Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29SB

  (1)   APRA must decide an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product:

  (a)   within 60 days after receiving the application; or

  (b)   if the applicant was requested to provide information under section   29SA--within 60 days after:

  (i)   receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or

  (ii)   all notices relating to that information being disposed of;

unless APRA extends the period for deciding the application under subsection   (2).

  (2)   APRA may extend the period for deciding an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product by up to 60 days if APRA informs the RSE licensee of the extension:

  (a)   in writing; and

  (b)   within the period in which it would otherwise be required to decide the application under subsection   (1).

  (3)   If APRA extends the period for deciding an application for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, it must decide the application within the extended period.

  (4)   If APRA has not decided an application for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.