Commonwealth Numbered Regulations

1989 No. 356 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 6

6. After Part III of the Principal Regulations the following Part is inserted:

"PART IIIA-POOLED SUPERANNUATION TRUSTS Interpretation of this Part

"23A. (1) In this Part, unless the contrary intention appears:
'eligible investor statement' means a statement in accordance with regulation
23D;
'marketing manager', in relation to a pooled superannuation trust, means a
person who, in accordance with the governing rules of the trust, holds units
in the trust as a manager of the affairs of the trust;
'notice of compliance', in relation to a superannuation fund, an approved
deposit fund or a pooled superannuation trust, in relation to a year of
income:

   (a)  means a notice:

        (i)    under section 12, 14 or 15B of the Act stating that the
               Commissioner is satisfied that the fund or trust satisfied; or

        (ii)   under section 13, 15 or 15C of the Act stating that the
               Commissioner is satisfied that the fund or trust should be
               treated as if it had satisfied; the superannuation fund,
               approved deposit fund or pooled superannuation trust
               conditions, as the case requires, in relation to that year of
               income; but

   (b)  does not include a notice referred to in paragraph (a) that has ceased
        to have effect because of the operation of subsection 12 (5), 13 (2),
        14 (5), 15 (3), 15B (5) or 15C (2) of the Act;
'notice of non-compliance', in relation to a superannuation fund, an approved
deposit fund or a pooled superannuation trust, in relation to a year of
income:

   (a)  means a notice under section 12, 14 or 15B of the Act stating that
        Commissioner is not satisfied that the fund or trust satisfied the
        superannuation fund, approved deposit fund or
        pooled superannuation trust conditions, as the case requires, in
        relation to that year of income; but

   (b)  does not include a notice referred to in paragraph (a) that has ceased
        to have effect because of the operation of subsection 12 (4), 14 (4)
        or 15B (4) or section 16 of the Act;
'person' includes a life assurance company referred to in subparagraph 3A (1)
(a) (iii), a registered organisation referred to in subparagraph 3A (1) (a)
(iv) and an entity referred to in subparagraph 3A (1) (a) (v).

"(2) For the purposes of the references in regulations 23F, 23G and 23H to the
first, second, third or a subsequent year of income, or to a completed year of
income, of a superannuation fund, the first year of income of a public sector
fund in operation before 1 July 1990 is to be taken to be the year of income
that commenced on 1 July 1990.

"(3) For the purposes of the references in regulations 23F, 23G and 23H to the
first, second, third or a subsequent year of income, or to a completed year of
income, of a pooled superannuation trust, the first year of income of a pooled
superannuation trust that is a unit trust that was in operation before 1 July
1988 is to be taken to be the year of income that commenced on 1 July 1988.
Operating standards

"23B. For the purposes of subsection 8A (1) of the Act, the standards
applicable to the operation of pooled superannuation trusts are the standards
prescribed by regulations 23C, 23D, 23E, 23F, 23G, 23H, 23J, 23K, 23L, 23M,
23N and 23P. Eligible investor statement to be provided before becoming a
holder of units in a pooled superannuation trust

"23C. The trustees of a pooled superannuation trust must not, on or after 1
March 1990, permit a person to become a holder of units, or additional units,
in the trust unless the trustees have received an eligible investor statement
by the person in relation to units in the trust. Eligible investor statements

"23D. An eligible investor statement made by a person in relation to units in
a pooled superannuation trust:

   (a)  must be given to the trustees of the trust; and

   (b)  must state that the person is at the date of the statement eligible to
        hold the units; and

   (c)  must:

        (i)    state the grounds on which the person is eligible under
               regulation 23E to hold the units; and

        (ii)   where:

                (A)  regulation 23F, 23G or 23H applies in relation to the
                     person; and

                (B)  the person is eligible in spite of regulation 23F or 23G,
                     or under regulation 23H, to hold the units; state the
                     grounds on which the person is eligible to hold the
                     units; and

        (iii)  state:

                (A)  that the person has not ceased under regulation 23K to be
                     eligible to hold the units; or

                (B)  if the person has ceased under regulation 23K to be
                     eligible to hold the units-the grounds on which the
                     person is to be taken under subregulation 23L (6) not to
                     have ceased to be eligible to hold the units; and

   (d)  where the statement refers to a notice of compliance given to the
        person as trustee of a superannuation fund, an approved deposit fund
        or a pooled superannuation trust-must be accompanied by a copy of the
        notice; and

   (e)  must be in writing; and

   (f)  must set out the date of the statement; and

   (g)  must be signed:

        (i)    by the person; or

        (ii)   by another person authorised by the person in writing to sign
               eligible investor statements; or

        (iii)  where the person is a registered organisation-by the public
               officer of the organisation or by a person authorised in
               writing by the public officer to sign eligible investor
               statements. Eligible investors

"23E. For the purposes of an eligible investor statement, a person is not
eligible to hold units in a pooled superannuation trust unless the units are
held or, in the case of units proposed to be held, are to be held by:

   (a)  the person as the trustee of:

        (i)    a superannuation fund; or

        (ii)   an approved deposit fund; or

        (iii)  a pooled superannuation trust; or

   (b)  the person on behalf of the trustee of a fund or trust referred to in
        paragraph (a) in accordance with the governing rules of that fund or
        trust; or

   (c)  the person as trustee of a public sector fund during the period ending
        on 30 June 1990 or a part of that period; or

   (d)  a life assurance company referred to in subparagraph 3A (1) (a) (iii)
        as part of the assets of a tax-advantaged insurance fund referred to
        in that subparagraph; or

   (e)  a registered organisation referred to in subparagraph 3A (1) (a) (iv)
        solely for the organisation's tax-advantaged business referred to in
        that subparagraph; or

   (f)  an entity referred to in subparagraph 3A (1) (a) (v); or

   (g)  the person as marketing manager for the trust. Eligible investors:
        trustees of superannuation funds, approved deposit funds or pooled
        superannuation trusts: first and second year of income

"23F. A trustee of a superannuation fund, an approved deposit fund or a
pooled superannuation trust and a person acting on behalf of such a trustee is
not eligible, for the purposes of an eligible investor statement, to hold
units in a pooled superannuation trust:

   (a)  where the statement is made during the first year of income of the
        fund or first-mentioned trust-unless the trustee proposes to take
        during the second year of income of that fund or trust the action that
        is required to be taken under section 12, 13, 14, 15, 15B or 15C of
        the Act, as the case requires, to obtain a notice of compliance in
        relation to the first year of income; and

   (b)  where the statement is made during the second year of income of the
        fund or first-mentioned trust-unless:

        (i)    the trustee has been given a notice of compliance in relation
               to the first year of income of that fund or trust; or

        (ii)   where the trustee has not been given a notice of compliance or
               a notice of non-compliance in relation to the first year of
               income of that fund or trust-the trustee proposes to take
               during the second year of income of that fund or trust the
               action that is required to be taken under section 12, 13, 14,
               15, 15B or 15C of the Act, as the case requires, to obtain a
               notice of compliance in relation to the first year of income.
               Eligible investors: trustees of superannuation funds, approved
               deposit funds or pooled superannuation trusts: third or
               subsequent years of income: notice of compliance given

"23G. A trustee of a superannuation fund, an approved deposit fund or a pooled
superannuation trust and a person acting on behalf of such a trustee is not
eligible, for the purposes of an eligible investor statement, to hold units in
a pooled superannuation trust where the statement is made during the third or
a subsequent year of income of the fund or first-mentioned trust unless:

   (a)  the trustee has been given a notice of compliance in relation to a
        previous year of income of the fund or first-mentioned trust; and

   (b)  the trustee has not been given a notice of non-compliance in relation
        to a year of income of the fund or first-mentioned trust that is later
        than that previous year of income; and

   (c)  a period of not more than 2 years, or such longer period as the
        Commissioner approves generally in writing, has elapsed since the end
        of that previous year of income. Eligible investors: trustees of
        superannuation funds, approved deposit funds or pooled superannuation
        trusts: notice of compliance or non-compliance not given

"23H. In spite of regulation 23G, a trustee of a superannuation fund, an
approved deposit fund or a pooled superannuation trust and a person acting on
behalf of such a trustee is eligible, for the purposes of an eligible investor
statement, to hold units in a pooled superannuation trust where the statement
is made during the third or a subsequent year of income of the fund or
first-mentioned trust:

   (a)  if, at the date of the statement:

        (i)    a period of at least 9 months, or of at least such longer
               period as the Commissioner approves generally in writing, has
               elapsed since the end of the latest completed year of income of
               the fund or first-mentioned trust; and

        (ii)   the trustee has taken the action that is required to be taken
               under section 12, 13, 14, 15, 15B or 15C of the Act, as the
               case requires, to obtain a notice of compliance in relation to
               the year of income that commenced on 1 July 1988, and each
               subsequent completed year of income, of the fund or
               first-mentioned trust; and

        (iii)  the trustee has not been given a notice of compliance or a
               notice of non-compliance in relation to the year of income that
               commenced on 1 July 1988, and any subsequent completed year of
               income, of the fund or first-mentioned trust; or

   (b)  if, at the date of the statement:

        (i)    the period referred to in subparagraph (a) (i) has not elapsed;
               and

        (ii)   the trustee has taken the action that is required to be taken
               under section 12, 13, 14, 15, 15B or 15C of the Act, as the
               case requires, to obtain a notice of compliance in relation to
               the year of income that commenced on 1 July 1988, and each
               subsequent completed year of income, of the fund or
               first-mentioned trust excluding the latest completed year of
               income; and

        (iii)  the trustee has not been given a notice of compliance or a
               notice of non-compliance in relation to the year of income that
               commenced on 1 July 1988, and any subsequent completed year of
               income, of the fund or first-mentioned trust. Requests for
               eligible investor statements

"23J. (1) The trustees of a pooled superannuation trust may, at any time,
request a holder of units in the trust to give them an eligible investor
statement in relation to the units.

"(2) The trustees of a pooled superannuation trust must, not later than 1
March 1990, request each holder of units in the trust to give them an eligible
investor statement in relation to the units unless the trustees have received
an eligible investor statement by the holder in relation to the units.

"(3) Where the trustees of a pooled superannuation trust have received an
eligible investor statement, in relation to units in the trust, by a holder of
units:

   (a)  who does not hold the units as the trustee of a superannuation fund,
        an approved deposit fund or a pooled superannuation trust; or

   (b)  who holds the units as the trustee of a public sector fund and the
        date of the statement is before 1 July 1990; or

   (c)  who:

        (i)    holds the units as the trustee of a superannuation fund, an
               approved deposit fund or a pooled superannuation trust; and

        (ii)   gave with the statement a copy of a notice of compliance that,
               on the date of the statement, related to the most recent
               completed year of income of the fund or trust mentioned in
               subparagraph (i) the trustees of the first-mentioned trust
               must, not later than the anniversary of the date of the
               statement, request the holder to give them another eligible
               investor statement.

"(4) Where:

   (a)  the trustees of a pooled superannuation trust have received an
        eligible investor statement in relation to units in the trust by the
        holder of the units; and

   (b)  the holder:

        (i)    holds the units as the trustee of a superannuation fund (other
               than a public sector fund), an approved deposit fund or a
               pooled superannuation trust; or

        (ii)   holds the units as the trustee of a public sector fund and the
               date of the statement is on or after 1 July 1990; and

   (c)  the holder:

        (i)    did not give with the statement a copy of a notice of
               compliance in relation to the fund or trust mentioned in
               paragraph (b); or

        (ii)   gave with the statement a copy of a notice of compliance that
               on the date of the statement did not relate to the most recent
               completed year of income of the fund or trust mentioned in
               paragraph (b) the trustees must, not later than 9 months after
               the date of the statement, request the holder to give them
               another eligible investor statement.

"(5) A request under this regulation or regulation 23L by the trustees of a
pooled superannuation trust:

   (a)  must be in writing; and

   (b)  must set out the date of the request; and

   (c)  must be signed:

        (i)    by the trustees; or

        (ii)   by a person authorised by the trustees in writing to sign
               requests under this regulation or regulation 23L, as the case
               requires. Failure to give eligible investor statement

"23K. Subject to subregulation 23L (6), where:

   (a)  under regulation 23J the trustees of a pooled superannuation trust
        request a person to give them an eligible investor statement; and

   (b)  the person fails to comply with the request within 30 days after the
        date of the request the person ceases to be eligible to hold units in
        the trust at the end of those 30 days. Action by trustees of a
        pooled superannuation trust where a unit holder ceases to be an
        eligible investor

"23L. (1) Where the holder of units in a pooled superannuation trust:

   (a)  advises the trustees that the holder is not eligible under regulation
        23E, 23F, 23G or 23H to hold the units; or

   (b)  ceases under regulation 23K to be eligible to hold the units the
        trustees must, within 14 days, request the holder:

   (c)  to dispose of the units within 30 days after the date of the request
        to a person who is eligible, for the purposes of an eligible investor
        statement, to hold the units; or

   (d)  to arrange with the trustees for the trustees to redeem the units
        within those 30 days.

"(2) Where the holder of units in a pooled superannuation trust:

   (a)  fails to comply with a request under subregulation (1); and

   (b)  does not give the trustees of the trust a notice under subregulation
        (3) the trustees must, within 60 days after the date of request,
        redeem the units.

"(3) A holder of units in a pooled superannuation trust:

   (a)  who ceases under regulation 23K to be eligible to hold the units; and

   (b)  who receives a request under subregulation (1); may, by notice in
        writing given to the trustees of the trust not later than 30 days
        after the date of the request, state the grounds on which:

   (c)  the holder has failed to give the trustees an eligible investor
        statement in accordance with the request under regulation 23J; and

   (d)  the holder expects to be able to give the trustees an eligible
        investor statement within 60 days after the date of the request.

"(4) Where the trustees of a pooled superannuation trust are not satisfied, on
receipt of a notice under subregulation (3) from a holder of units in the
trust:

   (a)  that the holder has reasonable grounds for failing to give them an
        eligible investor statement; and

   (b)  that the holder is likely to give them an eligible investor statement
        within 60 days after the date of their request to the holder under
        subregulation (1) the trustees must, within 60 days after the request,
        redeem the units.

"(5) Where:

   (a)  the trustees of a pooled superannuation trust are satisfied, on
        receipt of a notice under subregulation (3) from a holder of units in
        the trust, that paragraphs (4) (a) and (b) apply in relation to the
        holder; but

   (b)  the holder does not give them an eligible investor statement within 60
        days after the date of their request to the holder under subregulation
        (1) the trustees must, within 30 days after the end of those 60 days,
        redeem the units.

"(6) Where:

   (a)  a holder of units in a pooled superannuation trust ceases under
        regulation 23K to be eligible to hold the units; and

   (b)  the trustees of the trust are satisfied, on receipt of a notice under
        subregulation (3) from the holder, that paragraphs (4) (a) and (b)
        apply in relation to the holder; and

   (c)  the holder gives them an eligible investor statement within 60 days
        after the date of their request to the holder under subregulation (1)
        the holder is to be taken not to have ceased under regulation 23K to
        be eligible to hold units in the trust. Register of unit holders

"23M. The trustees of a pooled superannuation trust must maintain a register
of the holders of units in the trust setting out:   (a) the name of each
holder; and

   (b)  the business address of each holder; and

   (c)  an address to which a request under regulation 23J or 23L may be sent
        to each holder; and

   (d)  the number of units held by each holder. Audit

"23N. The trustees of a pooled superannuation trust must arrange:

   (a)  for the accounts and records for each year of income of the trust to
        be audited by an approved auditor; and

   (b)  for the auditor's report on the audit to be given to them not later
        than the day by which the return referred to in subsection 15B (1) of
        the Act in relation to that year of income is to be given to the
        Commissioner. Requirements to be included in governing rules

"23P. (1) Where a standard prescribed by regulation 23C, 23D, 23E, 23F, 23G,
23H, 23J, 23K, 23L, 23M or 23N imposes a requirement applicable to the
operation of a pooled superannuation trust, the governing rules of the trust
must, on and after 30 June 1991, include the requirement.

"(2) Nothing in subregulation (1) affects the operation of this Part.".