Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 1) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 1)1

Statutory Rules 2001 No. 372

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 22 February 2001

WILLIAM DEANE

Governor-General

By His Excellency’s Command

JOE HOCKEY

Minister for Financial Services and Regulation

1Name of Regulations

 These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 1).

2Commencement

 These Regulations commence on 1 March 2001.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1Amendments

  

(regulation 3)

[1]After regulation 4.08

insert

4.08AOperating standard ‑ member representation for certain regulated superannuation funds where a declaration under subsection 18 (7) of the Act applies

• (1)

  For the purposes of subsection 31 (1) of the Act, the standard stated in subregulation (2) applies to the operation of regulated superannuation funds.

• (2)

  A regulated superannuation fund:

  • (a)

    that is not a standard employer-sponsored fund; and

  • (b)

    that has more than 4 members; and

  • (c)

    in relation to which a declaration under subsection 18 (7) of the Act is in force;

must have in place an arrangement in relation to the management and control of the fund that:

• (d)

  has been agreed to by a majority of the members of the fund; and

• (e)

  is approved by APRA in writing.

Note   Subsection 18 (7) of the Act allows for funds to be declared not to be public offer funds.

• (3)

  An approval for paragraph (2) (e):

  • (a)

    is subject to any conditions specified in the instrument of approval; and

  • (b)

    may be revoked by APRA by written notice given to the holder of the approval.

• (4)

  APRA may vary the conditions of an approval for paragraph (2) (e) by written notice given to the holder of the approval.

• (5)

  An approval that:

  • (a)

    was granted by the Commissioner or APRA under the regulation 4.08A that, under section 2 of Modification Declaration 10, had effect as if it had been inserted into these regulations; and

  • (b)

    was in force immediately before 1 March 2001;

continues in force as if granted by APRA for this regulation after that commencement.

Note Modification Declaration 10 was gazetted on 19 July 1995 under section 332 of the Act.

• (6)

  When deciding whether or not to approve an arrangement for paragraph (2) (e), APRA must have regard to any written guidelines determined by APRA under this subregulation.

• (7)

  This regulation does not apply to a fund if the fund has an acting trustee appointed under Part 17 of the Act.

[2]Regulation 8.03

omit

subsection 113 (1)

insert

subsection 113 (4)

Notes

1. These Regulations amend Statutory Rules 1994 No. 57, as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293, 309, 343 and 415; 1998 Nos. 76, 83, 108, 175, 177, 193, 240 and 312; 1999 Nos. 14, 31, 115, 239, 317 and 356; 2000 Nos. 119, 151, 185, 280 and 281.

2. Notified in the Commonwealth of Australia Gazette