Superannuation Industry (Supervision) Act 1993

The requirement in this subsection is met for a Part 6A product in relation to a financial year if:

where the Part 6A product is in a class of Part 6A products specified in regulations made for the purposes of this subsection—the requirements (if any) specified in regulations made for the purposes of this subsection for that class of Part 6A product are met for the Part 6A product in relation to the financial year; or

the Part 6A product is not in a class of Part 6A products specified in regulations made for the purposes of this subsection.

Regulations made for the purposes of subsection (1) may specify requirements in respect of:

investment returns; and

any other matter (whether or not related to investment returns).

The investment returns mentioned in paragraph (2)(a) may be investment returns net of fees and/or tax.

Regulations made for the purposes of subsection (1) may do any of the following:

specify requirements that depend on the exercise of a discretion by APRA;

if the regulations specify requirements that depend on the exercise of such a discretion—specify matters that APRA must or may take into account in exercising that discretion;

if the regulations specify requirements that depend on the exercise of such a discretion—allow APRA to make specified assumptions in exercising that discretion.

Regulations made for the purposes of subsection (1) may specify requirements based on a comparison of the actual return for a Part 6A product for a period with a benchmark return for the Part 6A product, or a class of Part 6A products, for the period.

In specifying requirements mentioned in subsection (5), regulations made for the purposes of subsection (1) may:

specify one or more methods for determining the actual return for a Part 6A product, or a class of Part 6A products, for a period; and

specify one or more methods for determining the benchmark return for a Part 6A product, or a class of Part 6A products, for a period.

In specifying a method or methods mentioned in subsection (6), regulations made for the purposes of subsection (1) may:

specify assumptions to be made in applying that method or methods; and

allow APRA to determine, by legislative instrument, specified alternative assumptions that:

are to be made in applying that method or methods; and

replace one or more of the assumptions mentioned in paragraph (a); and

require specified conditions to be met before APRA can make such a determination.

The assumptions mentioned in subsection (7) may include assumptions as to any of the following matters:

rates of fees for a period;

rates of taxation for a period;

any other matter (whether or not related to a matter mentioned in paragraphs (a) and (b)).

Subsections (10) and (11) apply if:

APRA makes a determination mentioned in paragraph (7)(b) that specifies an assumption (the earlier assumption); and

the earlier assumption is to be made in applying a method or methods in relation to a matter in respect of a period (the relevant period).

Regulations made for the purposes of subsection (1) may later specify an assumption (the later assumption) that:

is to be made in applying that method or methods in relation to that matter in respect of the relevant period; and

replaces the earlier assumption.

However, if the regulations mentioned in subsection (10) are made after the end of the relevant period, the later assumption must be the same as the earlier assumption.

Subsections (2) to (11) do not limit the scope of regulations that may be made for the purposes of subsection (1).

Despite subsection 14(2) of the Legislation Act 2003, regulations made for the purposes of subsection (1) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time.