Object of this Part and the relationship of this Part to other provisions
29A Object of this Part and the relationship of this Part to other provisions
The object of this Part is to set out provisions relating to the granting of RSE licences to:
constitutional corporations; and
other bodies corporate; and
groups of individual trustees.
The following is a simplified outline showing some key relationships between this Part and other provisions of the Act and the regulations that trustees should be aware of:
Certain provisions may be contravened if unlicensed trustees carry out particular activities (e.g.: sections 29J and 152). The trustee, or group of individual trustees, of a fund or trust may obtain an RSE licence under this Part.
If the trustee is a constitutional corporation, the trustee obtaining an RSE licence may result in a fund or trust becoming an approved deposit fund or pooled superannuation trust, which are each registrable superannuation entities.
If the trustee or group of individual trustees makes an election under section 19, the fund may become a regulated superannuation fund. Regulated superannuation funds other than self managed superannuation funds are registrable superannuation entities.
A trustee, or group of individual trustees, that has obtained an RSE licence may have a registrable superannuation entity registered under Part 2B. Certain provisions may be contravened if certain activities are carried out while a registrable superannuation entity is not registered (e.g.: accepting contributions while the entity is unregistered may lead to an offence under section 34.)
A failure to register the fund or trust may also lead to a breach of an RSE licence condition and possible loss of the RSE licence.
This provision refers to the regulations (the regulations
). Made under this Act:
- Superannuation Industry (Supervision) Regulations 1994 · under s 353
15 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Second reading speech
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