Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p25
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 25/41)
Character Range: 695286–698047

operation of regulated superannuation funds and approved deposit funds that, subject to regulation 13.15, the trustee of a fund must not recognise, or in any way encourage or sanction, a charge over, or in relation to a member's benefits.
 (2) In this regulation:
charge does not include a specific charge if:
 (a) the charge was exercised in respect of particular benefits of a member before the fund became a regulated superannuation fund or an approved deposit fund (as the case may be); and
 (b) the trustee was permitted, under the Occupational Superannuation Standards Regulations or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations, to recognise the charge.
 (3) A payment split in respect of a member's interest in a superannuation fund is not a charge over or in relation to the member's benefits for subregulation (1).
 (4) This regulation does not apply to a charge imposed under the Public Officers Superannuation Benefits Recovery Act 1988 (Qld) in relation to a member's benefits in the scheme established under the Superannuation (State Public Sector) Act 1990 (Qld).

13.14  Charges over assets of funds
  For the purposes of subsections 31(1) and 32(1) of the Act, it is a standard applicable to the operation of regulated superannuation funds and approved deposit funds that, subject to regulations 13.15 and 13.15A, the trustee of a fund must not give a charge over, or in relation to, an asset of the fund.

13.15  Restrictions on the standards
  The standards stated in regulations 13.12, 13.13 and 13.14 do not apply to an assignment or charge that is permitted, expressly or by necessary implication, by the Act or these regulations.

13.15A  Charges in relation to certain derivatives contracts
 (1) A trustee may give a charge over, or in relation to, an asset of a fund if:
 (a) the charge is given in relation to a derivative to which either of the following is a party:
 (i) the trustee;
 (ii) another person (the agent) acting on behalf of, on the instructions of, on account of or for the benefit of the trustee; and
 (b) the charge complies with subregulation (1A), (1B) or (1C); and
 (c) the fund has in place a derivatives risk statement that sets out:
 (i) policies for the use of derivatives that include an analysis of the risks associated with the use of derivatives within the investment strategy of the fund; and
 (ii) restrictions and controls on the use of derivatives that take into consideration the expertise of staff; and
 (iii) compliance processes to ensure that the controls are effective (for example, reporting procedures, internal and external audits and staff management procedures); and
 (d) the investment to which the charge relates is made in accordance with the derivatives