Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29C

Who may apply for RSE licences

             (1)  A constitutional corporation may apply to APRA for an RSE licence of any class.

             (2)  A body corporate that is not a constitutional corporation may apply to APRA for an RSE licence of any class other than a class that would enable it to be a trustee of a public offer entity.

             (3)  A group of individual trustees may apply to APRA for an RSE licence of any class other than a class that would enable each of the members of the group to be a trustee of a public offer entity.

Requirements for applications

             (4)  An application for an RSE licence must:

                     (a)  be in the approved form; and

                     (b)  contain the information required by the approved form; and

                     (c)  be accompanied by the application fee (if any) prescribed by regulations made for the purposes of this paragraph; and

                     (d)  be accompanied by an up‑to‑date copy of:

                              (i)  if the applicant is a body corporate--the body corporate's risk management strategy, signed by the body corporate; or

                             (ii)  if the applicant is a group of individual trustees--the group's risk management strategy, signed by each member of the group; and

                     (e)  be accompanied by a statement, signed by:

                              (i)  if the applicant is a body corporate--the body corporate; or

                             (ii)  if the applicant is a group of individual trustees--each member of the group;

                            that the risk management strategy complies with section 29H.

             (5)  Regulations made for the purposes of paragraph (4)(c) may prescribe different application fees for applications for different classes of RSE licences.

Notifying certain changes while applications are pending

             (6)  If:

                     (a)  a body corporate applies for an RSE licence; and

                     (b)  after the application is made, but before APRA decides the application, another director is added to, or removed from the board;

the body corporate must notify APRA, in the approved form, about the change to the membership of the board as soon as practicable after that change occurs.

Note:          Part 9 has requirements about equal representation rules.

             (7)  If:

                     (a)  a group of individual trustees applies for an RSE licence; and

                     (b)  after the application is made, but before APRA decides the application, another trustee is added to, or removed from the group;

a member of the group must notify APRA, in the approved form, about the change to the membership of the group as soon as practicable after that change occurs.

Note:          Part 9 has requirements about equal representation rules.

             (8)  If:

                     (a)  a body corporate or group of individual trustees applies for an RSE licence; and

                     (b)  after the application is made but before APRA decides the application, the risk management strategy for the body or group is varied or revoked and replaced;

the body or group must lodge an up‑to‑date copy of the risk management strategy with APRA as soon as practicable after the risk management strategy is varied or revoked and replaced.

             (9)  An application is taken not to comply with this section if subsection (6), (7) or (8) is contravened.

Note:          APRA cannot grant an RSE licence while the application does not comply with this section: see paragraph 29D(1)(c).