Superannuation Industry (Supervision) Regulations (Amendment) (Cth)

Statutory Rules 1998No. 193 1

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Superannuation Industry (Supervision) Regulations2 (Amendment)

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 30 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

 

ian Campbell

Parliamentary Secretary to the Treasurer

for the

Treasurer

____________

1.   Commencement

1.1   These regulations commence on 1 July 1998.

2.   Amendment

2.1   The Superannuation Industry (Supervision) Regulations are amended as set out in these regulations.

3.   Regulation 1.03 (Interpretation)

3.1   Definition of reviewable decision:

Omit “Commissioner”, substitute “Regulator”.

4.   Regulation 1.04 (Prescribed matters (Act, s 10))

4.1   Sub-subparagraph 1.04 (2) (b) (i) (B):

Omit “the Commissioner”, substitute “APRA”.

4.2   Subregulation 1.04 (2A):

Omit “The Commissioner”, substitute “APRA”.

4.3   Subregulation 1.04 (2A):

Omit “the Commissioner”, substitute “APRA”.

4.4   Subregulation 1.04 (2C):

Omit “The Commissioner”, substitute “APRA”.

5.   Regulation 1.05 (Meaning of annuity (Act, s 10))

5.1   Paragraph 1.05 (2) (c):

Omit “the Commissioner”, substitute “APRA”.

6.   Regulation 1.06 (Meaning of pension (Act, s 10))

6.1   Paragraph 1.06 (2) (c):

Omit “the Commissioner”, substitute “APRA”.

7.   Regulation 1.08 (Restriction on factors for converting pensions)

7.1   Paragraph 1.08 (2) (a):

Omit “the Commissioner”, substitute “APRA”.

8.   Regulation 2.01 (Interpretation)

8.1   Subregulation 2.01 (1) (definition of capital guaranteed fund, subparagraph (a) (i)):

Omit “approved bank”, substitute “ADI”.

9.   Regulation 2.19 (Reporting periods)

9.1   Subregulation 2.19 (3):

Omit the subregulation, substitute:

 “(3) A fund reporting period or member reporting period must not exceed:

• (a)

  12 months; or

• (b)

  a longer period fixed by ASIC on the application of the entity.”.

10.   Regulation 2.29 (Specific requirements in particular cases)

10.1   Subregulation 2.29 (6):

Omit “the Commissioner”, substitute “APRA”.

11.   Regulation 2.36 (Specific requirements)

11.1   Paragraph 2.36 (4) (d):

Omit “the Commissioner”, substitute “APRA”.

12.   Regulation 2.55 (Reporting periods)

12.1   Subregulation 2.55 (3):

Omit “the Commissioner”, substitute “ASIC”.

13.   Regulation 2.64 (Information about notice of non‑compliance)

13.1   Paragraph 2.64 (d):

Omit “the Commissioner”, substitute “APRA”.

14.   Regulation 3.10 (Commission and brokerage)

14.1   Paragraph 3.10 (3) (a):

Omit “or under a corresponding law of a State or Territory”.

14.2   Subparagraph 3.10 (3) (d) (i):

Omit “or under a corresponding law of a State or Territory”.

15.   Regulation 4.10 (Operating standard—investment by non‑complying superannuation funds)

15.1   Omit “the Commissioner” (wherever occurring), substitute “APRA”.

16.   Regulation 4.11 (Operating standard—investment by non‑complying approved deposit funds)

16.1   Omit “the Commissioner” (wherever occurring), substitute “APRA”.

17.   Regulation 4.12 (Operating standard—acceptance by regulated superannuation and approved deposit funds of rollovers and transfers)

17.1   Subregulation 4.12 (2):

Omit “the Commissioner”, substitute “APRA”.

18.   Regulation 5.01 (Interpretation)

18.1   Subregulation 5.01 (1) (definition of superannuation system, paragraph (c)):

Omit the paragraph, substitute:

• “(c)

  ASIC as the recipient of unclaimed money paid to ASIC under subsection 225 (5) of the Act; and”.

19.   Regulation 5.17 (Member-protection standards)

19.1   Subparagraph 5.17 (1) (b) (i):

Omit “to the Commissioner”.

20.   Regulation 6.19A (Release of benefits on compassionate grounds)

20.1   Subregulations 6.19A (1), (2) and (5):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

20.2   Subregulations 6.19A (2), (3), (4) and (5):

Omit “The Commissioner”, substitute “APRA”.

21.   Regulation 6.22B (When benefits in regulated superannuation funds may be cashed in favour of persons except members)

21.1   Paragraph 6.22B (a):

Omit “the Commissioner”, substitute “APRA”.

22.   Regulation 6.27B (Definition)

22.1   Definition of consent, paragraph (b):

Omit “the Commissioner”, substitute “APRA”.

23.   Regulation 9.19 (Technical insolvency programs—procedure)

23.1   Subregulations 9.19 (5) and (6):

Omit “the Commissioner”, substitute “APRA”.

24.   Regulation 9.23 (Winding-up of defined benefit funds)

24.1   Subregulation 9.23 (4):

Omit “the Commissioner”, substitute “APRA”.

25.   Regulation 9.24 (Alternative programs approved by APRA)

25.1   Omit “the Commissioner” (wherever occurring), substitute “APRA”.

26.   Regulation 9.43 (Winding-up of accumulation funds)

26.1   Subregulation 9.43 (4):

Omit “the Commissioner”, substitute “APRA”.

27.   Regulation 9.44 (Alternative programs approved by APRA for accumulation funds)

27.1   Omit “the Commissioner” (wherever occurring), substitute “APRA”.

28.   Regulation 10.01 (Definition of eligible rollover fund (Act, s 242))

28.1   Omit “the Commissioner” (wherever occurring), substitute “APRA”.

29.   Part 11 (Information to be given to the Commissioner and related matters)

29.1   Heading:

Omit “COMMISSIONER”, substitute “REGULATOR”.

30.   Regulation 11.01 (Definition)

30.1   Omit “Commissioner”, substitute “Regulator”.

31.   Regulation 11.02 (Lodgment of annual returns by superannuation entities)

31.1   Paragraphs 11.02 (a), (b) and (c):

Omit the paragraphs, substitute:

• “(a)

  for a superannuation entity that is an excluded fund—9 months; and

• (b)

  for any other superannuation entity—4 months.”.

32.   Regulation 11.03 (Period for giving information to APRA, Act, s 254 (1))

32.1   Omit “the purposes of”.

33.   Regulation 11.07 (Operating standard—disclosure of certain information)

33.1   Subregulation 11.07 (1):

Omit “Commissioner”, substitute “APRA”.

33.2   Subregulation 11.07 (3):

Omit “the Commissioner”, substitute “APRA”.

34.   Regulation 11.08 (Information regarding lost members to be provided to ASIC)

34.1   Subregulation 11.08 (3):

Omit “the Commissioner”, substitute “ASIC”.

34.2   Subparagraph 11.08 (4) (a) (vi):

Omit “the Commissioner” (wherever occurring), substitute “ASIC”.

34.3   Subparagraph 11.08 (4) (b) (iv):

Omit “the Commissioner” (wherever occurring), substitute “ASIC”.

34.4   Subregulation 11.08 (5) (definition of fund number):

Omit the definition, substitute:

“fund number, for a regulated superannuation or approved deposit fund, means the number allocated to the fund under the Act.”.

35.   Regulation 12.01 (Definitions)

35.1   Definition of PJFC:

Omit “the Commissioner”, substitute “APRA”.

36.   Regulation 12.05 (Value A of accrued benefits)

36.1   Subregulations 12.05 (4), (5) and (6):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

36.2   Subregulation 12.05 (5):

Omit “The Commissioner”, substitute “APRA”.

37.   Regulation 12.06 (Value B of accrued benefits)

37.1   Subregulations 12.06 (4) and (5):

Omit “the Commissioner”, substitute “APRA”.

37.2   Subregulation 12.06 (5):

Omit “The Commissioner”, substitute “APRA”.

38.   Regulation 12.08 (Date before which applications to be made)

38.1   Omit “the Commissioner”, substitute “APRA”.

39.   Regulation 12.11 (When and how APRA to be notified of prescribed events)

39.1   Subregulations 12.11 (1) and (3):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

40.   Regulation 12.12 (Transfer of PJFCs—trustees of transferor funds)

40.1   Subregulations 12.12 (1), (2) and (4):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

40.2   Subregulation 12.12 (2):

Omit “The Commissioner”, substitute “APRA”.

41.   Regulation 12.13 (Transfer of PJFCs—trustees of transferee funds)

41.1   Subregulations 12.13 (1), (2) and (4):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

41.2   Subregulation 12.13 (2):

Omit “The Commissioner”, substitute “APRA”.

42.   Regulation 12.14 (Transfer of PJFCs—revocation of approval)

42.1   Regulation 12.14:

Omit “The Commissioner”, substitute “APRA”.

42.2   Paragraphs 12.14 (a) and (b):

Omit “the Commissioner” (wherever occurring), substitute “APRA”.

43.   Regulation 12.15 (Transfer of PJFCs—requirements to be satisfied)

43.1   Paragraph 12.15 (b):

Omit “the Commissioner”, substitute “APRA”.

44. Regulation 13.09 (A.C.T. Corporations Law and Regulations—interpretation of applied provisions)

44.1   Subregulation 13.09 (2) (definition of Australian bank):

Omit “approved bank (within the meaning of the Act)”, substitute “ADI”.

44.2   Subregulation 13.09 (2) (definition of Commission):

Omit “the Commissioner (within the meaning of the Act)”, substitute “ASIC”.

45.   Regulation 13.16 (Accrued benefits—restrictions on alteration)

45.1   Subparagraphs 13.16 (2) (a) (ii) and (d) (ii):

Omit “the Commissioner”, substitute “APRA”.

45.2   Sub-subparagraph 13.16 (4) (a) (iii) (B):

Omit “the Commissioner”, substitute “APRA”.

46.   Regulation 13.17 (Approved deposit funds—restrictions on loans and investments)

46.1   Paragraph 13.17 (2) (b):

Omit “approved bank or an approved non-bank”, substitute “ADI or an approved non-ADI”.

46.2   Subparagraph 13.17 (2) (c) (i):

Omit “approved bank, an approved non-bank”, substitute “ADI, an approved non-ADI”.

47.   Regulation 13.17A (Public offer superannuation funds—restrictions on loans and investments)

47.1   Paragraph 13.17A (2) (b):

Omit “approved bank or an approved non-bank”, substitute “ADI or an approved non-ADI”.

47.2   Subparagraph 13.17A (2) (c) (i):

Omit “approved bank or an approved non-bank”, substitute “ADI or an approved non-ADI”.

48.   Regulation 13.17AA (Rules for certain investments by funds in related bodies corporate)

48.1   Subregulation 13.17AA (1):

Omit “approved bank, an approved non-bank”, substitute “ADI, an approved non-ADI”.

49.   Regulation 13.22A (Financial sector supervisory agencies (Act, s 346))

49.1   Omit the regulation.

50.   Regulation 13.22B (Law enforcement agencies (Act, s 346))

50.1   Omit the regulation.

51.   Regulation 13.22C (Overseas financial sector supervisory agencies (Act, s 346))

51.1   Omit the regulation.

52.   Regulation 13.24 (Notice of reviewable decisions and reasons for decisions)

52.1   Subregulations 13.24 (1), (2) and (3):

Omit “Commissioner” (wherever occurring), substitute “Regulator”.

52.2   Subregulation 13.24 (2):

Omit “Commissioner’s”, substitute “Regulator’s”.

53.   Regulation 13.25 (Reconsideration of certain decisions)

53.1   Subregulations 13.25 (1), (3) and (4):

Omit “Commissioner” (wherever occurring), substitute “Regulator”.

53.2   Subregulation 13.25 (5):

Omit the subregulation, substitute:

 “(5) If the Regulator varies or revokes a decision made under regulation 12.12, 12.13 or 12.14, the Regulator must give written notice of the variation or revocation to the Commissioner of Taxation.”.

54.   Regulation 13.26 (Review by Tribunal of reconsidered decisions)

54.1   Omit “Commissioner”, substitute “Regulator”.

55.   Schedule 1B (Pension valuation factors)

55.1   Clause 1:

Omit “the Commissioner”, substitute “APRA”.

56.   Schedule 1 (Regulated superannuation funds)

56.1   Items 107 and 207:

Omit “the Commissioner”, substitute “APRA”.

57.   Schedule 3 (Prescribed form of advertisement of scheme for winding-up or dissolution)

57.1   Omit “Insurance and Superannuation Commissioner”, substitute “Australian Prudential Regulation Authority (APRA)”.

57.2   Omit “the Insurance and Superannuation Commission”, substitute “APRA”.

57.3   Omit “the Commission’s”, insert “APRA’s”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1998.

2. 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 and 177.