Commonwealth Numbered Regulations

1989 No. 356 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 5

5. Regulation 4 of the Principal Regulations is amended:

   (a)  by omitting subregulation (2) and substituting the following
        subregulation:

"(2) For the purposes of the definition of 'approved auditor' in subsection
(1) of the Act, the following classes of persons are specified in relation to
an approved deposit fund and a pooled superannuation trust:

   (a)  independent registered auditors;

   (b)  the Auditor-General of the Commonwealth or of a State or Territory.";

   (b)  by omitting subregulation (3) and substituting the following
        subregulations:

"(3) For the purposes of this regulation, a registered auditor is to be taken
not to be independent in relation to a superannuation fund, an approved
deposit fund or a pooled superannuation trust if the auditor is associated
with the fund or trust as:

   (a)  a trustee of the fund or trust; or

   (b)  a member of the fund or trust; or

   (c)  a contributor to the fund; or

   (d)  a depositor with the fund; or

   (e)  a holder of units in the trust; or

   (f)  a member of a management board, committee or other body having control
        over the policies of the fund or trust; or

   (g)  a person having control over the investments or administration of the
        fund or trust; or

   (h)  a partner, employee or officer of a person referred to in paragraph
        (a), (b), (c), (d), (e), (f) or (g); or

        (i)    an employee or officer of the fund or trust, other than as its
               auditor.

"(4) For the purposes of this regulation, a registered auditor is to be taken
not to be independent in relation to a pooled superannuation trust if the
auditor is associated with a holder of units in the trust as:

   (a)  a trustee of the holder; or

   (b)  a member of the holder; or

   (c)  a contributor to the holder; or

   (d)  a depositor with the holder; or

   (e)  a member of a management board, committee or other body having control
        over the policies of the holder; or

   (f)  a person having control over the investment or administrative policies
        of the holder; or

   (g)  a partner, employee or officer of a person referred to in paragraph
        (a), (b), (c), (d), (e) or (f); or

   (h)  an employee or officer of the holder, other than as its auditor;
        unless:

   (j)  the auditor:

        (i)    does not know; and

        (ii)   could not reasonably be expected to have known;
of that association; or

   (k)  the holder does not have a material interest in the trust.".