Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 5) (Cth)
Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 5)
Select Legislative Instrument 2007 No. 343 as amended
made under the
Superannuation Industry (Supervision) Act 1993
This compilation was prepared on 26 June 2008
[This Regulation was amended by SLI 2008 No. 133
(see F2008L02174)]
Amendments made by SLI 2008 No. 133
[Schedule 1 (items 1 and 2) amends regulation
2,
commencing on 4 October 2007]
Prepared by the Office of
Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra
Contents
1Name of Regulations 2
2Commencement 3
3Amendment of Superannuation Industry (Supervision) Regulations 1994 3
Schedule 1Amendments commencing on commencement of Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 4
Schedule 2Amendments commencing 12 months after the day on which the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences 10
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Name of Regulations
These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 5).
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Commencement
(1)These Regulations commence as follows:
(a)on the commencement of the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 — regulations 1 to 3 and Schedule 1;
(b)12 months after the day on which the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences — Schedule 2
(2)However, the amendments made by items [13] to [19] of Schedule 1 do not apply until 4 October 2007.
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Amendment of Superannuation Industry (Supervision) Regulations 1994
Schedules 1 and 2 amend the Superannuation Industry (Supervision) Regulations 1994.
Schedule 1 Amendments commencing on commencement of Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007
(regulation 3)
[1] Subregulation 1.03 (1), interpretation of reviewable decision, paragraphs (a) and (b)
omit
[2] Subparagraph 1.04 (2) (a) (i)
omit
Corporations Law
insert
Corporations Act 2001
[3] Subparagraph 1.04 (2) (a) (iii)
omit
Territory
insert
Territory, or is a delegate of the Auditor‑General
[4] Subparagraph 1.04 (2) (b) (i)
substitute
(i)is, under Division 2 of Part 9.2 of the Corporations Act 2001, registered, or taken to be registered, as an auditor; or
[5] Subparagraph 1.04 (2) (b) (ii)
omit
Territory
insert
Territory, or is a delegate of the Auditor‑General
[6] Subregulations 1.04 (2A) to (2C)
omit
[7] Subregulation 8.01 (1)
omit
paragraphs 112 (1) (a) and (b)
insert
paragraphs 35B (1) (a) and (b)
[8] Regulation 8.01A
omit
[9] Subregulation 8.02 (1)
omit
paragraph 112 (1) (c)
insert
paragraph 35B (1) (c)
[10] Subregulation 8.02 (2)
omit
paragraphs 112 (1) (a) and (b)
insert
paragraphs 35B (1) (a) and (b)
[11] After regulation 8.02
insert
8.02APeriod within which an auditor must be appointed (Act s 35C)
For subsection 35C (1) of the Act, the following periods are prescribed:
(a)for a registrable superannuation entity — as soon as practicable, but in any event, no later than the last day of each year of income;
(b)for a self managed superannuation fund — as soon as practicable but, in any event, no later than 30 days before the date by which the auditor must give a report mentioned in subsection 35C (6) of the Act to the trustees of the fund.
Note See regulation 8.03 for the period within which a report mentioned in subsection 35C (6) of the Act must be provided.
[12] Regulation 8.03
omit
subsection 113 (4)
insert
subsection 35C (6)
[13] After regulation 8.03
insert
8.04Period within which audit report is given to the APRA (Act s 36)
For subsection 36 (1) of the Act, the prescribed period is as soon as practicable but, in any event, no later than 4 months after the year of income to which that report relates.
[14] Paragraph 11.07 (1) (c)
omit
numbers.
insert
numbers; or
[15] After paragraph 11.07 (1) (c)
insert
(d)the RSE licensee of the entity.
[16] After subregulation 11.07 (2)
insert
(2A)For subsections 31 (1), 32 (1) and 33 (1) of the Act, it is a standard applicable to the operation of a superannuation entity other than a self managed superannuation fund that an incoming trustee must give written notice to the Regulator that it has commenced as a trustee of the entity.
(2B)A notice mentioned in subregulation (2A) must be given as soon as practicable after the RSE licensee has commenced as a trustee of the entity but, in any event, no later than 5 days after that date.
[17] Subsection 11.07 (3)
substitute
(3)For subsections 31 (1), 32 (1) and 33 (1) of the Act, it is a standard applicable to the operation of a superannuation entity that the trustee must give notice in writing to the Regulator, in accordance with subregulation (4), of:
(a)a decision or resolution to wind up the entity; or
(b)a decision or resolution to retire as a trustee of the entity.
[18] Paragraph 11.07 (4) (a)
after
commenced
insert
or the trustee of the entity has retired
[19] Paragraph 11.07 (4) (b)
omit
entity and, in any event, before the winding up is commenced.
insert
entity or of the trustee to retire and, in any event, before the winding up is commenced or the trustee has retired.
[20] Division 13.1
omit
[21] Paragraph 13.17 (2) (b)
omit
or an approved non‑ADI financial institution
[22] Subparagraph 13.17 (2) (c) (i)
omit
, an approved non‑ADI financial institution
[23] Paragraph 13.17A (2) (b)
omit
or an approved non‑ADI financial institution
[24] Subparagraph 13.17A (2) (c) (i)
omit
, an approved non‑ADI financial institution
[25] Subsection 13.17AA (1)
omit
an approved non‑ADI financial institution
Schedule 2 Amendments commencing 12 months after the day on which the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences
(regulation 3)
[1] Subparagraph 11.04 (b) (i)
omit
the name of the trustee, its registered address, telephone number and Australian Company Number,
insert
the name, registered address and telephone number of the trustee,
[2] Subparagraph 11.05 (b) (i)
omit
, telephone number and Australian Company Number
insert
and telephone number
[3] Subparagraph 11.06 (b) (i)
omit
, telephone number and Australian Company Number
insert
and telephone number
[4] Paragraph 11.07A (3) (b)
omit
(if any) or, if it has no ABN, its SFN (if any)
[5] Subparagraph 11.07A (3) (f) (ii)
omit
(if any) or, if it has no ABN, its SFN (if any)
[6] Paragraph 11.07A (3) (g)
omit
(if any) or, if it has no ABN, its SFN (if any)
[7] Subsection 11.07A (4), definition of SFN
omit
[8] Paragraph 11A.02 (2) (b)
omit
[9] Paragraph 11A.02 (2) (g)
omit
, if any,
[10] Subparagraphs 11A.02 (3) (b) (i) and (v)
omit
[11] Subparagraph 11A.02 (3) (b) (vi)
omit
, if any
[12] Subparagraph 11A.02 (3) (c) (i)
substitute
(i)the ABN of the RSE licensee; and
[13] Paragraph 11A.03 (2) (b)
omit
[14] Paragraph 11A.03 (2) (g)
omit
, if any,
[15] Subparagraphs 11A.03 (3) (b) (i) and (v)
omit
[16] Subparagraph 11A.03 (3) (b) (vi)
omit
, if any
[17] Paragraph 11A.04 (2) (b)
omit
[18] Paragraph 11A.04 (2) (g)
omit
, if any,
[19] Subparagraphs 11A.04 (3) (b) (i) and (v)
omit
[20] Subparagraph 11A.04 (3) (b) (vi)
omit
, if any
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