Contents

Part 1--Preliminary                                                                                                                1

Division 1--Preliminary                                                                                               1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Object of Act ...................................................................................... 1

4............ Summary of provisions ...................................................................... 2

6............ General administration of Act ............................................................ 3

7............ Application of Act not to be excluded or modified ............................ 6

8............ Act extends to external Territories ..................................................... 6

9............ Crown to be bound ............................................................................. 7

9A......... Application of the Criminal Code ...................................................... 7

Division 2--Interpretation                                                                                          8

10.......... Definitions .......................................................................................... 8

10A....... Interdependency relationship ........................................................... 26

11.......... Approvals, determinations etc. by Regulator ................................... 27

11A....... Approved forms ............................................................................... 27

11B....... Electronic lodgment of approved forms ........................................... 28

11C....... Declaration required if approved form lodged electronically on trustee's behalf     29

11D....... Electronic lodgment--documents other than approved forms ......... 30

11E........ Approved guarantees ........................................................................ 30

12.......... Associates ......................................................................................... 30

13.......... Single trustees ................................................................................... 31

13A....... RSE licensees that are groups of individual trustees ........................ 31

14.......... Indefinitely continuing fund--application of rules against perpetuities 33

15.......... Approved deposit funds--payments by trustees ........................... 33

15A....... Definitions of employee and employer .............................................. 34

15B....... Modified meaning of member ........................................................... 35

16.......... Definitions associated with employer‑sponsorship ......................... 35

17A....... Definition of self managed superannuation fund .............................. 36

18.......... Public offer superannuation fund ..................................................... 40

19.......... Regulated superannuation fund ........................................................ 43

20.......... Related bodies corporate .................................................................. 45

20A....... Resident approved deposit funds ..................................................... 45

Part 2A--Licensing of trustees and groups of individual trustees             47

Division 1--Object of this Part                                                                               47

29A....... Object of this Part and the relationship of this Part to other provisions                 47

Division 2--Classes of RSE licences                                                                  49

29B....... Classes of RSE licences .................................................................... 49

Division 3--Applying for RSE licences                                                              51

29C....... Applications for RSE licences .......................................................... 51

29CA.... APRA may request further information ........................................... 53

29CB..... Period etc. for deciding applications from existing trustees in licensing transition period       53

29CC..... Period for deciding other applications .............................................. 54

Division 4--Grant of RSE licences                                                                       56

29D....... Grant of RSE licences ....................................................................... 56

29DA.... Capital requirements ......................................................................... 57

29DB.... Notice of class of licence .................................................................. 58

29DC.... Documents required to bear ABNs .................................................. 59

29DD.... Licence period ................................................................................... 60

29DE..... APRA to give notice of refusal of applications ................................ 60

Division 5--Conditions on RSE licences                                                          61

29E........ Conditions imposed on all licences and on groups of licences ......... 61

29EA..... Additional conditions imposed on individual licences by APRA .... 64

29EB..... Directions to comply with licence conditions .................................. 65

Division 6--Varying RSE licences                                                                        66

29F........ Applications for variation of RSE licences ....................................... 66

29FA..... APRA may request further information ........................................... 66

29FB..... Period for deciding applications ....................................................... 67

29FC..... APRA may vary RSE licences in accordance with applications ...... 67

29FD..... APRA may vary or revoke licence conditions on its own initiative 68

29FE..... Notification of APRA's decisions under this Division .................... 69

29FF..... When variations or revocations come into force etc. ........................ 70

Division 7--Cancelling RSE licences                                                                 71

29G....... Cancellation of RSE licences ............................................................. 71

29GA.... Cancellation of RSE licences of financial services licensees ............. 71

29GB.... APRA may allow RSE licence to continue in effect ......................... 72

Division 8--Risk management strategies                                                        73

Subdivision A--Contents of risk management strategies                                 73

29H....... Contents of risk management strategies ........................................... 73

Subdivision B--Maintaining and reviewing risk management strategies      74

29HA.... Requirement to maintain and review risk management strategies ..... 74

29HB.... Modifications etc. to risk management strategies ............................. 75

29HC.... Notification of modifications etc. to risk management strategies ..... 75

Subdivision C--Miscellaneous                                                                                76

29HD.... APRA to be given information ......................................................... 76

Division 9--Offences and self‑incrimination                                                   78

29J........ Being trustee of a registrable superannuation entity while unlicensed etc.               78

29JA..... Failing to notify breach of licence condition ..................................... 79

29JB...... Not complying with direction to comply with licence conditions ... 80

29JC...... Not complying with direction to modify risk management strategy 80

29JCA... False representation about status as RSE licensee ........................... 81

29JD..... Breach does not affect validity of issue of superannuation interests etc.                 81

Part 2B--Registrable superannuation entities                                                     82

Division 1--Object of this Part                                                                               82

29K....... Object etc. of this Part ...................................................................... 82

Division 2--Applying for registration                                                                 83

29L........ Applications for registration ............................................................ 83

29LA..... APRA may request further information ........................................... 85

29LB..... Period for deciding applications for registration ............................... 85

Division 3--Registration                                                                                           87

29M...... Registration of registrable superannuation entity ............................. 87

29MA... Notice of registration ........................................................................ 87

29MB... Documents required to bear ABNs .................................................. 88

29MC... APRA to give notice of refusal of applications ................................ 89

Division 4--Cancelling registration                                                                     90

29N....... Cancelling registration ....................................................................... 90

Division 5--Risk management plans                                                                  91

Subdivision A--Contents of risk management plans                                          91

29P........ Contents of risk management plans .................................................. 91

Subdivision B--Maintaining and reviewing risk management plans              92

29PA..... Requirement to maintain and review risk management plans ........... 92

29PB..... Modifications etc. to risk management plans ................................... 92

29PC..... Notification of modifications etc. to risk management plans ........... 93

Subdivision C--Miscellaneous                                                                                94

29PD..... Access to risk management plans ..................................................... 94

29PE..... APRA to be given information ......................................................... 95

Division 6--Offences and self‑incrimination                                                   96

29Q....... Not complying with direction to modify risk management plan ...... 96

29QA.... Breach does not affect validity of issue of superannuation interests etc.                 96

Part 3--Operating standards                                                                                           97

30.......... Object of Part ................................................................................... 97

31.......... Operating standards for regulated superannuation funds ................. 97

32.......... Operating standards for approved deposit funds ............................. 98

33.......... Operating standards for pooled superannuation trusts .................... 99

34.......... Prescribed operating standards must be complied with ................. 100

Part 4--Accounts, audit and reporting obligations for superannuation entities       101

35.......... Objects of Part ................................................................................ 101

35A....... Accounting records (all superannuation entities) ........................... 101

35B....... Accounts and statements (self‑managed superannuation funds only) 102

35C....... Audit of accounts and statements (all superannuation entities) ..... 103

35D....... Trustee to lodge annual returns (self‑managed superannuation funds only)            105

36.......... Trustee to give copy of audit report to APRA (registrable superannuation entities only)      106

Part 5--Notices about complying fund status                                                      108

Division 1--Objects and interpretation                                                           108

37.......... Objects of Part ................................................................................ 108

38.......... Meaning of entity ............................................................................ 108

Division 2--The Regulator may give notices about complying fund status          109

38A....... Meaning of regulatory provision .................................................... 109

39.......... Meaning of contravention ............................................................... 110

40.......... Notices by the Regulator to trustee ................................................ 110

41.......... When the Regulator obliged to give notice of compliance .............. 111

42.......... Complying superannuation fund .................................................... 113

42A....... Complying superannuation fund--fund that has been a self managed superannuation fund at any time during a year ........................................................................................................ 118

43.......... Complying approved deposit fund ................................................ 123

44.......... Pooled superannuation trust ........................................................... 123

Division 3--Complying fund status for tax purposes                               125

45.......... Complying superannuation fund .................................................... 125

46.......... Complying superannuation scheme--superannuation guarantee charge 126

47.......... Complying approved deposit fund ................................................ 126

48.......... Pooled superannuation trust ........................................................... 127

49.......... Transitional--notices under the repealed provisions of the Occupational Superannuation Standards Act 1987    128

50.......... Transitional--late lodgment of elections by trustees of superannuation funds       130

Part 6--Provisions relating to governing rules of superannuation entities                 133

51.......... Object of Part ................................................................................. 133

52.......... Covenants to be included in governing rules ................................... 133

53.......... Covenants to repay amounts to beneficiaries in approved deposit funds                136

54.......... Prerequisites to variation of repayment period .............................. 137

55.......... Consequences of contravention of covenant .................................. 137

55A....... Rules about cashing benefits after death of members ..................... 138

56.......... Indemnification of trustee from assets of entity ............................ 138

57.......... Indemnification of directors of trustee from assets of entity ......... 139

58.......... Trustee not to be subject to direction ............................................. 140

59.......... Exercise of discretion by person other than trustee ....................... 141

60.......... Amendment of governing rules ....................................................... 141

60A....... Dismissal of trustee of public offer entity ..................................... 142

Part 7--Provisions applying only to regulated superannuation funds    143

61.......... Object of Part ................................................................................. 143

62.......... Sole purpose test ............................................................................ 143

63.......... Certain regulated superannuation funds not to accept employer contributions in certain circumstances                145

64.......... Superannuation contributions--deductions from salary or wages to be remitted promptly   149

64A....... Compliance with determinations of the Superannuation Complaints Tribunal        150

65.......... Lending to members of regulated superannuation fund prohibited 150

66.......... Acquisitions of certain assets from members of regulated superannuation funds prohibited 152

67.......... Borrowing ....................................................................................... 155

68.......... Victimisation of trustees etc. .......................................................... 159

68A....... Conduct relating to fund membership ............................................ 161

Part 8--In‑house asset rules applying to regulated superannuation funds                 163

Division 1--Object and interpretation                                                             163

Subdivision A--General                                                                                          163

69.......... Object of Part ................................................................................. 163

69A....... Sub‑funds to be treated as funds .................................................... 163

70A....... The Regulator may determine a person to be a standard employer‑sponsor           163

Subdivision B--Part 8 associates                                                                         164

70B....... Part 8 associates of individuals ....................................................... 164

70C....... Part 8 associates of companies ....................................................... 164

70D....... Part 8 associates of partnerships .................................................... 165

70E........ Meanings of terms used in sections 70B, 70C and 70D ................. 166

Subdivision C--In‑house assets                                                                            167

71.......... Meaning of in‑house asset .............................................................. 167

Subdivision D--Transitional arrangements in relation to in‑house assets 171

71A....... Exceptions--pre‑11 August 1999 investments and loans .............. 171

71B....... Exceptions--pre‑11 August 1999 leases and lease arrangements .. 173

71C....... Exceptions--transition period ........................................................ 173

71D....... Exception--reinvestments .............................................................. 174

71E........ Exception--certain geared investments .......................................... 175

71F........ Meaning of certain terms used in Subdivision D ............................ 178

Subdivision E--Other provisions in relation to in‑house assets                     178

72.......... How this Part applies if there are 2 or more employer‑sponsors of whom at least one is an unrelated employer‑sponsor .......................................................................... 178

73.......... Cost of in‑house asset .................................................................... 179

74.......... Historical cost ratio of fund's in‑house assets ............................... 180

75.......... Market value ratio of fund's in‑house assets ................................. 180

Division 2--Historical cost ratio of fund's in‑house assets                  181

76.......... Private sector funds established on or after 12 March 1985--historical cost ratio for the 1994‑95 year of income ........................................................................................................ 181

77.......... Private sector funds established before 12 March 1985--historical cost ratio for the 1994‑95 year of income      181

78.......... Public sector funds established on or after 1 July 1990--historical cost ratio for the 1994‑95 year of income      181

79.......... Public sector funds established before 1 July 1990--historical cost ratio for the 1994‑95 year of income             182

80.......... All funds--historical cost ratio for the 1995‑96 year of income, the 1996‑97 year of income and the 1997‑98 year of income ............................................................................................. 182

Division 3--Market value ratio of fund's in‑house assets                    183

80A....... Division not applicable to certain funds ......................................... 183

81.......... All funds--market value ratio for the 1998‑99 year of income and the 1999‑2000 year of income        183

82.......... All funds--market value ratio for the 2000‑2001 year of income and later years of income   183

83.......... Certain new in‑house asset investments prohibited ....................... 184

Division 3A--Limit on in‑house assets of certain defined benefit funds               185

83A....... Definitions ...................................................................................... 185

83B....... Application of Division .................................................................. 186

83C....... Maximum permitted market value of in‑house assets .................... 187

83D....... Limit on in‑house assets ................................................................. 187

83E........ Acquisition of in‑house assets prohibited in certain circumstances 187

Division 4--Enforcement                                                                                        189

84.......... In‑house asset rules must be complied with ................................... 189

Division 5--Anti‑avoidance                                                                                    190

85.......... Prohibition of avoidance schemes ................................................... 190

Part 9--Equal representation of employers and members--employer‑sponsored funds   191

86.......... Object of Part ................................................................................. 191

87.......... Consequences of non‑compliance with this Part ............................ 191

88.......... This Part does not apply if acting trustee appointed under Part 17 191

89.......... Basic equal representation rules ..................................................... 191

90.......... Pre‑1 July 1995 rules--funds with fewer than 200 members ........ 193

91.......... Pre‑1 July 1995 rules--funds with 200 or more members ............. 194

92.......... Post‑30 June 1995 rules--funds with more than 4, but fewer than 50, members    195

93.......... Post‑30 June 1995 rules--funds with more than 49 members ....... 197

93A....... A trustee who is an employer‑sponsor of a fund may still be an independent trustee            199

Part 10--Provisions applying only to approved deposit funds                   201

94.......... Object of Part ................................................................................. 201

95.......... Borrowing ....................................................................................... 201

Part 11--Provisions applying only to pooled superannuation trusts       203

96.......... Object of Part ................................................................................. 203

97.......... Borrowing ....................................................................................... 203

98.......... Lending to unit‑holders prohibited ................................................. 204

99.......... Civil penalty provisions ................................................................. 204

Part 12--Duties of trustees and investment managers of superannuation entities               205

100........ Object of Part ................................................................................. 205

101........ Duty to establish arrangements for dealing with inquiries or complaints                 205

102........ Duty to seek information from investment manager ...................... 206

103........ Duty to keep minutes and records ................................................. 207

104........ Duty to keep records of changes of trustees .................................. 208

104A..... Trustees etc. of self managed superannuation fund--recognition of obligations and responsibilities      208

105........ Duty to keep reports ...................................................................... 209

106........ Duty to notify the Regulator of significant adverse events ............ 210

106A..... Duty to notify Commissioner of Taxation of change in status of entity                 210

107........ Duty of trustee of employer‑sponsored fund to establish procedure for appointing member representatives       211

108........ Duty of trustee of employer‑sponsored fund to establish procedure for appointing independent trustee or independent member of board of directors of corporate trustee ......................... 212

109........ Investments of superannuation entity to be made and maintained on arm's length basis        213

Part 14--Other provisions applying to superannuation entities                215

114........ Object of Part ................................................................................. 215

115........ Trustee of superannuation entity may maintain reserves .............. 215

116........ Agreement between trustee and investment manager ..................... 215

117........ Circumstances in which amounts may be paid out of an employer‑sponsored fund to an employer‑sponsor       215

118........ Consents to appointments ............................................................. 219

Part 15--Standards for trustees, custodians and investment managers of superannuation entities            220

Division 1--Object of Part and definition of disqualified person        220

119........ Object of Part ................................................................................. 220

120........ Disqualified persons ....................................................................... 220

Division 2--Requirements for custodians and investment managers 222

122........ Investment manager must not appoint or engage custodian without the trustee's consent     222

123........ Persons who may be appointed to be custodians of superannuation entities          222

124........ Investment managers must be appointed in writing ....................... 224

125........ Individuals not to be investment managers of superannuation entities 224

Division 3--Disqualified persons                                                                        225

Subdivision A--Disqualification by the Commissioner of Taxation               225

126........ Application of this Subdivision ...................................................... 225

126A..... The Regulator may disqualify individuals ...................................... 225

126B..... Application for waiver of disqualified status ................................. 226

126C..... Application must be decided within a period of time .................... 227

126D..... Notifying of the outcome of an application ................................... 228

126E...... The effect of seeking a waiver of disqualified person status .......... 229

126F...... The Regulator's powers to seek further material ........................... 230

Subdivision B--Disqualification by the Federal Court of Australia               231

126G..... Application of this Subdivision ...................................................... 231

126H..... Court power of disqualification ...................................................... 231

126J...... Court power to revoke or vary a disqualification etc. .................... 233

Subdivision C--Offences relating to disqualified persons                               234

126K..... Disqualified persons not to be trustees, investment managers or custodians of superannuation entities                234

Division 4--Non‑compliance not to invalidate appointment or transaction          236

127........ Non‑compliance not to invalidate appointment or transaction ...... 236

Part 16--Actuaries and auditors of superannuation entities                       237

Division 1--Object of Part                                                                                      237

128........ Object of Part ................................................................................. 237

Division 2--Obligations of actuaries and auditors                                     238

129........ Obligations of actuaries and auditors--compliance ........................ 238

130........ Obligations of actuaries and auditors--solvency ........................... 241

130A..... Auditor or actuary may give information to the Regulator ............ 243

130B..... Self incrimination ............................................................................ 243

130C..... Actuaries and auditors--failure to implement actuarial recommendations               243

Division 3--Disqualifying and removing actuaries and auditors        247

130D..... Court power of disqualification ...................................................... 247

130E...... Court power to revoke or vary a disqualification etc. .................... 248

131........ Auditors and actuaries--disqualification orders ............................. 248

131AA.. APRA may direct removal of auditor or actuary ........................... 251

Division 4--Offences and failure to carry out duties etc.                       253

131A..... The Regulator may refer matters to a professional association ...... 253

131B..... Offence of holding oneself out as an actuary or auditor ................. 254

131C..... Disqualified persons not to be auditor or actuary of superannuation entities          254

Part 17--Suspension or removal of trustee of superannuation entity   256

132........ Object of Part ................................................................................. 256

133........ Suspension or removal of trustee of superannuation entity ........... 256

134........ APRA to appoint acting trustee in cases of suspension or removal 257

135........ Terms and conditions of appointment of acting trustee ................. 258

136........ Termination of appointment of acting trustee ................................ 258

137........ Resignation of acting trustee ........................................................... 258

138........ Property vesting orders .................................................................. 258

139........ Powers of acting trustee ................................................................. 260

140........ Acting trustee to notify appointment to beneficiaries ................... 260

141........ The Regulator may give directions to acting trustee ....................... 260

141A..... Property vested in acting trustee--former trustee's obligations relating to books, identification of property and transfer of property ........................................................................ 261

142........ The Regulator may formulate a scheme for the winding‑up or dissolution, or both, of a superannuation entity    262

Part 18--Amalgamation of funds                                                                                264

143........ Object of Part ................................................................................. 264

144........ Benefits may be transferred to a new fund with APRA's approval etc. 264

145........ Application for approval of transfer .............................................. 264

146........ Approval of transfer ....................................................................... 265

147........ Cessation of rights against transferor fund ..................................... 265

Part 19--Public offer entities: provisions relating to superannuation interests       267

Division 1--Preliminary                                                                                           267

151........ Contravention of Part does not affect validity of issue of superannuation interest etc.          267

Division 2--Issuing, offering etc. superannuation interests in public offer entities        268

152........ Limitation on issuing, offering etc. superannuation interests in public offer entities               268

153A..... ........................................................................................................ 269

154........ Commission and brokerage ............................................................. 269

155........ Fair dealing on issue or redemption of a superannuation interest .. 270

156........ Civil liability where subsection 155(2) contravened ...................... 271

Part 21--Civil and criminal consequences of contravening civil penalty provisions             272

Division 1--Preliminary                                                                                           272

192........ Object of Part ................................................................................. 272

193........ Civil penalty provisions ................................................................. 272

194........ Person involved in contravening a provision taken to have contravened the provision           272

195........ When a court is taken to find a person guilty of an offence ........... 272

Division 2--Civil penalty orders                                                                         274

196........ Court may make civil penalty orders ............................................. 274

197........ Who may apply for civil penalty order .......................................... 274

198........ Time limit for application ............................................................... 275

199........ Application for civil penalty order is a civil proceeding ................ 275

200........ Enforcement of order to pay monetary penalty ............................. 275

201........ The Regulator may require a person to give assistance in connection with application for civil penalty order       275

Division 3--Criminal proceedings                                                                      277

202........ When contravention of civil penalty provisions is an offence ....... 277

203........ Application for civil penalty order precludes later criminal proceedings                 277

Division 4--Effect of criminal proceedings on application for civil penalty order             278

204........ When Division applies ................................................................... 278

205........ Effect during criminal proceedings .................................................. 278

206........ Final outcome precluding applications for civil penalty order ....... 278

207........ Final outcome not precluding application for civil penalty order .. 279

208........ After unsuccessful committal proceeding, court may preclude application for civil penalty order         280

209........ Application for civil penalty order based on alternative verdict at jury trial           280

210........ Application for civil penalty order based on alternative finding by court of summary jurisdiction        281

211........ Application for civil penalty order based on alternative finding by appeal court    281

212........ After setting aside declaration, court may preclude application for civil penalty order           282

213........ On unsuccessful appeal against declaration, Court may make civil penalty orders                 282

214........ Appeals under this Division ........................................................... 282

Division 5--Compensation for loss suffered by superannuation entity 283

215........ On application for civil penalty order, Court may order compensation 283

216........ Criminal court may order compensation ........................................ 283

217........ Enforcement of order under section 215 or 216 ............................. 284

218........ Recovery of profits, and compensation for loss, resulting from contravention       284

219........ Effect of sections 215, 216 and 218 ............................................... 285

220........ Certificates evidencing contravention ............................................. 285

Division 6--Miscellaneous                                                                                     286

221........ Relief from liability for contravention of civil penalty provision .. 286

222........ Part does not limit power to award punitive damages ................... 287

Part 23--Financial assistance to certain funds                                                   288

Division 1--Preliminary                                                                                           288

227........ Object of Part ................................................................................. 288

228........ Interpretation .................................................................................. 288

229........ Application for assistance .............................................................. 288

230........ Minister may request additional information ................................. 289

230A..... APRA to advise Minister in relation to application for assistance 289

Division 2--Determination of applications for financial assistance   290

231........ Minister may grant financial assistance .......................................... 290

232........ Maximum amount of financial assistance ....................................... 290

233........ Financial assistance to be subject to conditions ............................. 290

Division 3--Repayment of financial assistance                                            292

238........ Financial assistance to be repaid in certain circumstances .............. 292

239........ Minister may remit liability ........................................................... 292

240........ Repayable grant to have priority over other debts ......................... 292

Part 24--Facility to pay benefits to eligible rollover funds                          293

241........ Object of Part ................................................................................. 293

242........ Interpretation .................................................................................. 293

243........ Payment of benefits to eligible rollover fund .................................. 293

244........ Operating standards for transferor funds--information and records 295

248........ Claims for benefits .......................................................................... 295

Part 24A--Transitional provisions relating to pre‑1 July 1995 automatic rollovers of benefits between funds                                                                                                                         296

249........ Object of Part ................................................................................. 296

250........ Definitions ...................................................................................... 296

251........ Rights of beneficiary to rolled‑over benefits .................................. 296

252........ Claims to rolled‑over benefits ......................................................... 297

Part 24B--Provisions relating to the administration by APRA and the Commissioner of Taxation of superannuation funds with fewer than 5 members                         298

Division 1--Monitoring of superannuation funds with fewer than 5 members   298

252A..... APRA or Commissioner of Taxation may request certain information .. 298

252B..... Contravention notices ..................................................................... 299

Division 2--Secrecy provisions relating to Commissioner of Taxation                 302

252C..... Secrecy--general obligations .......................................................... 302

Division 3--Transitional and savings provisions relating to the regulation of self managed superannuation funds by the Commissioner of Taxation 306

252D..... Definition ........................................................................................ 306

252E...... Instruments made or issued by APRA or by the Commissioner of Taxation          306

252F...... Obligations owed by or to APRA or the Commissioner of Taxation 307

252G..... Outstanding annual returns and amounts ....................................... 309

252H..... Regulations ..................................................................................... 312

Part 25--Monitoring and investigating superannuation entities              313

Division 1--Preliminary                                                                                           313

253........ Objects of Part ................................................................................ 313

253A..... Notices may be given to former relevant persons .......................... 313

Division 2--Monitoring superannuation entities                                       314

254........ Information to be given to Regulator .............................................. 314

255........ Regulator may require production of books ................................... 315

256........ Access to premises ......................................................................... 315

Division 3--APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity              316

257........ Investigation of financial position of superannuation entity .......... 316

258........ Qualifications of investigator or investigators ................................ 316

259........ APRA may veto appointment of investigator or investigators ...... 316

260........ Deadline for receipt of report ......................................................... 317

261........ Contents of report etc. ................................................................... 318

262........ Trustee must comply with requirements ....................................... 318

Division 3A--Regulator may accept and enforce undertakings         319

262A..... Acceptance and enforcement of undertakings ................................ 319

Division 4--Investigations by Regulator                                                        320

263........ Investigation of superannuation entity ........................................... 320

264........ Power of Regulator to obtain information or freeze assets ............ 320

265........ Inspectors ....................................................................................... 322

266........ Delegation by inspector .................................................................. 323

267........ Regulator may exercise powers of inspe