Document ID: chunk:federal_register_of_legislation:C2025C00134:section:242f
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 242F
Character Range: 861278–862734

242F  Authority to operate an eligible rollover fund
 (1) APRA must authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund if, and only if:
 (a) the application for authority complies with section 242A; and
 (b) the applicant has provided to APRA all information that the applicant was requested, under section 242D, to provide, or the request has been disposed of; and
 (c) the fund is registered under Part 2B; and
 (d) the RSE licensee is of a class prescribed for the purposes of subsection 242A(1); and
 (e) APRA is satisfied that, under the governing rules of the fund:
 (i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and
 (ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; and
 (f) APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and
 (g) APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and
 (h) APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and
 (i) APRA is satisfied that the RSE licensee is not likely to contravene section 242P.
 (2) Otherwise APRA must refuse to give the authority.