason); or

APRA is no longer satisfied that the RSE licensee is not likely to contravene section 242P (whether because of a previous contravention of that section, or for any other reason); or

the fund ceases to be registered under Part 2B; or

(g) the RSE licensee ceases to be of a class prescribed for the purposes of subsection 242A(1); or

APRA is satisfied that the RSE licensee has contravened a provision of the governing rules of the eligible rollover fund; or

APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 242C (election not to pass costs of conflicted remuneration to members of eligible rollover fund).

that APRA has cancelled the authority; and

of the reasons for the cancellation.

the obligations that apply to a trustee of the fund under section 242K; or

the obligations that apply to the directors of a corporate trustee of the fund under section 242L.

the person makes a representation; and

the representation is that a regulated superannuation fund is an eligible rollover fund; and

the RSE licensee for the fund does not have authority to operate the fund as an eligible rollover fund.

requiring an RSE licensee whose authority to operate a regulated superannuation fund as an eligible rollover fund is cancelled under subsection 242J(1) to transfer any amounts held in the eligible rollover fund to a regulated superannuation fund that:

is an eligible rollover fund; or

offers a MySuper product; and

setting out the requirements that must be met in relation to the transfer of such amounts; and

dealing with other matters relating to such amounts.

action in relation to an amount held in an entity that is or was an eligible rollover fund; and

beginning on the day this section commences; and

ending on 31 December 2013.

immediately before 1 January 2014, an amount is held in an existing ERF; and

on that day, the RSE licensee of the existing ERF is not authorised to operate the existing ERF as an eligible rollover fund;

requiring an RSE licensee of an existing ERF to, in the circumstances mentioned in subsection (1), transfer the amount held in the existing ERF to a regulated superannuation fund that:

is an eligible rollover fund; or

offers a MySuper product; and

setting out the requirements that must be met in relation to the transfer of such an amount; and

dealing with other matters relating to such an amount.