Document ID: chunk:federal_register_of_legislation:F2005L02320:body:0:p1
Version: federal_register_of_legislation:F2005L02320
Segment Type: other
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Character Range: 0–2965

Determination of requirements for an approved guarantee

Superannuation Industry (Supervision) Act 1993

I, Tom Karp, a delegate of APRA, under paragraph 11E(1)(a) of the Superannuation Industry (Supervision) Act 1993 (the Act) and for the purposes of  subparagraph 26(1)(b)(ii), subparagraph 26(1)(b)(iia) and subsection 26(1A) of the Act, DETERMINE that the requirements relating to an approved guarantee given by an ADI during the licensing transition period in circumstances where an approved trustee applies to APRA under paragraph 27A(1)(a) of the Act, for variation of the approval of the trustee by requesting a variation of the designation of the subparagraph of paragraph 26(1)(b) as the subparagraph on the basis of which the trustee is approved, are:

(i) an approved guarantee must contain solely the terms set out in the Schedule attached to this Determination.

Dated  16 August 2005

[Signed]
Tom Karp
Executive General Manager
Supervisory Support Division

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.
ADI has the meaning given in section 10 of the Act.
approved guarantee has the meaning given in section 11E of the Act.
licensing transition period has the meaning given by subsection 10(1) of the Act.

Note 1         Under subsection 11E(2) of the Act, this Determination is a disallowable instrument.

Note 2         In accordance with paragraph 12(1)(d) of the Legislative Instruments Act  2003, this Determination takes effect from the first moment of the day next following the day when it is registered.

Schedule- approved guarantee

DEED OF GUARANTEE

THIS DEED POLL is made by [NAME AND ABN OF THE GUARANTOR], which has its registered office at [address] (the Guarantor).

THE COVENANTS IN THIS DEED are given for the benefit jointly and severally of [NAME OF TRUSTEE] ABN [ABN of Trustee], which has its registered office at [address] (the Trustee) in respect of all superannuation entities of which the Trustee is or becomes the trustee during the term of this Guarantee, and any acting trustee or other trustee appointed in place of the Trustee.

WHEREAS:

   A. The Guarantor is an authorised deposit taking institution as defined in section 10 of the Superannuation Industry (Supervision) Act 1993 (the Act).

   B. The Trustee is an approved trustee under subsection 26(1) of the Act and has, during the licensing transition period, under paragraph 27A(1)(a) of the Act, made application to the Australian Prudential Regulation Authority (APRA) for variation of the approval of the Trustee by requesting a variation of the subparagraph of paragraph 26(1)(b) as the subparagraph on the basis of which the Trustee is approved, to subparagraph <<26(1)(b)(ii)>><<26(1)(b)(ii)(a)>>;

   C. This Deed is in the form of the approved guarantee determined by APRA in accordance with section 11E of the Act for the purposes of paragraph 26(1)(b)(ii), paragraph 26(1)(b)(iia)