Document ID: chunk:federal_register_of_legislation:C2015C00050:clause:1_11a
Version: federal_register_of_legislation:C2015C00050
Segment Type: clause
Provision Reference: sch 1 cl 11A
Character Range: 88604–90124

11A  Enhanced trustee obligations—decisions made before 1 July 2013

Decision to give, or refuse to give, authority to offer a MySuper product
(1) Subitem (2) applies if, before 1 July 2013, APRA makes a decision under section 29T of the SIS Act to give, or refuse to give, an RSE licensee authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product.
(2) APRA's decision is not invalid merely because the enhanced trustee obligations do not commence until 1 July 2013, provided subitem (3) or (4) has been complied with.
(3) If the decision is to give authority, APRA must be satisfied at the time it makes the decision that it is likely that on and after 1 July 2013:
 (a) where the RSE licensee is a body corporate—the RSE licensee; or
 (b) where the RSE licensee is made up of a group of individual trustees—each of those individual trustees;
will comply with the enhanced trustee obligations for MySuper products that will come into force on that day.
(4) If the decision is to refuse to give authority on the ground that:
 (a) where the RSE licensee is a body corporate—the RSE licensee; or
 (b) where the RSE licensee is made up of a group of individual trustees—each of those individual trustees;
will not comply with the enhanced trustee obligations for MySuper products that will come into force on 1 July 2013, APRA must be satisfied at the time it makes the decision that it is not likely that the person will satisfy those obligations on and after 1 July 2013.