Document ID: chunk:federal_register_of_legislation:C2025C00134:section:29u:p2
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 29U (pt 2/2)
Character Range: 233978–235873

for any other reason); or
 (f) the fund ceases to be registered under Part 2B; or
 (g) either:
 (i) in a case where authority was given to offer the class of beneficial interest in the fund as a MySuper product on the basis that the fund would have 7 or more members within a period specified in the authority—the fund does not have 7 or more members at the end of that period; or
 (ii) in any case—the fund has ceased to have 7 or more members; or
 (h) paragraph 29T(1)(e) is no longer satisfied in relation to the fund (no longer an eligible rollover fund); or
 (i) APRA is satisfied that:
 (i) where the RSE licensee is a body corporate—the RSE licensee; or
 (ii) where the RSE licensee is made up of a group of individual trustees—one of those individual trustees;
  has contravened a provision of the governing rules of the fund relating to the MySuper product; or
 (j) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 29SAA (election to transfer accrued default amounts to a MySuper product); or
 (k) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 29SAC (election not to pass costs of conflicted remuneration to MySuper members).
 (3) If APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product it must take all reasonable steps to ensure that the RSE licensee is given a notice informing the RSE licensee:
 (a) that APRA has cancelled the authority; and
 (b) of the reasons for the cancellation.
 (4) If:
 (a) APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and
 (b) as a result of the cancellation, the fund no longer offers any MySuper product;
APRA must also notify the Fair Work Commission in writing of that fact.