Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29D

             (1)  APRA must grant an RSE licence to a body corporate, or group of individual trustees, that has applied for an RSE licence if, and only if:

                     (a)  APRA has no reason to believe that:

                              (i)  if the application is made by a body corporate--the body corporate; or

                             (ii)  if the application is made by a group of individual trustees--the group as a whole or any member of the group;

                            would fail to comply with the RSE licensee law if the RSE licence were granted; and

                     (b)  APRA has no reason to believe that:

                              (i)  if the application is made by a body corporate--the body corporate; or

                             (ii)  if the application is made by a group of individual trustees--the group as a whole or any member of the group;

                            would fail to comply with any condition imposed on the RSE licence if it were granted; and

                     (c)  the application for the licence complies with section 29C and is for a class of licence that the body corporate or group of individual trustees may apply for under that section; and

                     (d)  APRA is satisfied that:

                              (i)  if the application is made by a body corporate--the body corporate meets the requirements of standards prescribed under Part 3 relating to fitness and propriety for trustees of funds and RSE licensees; or

                             (ii)  if the application is made by a group of individual trustees--the group as a whole meets the requirements of standards prescribed under Part 3 relating to fitness and propriety for RSE licensees and each of the members of the group meets the requirements of standards prescribed under Part 3 relating to fitness and propriety for trustees of funds; and

                     (e)  APRA is satisfied that the risk management strategy for the body corporate or group meets the requirements of section 29H; and

                      (f)  in a case where the applicant is not a constitutional corporation--APRA is satisfied that:

                              (i)  if the application is made by a body corporate--the body corporate; or

                             (ii)  if the application is made by a group of individual trustees--each member of the group;

                            only intends to act as a trustee of one or more superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old‑age pensions; and

                     (g)  in a case where the application is for a licence of a class that enables a trustee that holds a licence of that class to be a trustee of a public offer entity subject to any condition imposed under subsection 29EA(3)--APRA is satisfied that the applicant is a constitutional corporation that meets the capital requirements under section 29DA; and

                     (h)  the application has not been withdrawn, treated as withdrawn under subsection 29CA(2), refused consideration under subsection 29CB(3) or taken to have been refused under subsection 29CC(4).

Note 1:       Conditions apply to all RSE licences. See Division 5.

Note 2:       An RSE licence may only be granted to a body corporate or a group of individual trustees because only bodies corporate and groups of individual trustees may apply for RSE licences. See section 29C.

             (2)  Otherwise APRA must refuse the application.