Document ID: chunk:federal_register_of_legislation:C2025C00134:section:29u:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 29U (pt 1/2)
Character Range: 231597–234188

29U  Cancelling authority to offer MySuper product
 (1) APRA may, in writing, cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product.
 (2) Without limiting subsection (1), APRA may cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product if:
 (a) APRA is no longer satisfied that section 29TC is satisfied in relation to that class of beneficial interest in the fund; or
 (b) authority was given to offer that class of beneficial interest in the fund as a MySuper product because section 29TB was satisfied in relation to the class and either:
 (i) in a case where that section was satisfied because APRA was satisfied that an employer would be a large employer by the end of a period specified in the authority—the employer was not a large employer at that time; or
 (ii) in any case—that section was no longer satisfied in relation to the class on the last day of the immediately preceding year of income; or
 (c) APRA has reason to believe 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—any of those individual trustees;
  may not comply with the enhanced trustee obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or
 (ca) where the RSE licensee is a body corporate—APRA has reason to believe that the directors of the RSE licensee may not comply with the enhanced director obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or
 (d) APRA has reason to believe 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—any of those individual trustees;
  may not comply with the general fees rules and the fees rules in relation to MySuper products (whether because of a previous failure to do so, or for any other reason); or
 (e) APRA has reason to believe 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—any of those individual trustees;
  may contravene section 29W, 29WA or 29WB (whether because of a previous contravention of that section, or 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