Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:1_29e:p2
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 1 cl 29E (pt 2/3)
Character Range: 37427–40108

public offer entities

 (3) The following additional conditions are imposed on each RSE licence that enables a trustee that holds a licence of that class to be a trustee of a public offer entity:
 (a) the RSE licensee that holds the licence must continue to be a constitutional corporation that meets the capital requirements under section 29DA; and
 (b) if the RSE licensee that holds the licence met the capital requirements by satisfying subsection 29DA(5) (and not subsection 29DA(2), (3) or (4)) when APRA granted the licence—the RSE licensee must continue to comply with the written requirements mentioned in that subsection.

Licences held by RSE licensees that are not constitutional corporations

 (4) The following additional condition is imposed on each RSE licence that is not held by a constitutional corporation:
 (a) if the RSE licensee that holds the licence is a body corporate—that the body; or
 (b) if the RSE licensee is a group of individual trustees—that the members of the group;
only act as a trustee of superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old‑age pensions.

Licences held by groups of individual trustees

 (5) The following additional conditions are imposed on each RSE licence held by a group of individual trustees:
 (a) the members of the group must make all reasonable efforts to ensure that the group always has at least 2 members;
 (b) any continuous period for which the group has less than 2 members must be 90 days or less.

Note: Paragraph 29E(1)(f) requires APRA to be notified of any change in the composition of the RSE licensee.

Licences held by RSE licensees of transferee funds

 (6) An additional condition is imposed on each RSE licence held by an RSE licensee of a fund that has had benefits of members and beneficiaries transferred to it from a transferor fund under Part 18 (whether while the RSE licensee was the RSE licensee of the fund or earlier). The condition is that, while the RSE licensee is the RSE licensee of the fund, the RSE licensee assumes the obligation to pay benefits to those who were members or beneficiaries of the transferor fund immediately before the transfer.

Prescribed conditions imposed on classes of licences

 (7) An additional condition prescribed by a regulation made for the purposes of this subsection as a condition applying to all RSE licences of a specified class is imposed on each RSE licence of that class.

 (8) A specified class mentioned in subsection (7) may be a class other than a class provided for under subsection 29B(2) or (3) or under regulations made for the purposes of subsection 29B(4).