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.

  (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.

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

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