Commonwealth Numbered Regulations

1994 No. 189 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 38

38.1 Omit the regulation, substitute:

Approved deposit funds-restriction on loans and investments

"13.17 (1) For the purposes of subsection 32 (1) of the Act, it is a standard
applicable to the operation of approved deposit funds that the trustee of a
fund must not lend money of the fund to, or invest money of the fund in:

   (a)  the trustee itself; or

   (b)  a related body corporate; except to the extent permitted by
        subregulation (2).



"(2) Subregulation (1) does not apply to investments by a fund in a related
body corporate:

   (a)  in the case of a life insurance policy-if the body corporate issuing
        the policy is a life insurance company; or

   (b)  in the case of a deposit-if the body corporate is an approved bank or
        an approved non-bank financial institution.

Public offer superannuation funds-restriction on loans and investments

"13.17A. (1) For the purposes of subsection 31 (1) of the Act, it is a
standard applicable to the operation of public offer superannuation funds that
the trustee of a fund must not lend money of the fund to, or invest money of
the fund in:

   (a)  the trustee itself; or

   (b)  a related body corporate; except to the extent permitted by
        subregulation (2).



"(2) Subregulation (1) does not apply to investments by a fund in a related
body corporate:

   (a)  in the case of a life insurance policy-if the body corporate issuing
        the policy is a life insurance company; or

   (b)  in the case of a deposit-if the body corporate is an approved bank or
        an approved non-bank financial institution. with

Orders etc. of the Superannuation Complaints Tribunal to be complied

"13.17B. For the purposes of subsections 31 (1) and 32 (1) of the Act, it is a
standard applicable to the operation of regulated superannuation funds and
approved deposit funds that the trustee of a fund must not fail, without
lawful excuse, to comply with an order, direction or determination of the
Superannuation Complaints Tribunal."