Document ID: chunk:federal_register_of_legislation:C2015C00151:clause:7_5
Version: federal_register_of_legislation:C2015C00151
Segment Type: clause
Provision Reference: sch 7 cl 5
Character Range: 119231–120280

5  After subsection 29E(6B)
Insert:

RSE licensees who apply for authority to operate eligible rollover funds
 (6C) An additional condition is imposed on each RSE licensee who makes an application under section 242A for authority to operate a regulated superannuation fund as an eligible rollover fund. The condition is that the RSE licensee must give effect to an election made in accordance with section 242B.

RSE licensees authorised to operate eligible rollover funds
 (6D) An additional condition is imposed on each RSE licensee that is authorised to operate a regulated superannuation fund as an eligible rollover fund. The condition is that the RSE licensee must ensure that the governing rules of the fund are not varied so that:
 (a) the only purpose of the fund is no longer to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; or
 (b) a single diversified investment strategy is no longer adopted in relation to assets of the fund.