Decision to refuse to consider any further RSE Licence Applications (02/02/2006) (Cth)

Decision to refuse to consider any further RSE Licence Applications

Superannuation Industry (Supervision) Act 1993

SINCE

A.the licensing transition period started on 1 July 2004 and is due to end on 30 June 2006; and

B.there is now 6 months or less to the end of the licensing transition period;

I, Kerry Ross Jones, Deputy Chair and a delegate of APRA, under subsection 29CB(3) of the Superannuation Industry (Supervision) Act 1993 (the Act), determine that APRA REFUSES to consider, under subsection 29CB(2) of the Act, any further applications for RSE licences that are received by APRA before the end of the licensing transition period for RSE licences to be granted to:

1. bodies corporate that were trustees of registrable superannuation entities at the start of the licensing transition period; or

1. groups of individual trustees with one or more members who were each a trustee of a registrable superannuation entity at the start of the licensing transition period.

This instrument comes into effect on 18 February 2006.

Dated 2 February 2006

[Signed]
………………………

Kerry Ross Jones

Deputy Chair

Interpretation

In this Notice

APRA means the Australian Prudential Regulation Authority.

group of individual trustees has the meaning given in subsection 10(1) of the Act.

licensing transition period has the meaning given in subsection 10(1) of the Act

RSE licence has the meaning given in subsection 10(1) of the Act.

Note 1     By virtue of subsection 29CB(5) of the Act, the effect of this refusal is that applications for RSE licences received after 17 February 2006 from the trustees mentioned in paragraphs (i) and (ii) will be taken, at the end of the licensing transition period, to have been received by APRA immediately after the end of the licensing transition period.