Document ID: chunk:federal_register_of_legislation:C2025C00134:section:264:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 264 (pt 1/2)
Character Range: 903968–906439

264  Power of Regulator to obtain information or freeze assets

Regulator may act to preserve values of interests
 (1) The Regulator may do any one or more of the things set out in subsections (2) to (4) if it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by a trustee or an investment manager of a superannuation entity is likely to:
 (a) if the Regulator intends to do a thing set out in subsection (2)—adversely affect the values of the interests of beneficiaries; or
 (b) otherwise—significantly adversely affect the values of the interests of the beneficiaries.
 (2) The Regulator may, by written notice given to a person who is a relevant person in relation to the entity, require the person, within a stated period, to give to the Regulator or to an authorised person such information, or a report on such matters, relating to the affairs of the entity as are set out in the notice.
 (3) The Regulator may, by written notice given to a trustee, direct the trustee, or the trustees, of the entity, subject to such conditions (if any) as are stated in the notice:
 (a) not to acquire assets on behalf of the entity; or
 (b) not to dispose of, or otherwise deal, or deal in a particular way, in:
 (i) any of the assets of the entity; or
 (ii) any of the assets of the entity included in a specified class of assets; or
 (iii) a specified asset or assets of the entity;
until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice.
Note: For example, the Regulator may direct a trustee not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account.
 (3A) The Regulator may, by written notice given to an investment manager of the entity, direct that person, subject to such conditions (if any) as are stated in the notice:
 (a) not to acquire assets on behalf of the entity; or
 (b) not to dispose of, or otherwise deal, or deal in a particular way, in:
 (i) any of the assets of the entity; or
 (ii) any of the assets of the entity included in a specified class of assets; or
 (iii) a specified asset or assets of the entity;
until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice.
Note: For example, the Regulator may direct an investment manager not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the