SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.37 Suspension or variation of obligation to roll over or transfer amounts by APRA--application by trustee
SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.37
Suspension or variation of obligation to roll over or transfer amounts by APRA--application by trustee(1) This regulation applies if the trustee of a regulated superannuation fund or approved deposit fund applies to APRA for a suspension or variation of the trustee's obligation to roll over or transfer amounts under regulation 6.34.
(2) The application must contain information about the fund's financial position and the effect of any rollovers or transfers of amounts under regulation 6.34 on:
(a) the financial position of the fund; or
(b) the interests of other members of the fund.
(3) APRA may ask the trustee to provide further information in relation to the application within the period specified by APRA.
(4) If the trustee does not provide the further information within the specified period, APRA may treat the application as if it had been withdrawn by the trustee.
(5) APRA must consider the application and notify the trustee of its decision in writing, within 30 days after the later of:
(a) the day APRA receives the application; and
(b) the day APRA receives the further information.
(6) If APRA believes, on reasonable grounds, that a rollover or transfer of an amount under regulation 6.34 would have a significant adverse effect on:
(a) the financial position of the fund; or
(b) the interests of other members of the fund;
APRA may, by notice in writing to the trustee, suspend or vary an obligation of the trustee under regulation 6.34.
(7) A suspension or variation under subregulation (6)
applies for the period specified by APRA in the notice.