Document ID: chunk:federal_register_of_legislation:C2025C00134:section:29e:p2
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 29E (pt 2/4)
Character Range: 154824–157464

or
 (b) if the RSE licensee is a group of individual trustees—an individual becoming, or ceasing to be, a member of the group.
 (3) An additional condition is 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. The condition is that the RSE licensee that holds the licence must continue to be a constitutional corporation.

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 bodies corporate
 (5A) An additional condition is imposed on each RSE licence held by an RSE licensee that is a body corporate. The condition is that the RSE licensee must not have a duty to act in the interests of another person, other than a duty that arises in the course of:
 (a) performing the RSE licensee's duties, or exercising the RSE licensee's powers, as a trustee of a registrable superannuation entity; or
 (b) providing personal advice.

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.

RSE licensees authorised to offer MySuper products
 (6A) The following additional conditions are imposed on each RSE licensee that is authorised to offer a class of beneficial interest in