Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 1) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 1)1

Statutory Rules 2002 No. 212

I, PETER JOHN HOLLINGWORTH, 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 14 February 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

1Name of Regulations

 These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 1).

2Commencement

These Regulations commence on the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

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

Schedule 1Amendments

(regulation 3)

  

[1]Part 2, heading

substitute

Part 2Information for certain parties

[2]Subregulation 2.01 (1), definition of building society

omit

[3]Subregulation 2.01 (1), definition of capital guaranteed

omit

[4]Subregulation 2.01 (1), definition of capital guaranteed fund

omit

[5]Subregulation 2.01 (1), definition of contact details

omit

[6]Subregulation 2.01 (1), definition of credit union

omit

[7]Subregulation 2.01 (1), definition of policy

omit

[8]Subregulation 2.01 (1), definition of prescribed earning rate

omit

[9]Subregulation 2.01 (1), definition of sub-fund

omit

[10]Subregulation 2.01 (1), definition of sub-plan

omit

[11]Subregulation 2.01 (1), definition of unfunded defined benefits fund

omit

[12]Subregulation 2.01 (4)

omit

[13]Subregulation 2.03 (4)

omit

, other than under Division 2.6, will materially mislead members, or may do so,

insert

will, or may, be materially misleading,

[14]Subregulation 2.04 (1)

omit

For the purposes of Divisions 2.3 to 2.7 and Division 2.8 other than Subdivision 2.8.2,

insert

For Division 2.4,

[15]Regulations 2.05, 2.06 and 2.07

omit

[16]Divisions 2.2 and 2.3

omit

[17]Regulation 2.17, definitions of fund information and fund reporting period

substitute

fund information means information required to be given under Subdivision 5.6 of Part 7.9 of the Corporations Regulations 2001.

fund reporting period means a reporting period that applies under Subdivision 5.5 of Part 7.9 of the Corporations Regulations 2001.

[18]Subregulation 2.18 (2)

substitute

• (2)

  This Division does not apply to a self managed superannuation fund.

[19]Subregulation 2.18 (4)

omit

[20]Regulations 2.19, 2.20 and 2.21

omit

[21]Subdivision 2.4.2

omit

[22]Subdivision 2.4.3, heading

substitute

Subdivision 2.4.3Derivatives charge ratio

[23]Regulations 2.27 and 2.28

omit

[24]Regulation 2.29

substitute

2.29Specific requirements in particular cases

• (1)

  For this Subdivision, the derivatives charge ratio of a fund is:

X

Y

expressed as a percentage, where:

X is the market value of the assets of the fund (other than cash) that are subject to a charge in relation to a derivatives contract (as defined in subregulation 13.15A (2)).

Y is the market value of all the assets of the fund.

• (2)

  If paragraph 7.9.37 (1) (i) of the Corporations Regulations 2001 applies, the trustee must give the information mentioned in that paragraph to APRA as soon as practicable, and in any event within 6 months, after the end of the reporting period to which the information relates.

[25]Regulations 2.30 and 2.31

omit

[26]Divisions 2.5, 2.6, 2.6A, 2.7 and 2.7A

omit

[27]Division 2.8

omit

[28]Regulations 3.09A and 3.09B

omit

[29]Subregulation 3.10 (1)

after

commission or brokerage

insert

(including commission or brokerage in the form of remuneration or other benefits)

[30]Subregulation 3.10 (3)

substitute

• (3)

  The trustee of a public offer entity must not make a payment of commission or brokerage to a person (the provider) for the provision of a financial service by the provider in respect of issuing an interest in the entity unless the provider is:

  • (a)

    a financial services licensee that is authorised to deal in superannuation products; or

  • (b)

    an authorised representative of a financial services licensee that is authorised to deal in superannuation products; or

  • (c)

    exempt from the requirement to hold an Australian financial services licence; or

  • (d)

    the provider of the financial service on behalf of another person who is exempt.

[31]Regulations 3.10A, 3.11, 3.12 and 3.13

substitute

3.11Payment by trustee of a public offer entity of commission or brokerage

• (1)

  This regulation applies in relation to a person who, immediately before this regulation commences, was entitled to a payment of commission or brokerage in the circumstances mentioned in paragraph 3.10 (3) (a), (b), (d), (e) or (f) of the SIS Regulations.

• (2)

  Regulation 3.10, as in force immediately before this regulation commences, continues to apply in relation to the person’s entitlement.

• (3)

  Subregulation (2) ceases to apply in relation to the entitlement on the earlier of:

  • (a)

    the day on which the person becomes a financial services licensee in relation to the activity to which the payment relates; and

  • (b)

    the end of the transition period for the person mentioned in section 1438 of the Corporations Act 2001.

[32]Regulation 4.01

omit

Division 2.6

insert

section 1017C of the Corporations Act 2001

[33]Regulation 5.12, definition of member reporting period

substitute

member reporting period, in relation to a fund, means the reporting period that applies under subsection 1017D (2) of the Corporations Act 2001 and associated provisions.

[34]Paragraph 5.15 (b)

omit

regulation 2.26B)

insert

regulation 7.9.24 of the Corporations Regulations 2001 and subsections 7.1 (12) to (15) of Part 7 of Schedule 10A to the Corporations Regulations 2001)

[35]Subregulation 5.17 (6)

omit

subregulation 2.01 (1))

insert

the Corporations Regulations 2001)

[36]Paragraph 5.21 (7) (a)

omit

Part 2)

insert

the Corporations Regulations 2001)

[37]After subregulation 6.17 (2)

insert

• (3)

  For this regulation, a payment to which regulation 7.9.66 or 7.9.68 of the Corporations Regulations 2001 relates is taken to be the payment of a benefit.

[38]Regulation 6.28

after

the Act

insert

, the Corporations Act 2001, the Corporations Regulations 2001

[39]Regulation 6.29

after

the Act

insert

, the Corporations Act 2001, the Corporations Regulations 2001

[40]Paragraph 13.07 (2) (a)

omit

150, 154, 155, 156,

insert

154,

[41]Subregulation 13.15A (2), definition of approved body

substitute

approved body means a body mentioned in Schedule 4.

[42]Subregulation 13.15A (2), definition of derivatives contract

substitute

derivatives contract means an options contract or a futures contract relating to any right, liability or thing.

[43]After Schedule 3

insert

Schedule 4Approved bodies

(subregulation 13.15A (2), definition of approved body)

Item	Body
1	ASX Futures Pty Limited
2	Australian Stock Exchange Limited
3	Options Clearing House Pty Ltd
4	SFE Corporation Limited
5	SFE Clearing Corporation Pty Ltd
6	Sydney Futures Exchange Limited
7	American Stock Exchange Inc
8	The Amsterdam Stock Exchange
9	Belgium Futures and Options Exchange (BELFOX)
10	Board of Trade of the City of Chicago (CBOT)
11	Board of Trade of Kansas City, Missouri, Inc. (KCBT)
12	Bolsa de Derivados do Porto (The Portuguese Futures and Options Exchange) (BDP)
13	Bolsa de Mercadorias & Futuros (Commodities & Futures Exchange, Brazil) (BM & F)
14	Cantor Financial Futures Exchange (CFFE)
15	Chicago Mercantile Exchange (CME)
16	Coffee, Sugar and Cocoa Exchange, Inc. (CSCE)
17	Commodity Exchange Inc. (COMEX)
18	Copenhagen Stock Exchange (including FUTOP Clearing Centre (FUTOP))
19	Eurex Deutschland
20	Eurex Zurich
21	European Options Exchange (EOE)
22	Financial Futures Exchange Barcelona (MEFF-RF)
23	Financial Futures Exchange Madrid (MEFF-RV)
24	Financiele Termijnmarkt Amsterdam N.V. (Financial Futures Market Amsterdam) (FTA)
25	Frankfurt Stock Exchange
26	Helsinki Securities and Derivatives Exchange, Clearing House Limited
27	Hong Kong Futures Exchange Ltd (HKFE)
28	The International Petroleum Exchange of London Ltd. (IPE)
29	The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited
30	Italian Futures Exchange (MIF)
31	Italian Stock Exchange
32	Korea Futures Exchange (KOFEX)
33	Korea Stock Exchange (KSE)
34	Kuala Lumpur Commodity Exchange (KLCE)
35	Kuala Lumpur Options and Financial Futures Exchange (KLOFFE)
36	The London International Financial Futures Exchange Ltd. (LIFFE)
37	The London Securities and Derivatives Exchange Limited (OMLX)
38	Malaysia Monetary Exchange (MME)
39	Marché à Terme International de France (The French International Futures Market) (MATIF)
40	Marché des Options Négociables de Paris (Paris Traded Options Market) (MONEP)
41	Mercados de Futuros Financieros, SA (Spanish Financial Futures Market) (MEFFSA)
42	The Metal Market and Exchange Company Ltd. (London Metal Exchange) (LME)
43	Mid America Commodity Exchange (MIDAM)
44	Milan Stock Exchange
45	Minneapolis Grain Exchange (MGE)
46	The Montreal Exchange (ME)
47	NASDAQ National Market
48	New York Cotton Exchange (NCE)
49	New York Futures Exchange, Inc. (NYFE)
50	New York Mercantile Exchange (NYMEX)
51	New York Stock Exchange Inc
52	New Zealand Futures & Options Exchange Ltd. (NZFOE)
53	New Zealand Stock Exchange
54	OM Stockholm AB (OMS)
55	Osaka Securities Exchange (OSE)
56	Oslo Stock Exchange (OSLO)
57	Paris Bourse
58	Philadelphia Stock Exchange (PHLX)
59	Philadelphia Board of Trade (PBOT)
60	Singapore Commodity Exchange Limited (SICOM)
61	Singapore Exchange (SGX)
62	South African Futures Exchange (SAFEX)
63	The Stock Exchange of Hong Kong Limited
64	Tokyo Commodity Exchange for Industry (TOCOM)
65	Tokyo Grain Exchange (TGE)
66	Tokyo International Futures Exchange (TIFFE)
67	Tokyo Stock Exchange (TSE)
68	The Toronto Futures Exchange (TFE)
69	Toronto Stock Exchange
70	The Winnipeg Commodity Exchange (WCE)
71	Wiener Börse AG
72	Zurich Stock Exchange
73	A body that performs clearing house functions in relation to a body mentioned in items 5 to 59 (the second body) in accordance with the rules of the second body or a law of the country where the second body is situated.

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; 2001 Nos. 37, 352 and 353.

2. Notified in the Commonwealth of Australia Gazette