Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:1_29d:p1
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 1 cl 29D (pt 1/2)
Character Range: 27721–30303

29D  Grant of RSE licences

 (1) APRA must grant an RSE licence to a body corporate, or group of individual trustees, that has applied for an RSE licence if, and only if:
 (a) APRA has no reason to believe that:
 (i) if the application is made by a body corporate—the body corporate; or
 (ii) if the application is made by a group of individual trustees—the group as a whole or any member of the group;
  would fail to comply with the RSE licensee law if the RSE licence were granted; and
 (b) APRA has no reason to believe that:
 (i) if the application is made by a body corporate—the body corporate; or
 (ii) if the application is made by a group of individual trustees—the group as a whole or any member of the group;
  would fail to comply with any condition imposed on the RSE licence if it were granted; and
 (c) the application for the licence complies with section 29C and is for a class of licence that the body corporate or group of individual trustees may apply for under that section; and
 (d) APRA is satisfied that:
 (i) if the application is made by a body corporate—the body corporate meets the requirements of standards prescribed under Part 3 relating to fitness and propriety for trustees of funds and RSE licensees; or
 (ii) if the application is made by a group of individual trustees—the group as a whole meets the requirements of standards prescribed under Part 3 relating to fitness and propriety for RSE licensees and each of the members of the group meets the requirements of standards prescribed under Part 3 relating to fitness and propriety for trustees of funds; and
 (e) APRA is satisfied that the risk management strategy for the body corporate or group meets the requirements of section 29H; and
 (f) in a case where the applicant is not a constitutional corporation—APRA is satisfied that:
 (i) if the application is made by a body corporate—the body corporate; or
 (ii) if the application is made by a group of individual trustees—each member of the group;
  only intends to act as a trustee of one or more superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old‑age pensions; and
 (g) in a case where the application is for a licence of a class that enables a trustee that holds a licence of that class to be a trustee of a public offer entity subject to any condition imposed under subsection 29EA(3)—APRA is satisfied that the applicant is a constitutional corporation that meets the capital requirements under section 29DA; and
 (h) the application has not been withdrawn,