Document ID: chunk:federal_register_of_legislation:C2019C00093:clause:1_29u:p1
Version: federal_register_of_legislation:C2019C00093
Segment Type: clause
Provision Reference: sch 1 cl 29U (pt 1/2)
Character Range: 23566–26113

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) the RSE licensee was authorised 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 is no longer 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—each of those individual trustees;
  is likely to comply with the enhanced trustee obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or
 (d) APRA is no longer 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—each of those individual trustees;
  is likely to comply with 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 is no longer satisfied that the RSE licensee is not likely to contravene section 29W or 29WA (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 on the basis that the fund would have 5 or more members within a period specified in the authority—the fund does not have 5 or more members at the end of that period; or
 (ii) in any case—the fund has ceased to have 5 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: