Occupational Superannuation Standards Regulations (Amendment) (Cth)

Statutory Rules 1993 No. 141

Occupational Superannuation Standards Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Occupational Superannuation Standards Act 1987.

Dated 22 January 1993.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Parliamentary Secretary to the Treasurer for and on behalf of the Treasurer

 

1. Amendment

1.1 The Occupational Superannuation Standards Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

 

2. New regulation 16B

2.1 After regulation 16A, insert:

Prohibition on new in-house asset acquisitions

“16b. (1) For the purposes of subsection 7 (1) of the Act, the standard in subregulation (2) is prescribed in relation to the investment of the assets of a superannuation fund.

“(2) Investment of the assets of a fund in an in-house asset must not be made if:

(a) the market value of in-house assets of the fund already exceeds 5% of the market value of all assets of the fund; or

(b) in consequence of the investment, the market value of in-house assets of the fund would exceed 5% of the market value of all assets of the fund.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 29 January 1993.

2. Statutory Rules 1987 No. 322 as amended by 1988 No. 255 (as amended by 1989 No. 281); 1989 Nos. 24, 281 and 356; 1990 Nos. 149, 150, 185, 202 and 275; 1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 Nos. 192, 218, 223, 224, 387 and 463.