Superannuation Industry (Supervision) Act 1993

A person to whom a rectification direction or an education direction is given may request the Regulator to vary the direction.

The request must be made by written notice given to the Regulator before the end of the period specified in the direction for the purposes of subsection 159(4) or 160(3).

The request must set out the reasons for making the request.

The Regulator must decide:

to vary the direction in accordance with the request; or

to vary the direction otherwise than in accordance with the request; or

to refuse to vary the direction.

If the Regulator does not make a decision on the request before the end of 28 days after the day the request was made, the Regulator is taken, at the end of that period, to have decided to refuse the request.

If the Regulator makes a decision on the request before the end of the period referred to in subsection (5), the Regulator must:

notify the person of the Regulator’s decision; and

if the decision is to vary the direction (whether or not in accordance with the request)—give the person a copy of the varied direction; and

if the decision is to refuse to vary the direction, or to vary the direction otherwise than in accordance with the request—give the person written reasons for the decision.

If a person makes a request under this section, then, for the purposes of subsection 159(6) or 160(4), the period specified in the direction for the purposes of subsection 159(4) or 160(3) is taken to be extended by 1 day for each day in the period:

beginning at the start of the day the request was made; and

ending at the end of the day that the Regulator notifies the person that a decision has been made on the request.