Superannuation Industry (Supervision) Act 1993

This section applies if:

APRA gives the trustee or trustees of an entity a notification of a determination under subsection 60C(2); and

the determination is that the requirement in subsection 60D(1) has not been met for a Part 6A product offered by the entity, in relation to a financial year.

Each trustee of the entity must ensure that each beneficiary of the entity who holds the Part 6A product is given notice of the determination in accordance with subsections (3), (5) and (6).

The notice must be given no later than:

28 days after APRA gave the notification; or

if APRA or ASIC informs the trustee or trustees of the entity of a later day in accordance with subsection (4)—that later day.

For the purposes of paragraph (3)(b), APRA or ASIC may, no later than 28 days after APRA gave the notification, inform the trustee or trustees of the entity in writing of a later day.

The notice must consist of:

unless paragraph (b) applies—both of the following:

a letter sent to the beneficiary by pre‑paid post or by courier to the address of the place of residence or business of the beneficiary last known to the trustee;

an electronic communication (within the meaning of the Corporations Act 2001) sent to the beneficiary to the nominated electronic address (within the meaning of that Act) in relation to the beneficiary; or

if there is no nominated electronic address (within the meaning of that Act) in relation to the beneficiary—a letter sent to the beneficiary by pre‑paid post or by courier to the address of the place of residence or business of the beneficiary last known to the trustee.

The notice must:

be in the form specified in regulations made for the purposes of this subsection; and

contain information of a kind specified in regulations made for the purposes of this subsection that relates to:

the ranking of Part 6A products according to relative fee levels, investment returns or any other criterion; or

any other matter (whether or not related to the matter mentioned in subparagraph (i)).

Regulations made for the purposes of this subsection may refer to regulations made for the purposes of section 60J, which may specify formulas as a basis for ranking such products.

Regulations made for the purposes of subsection (6) may specify kinds of information by applying, adopting or incorporating any matter contained in an instrument or other writing, as in force or existing from time to time, if the instrument or other writing is published on a website maintained by the Australian Taxation Office.

Regulations made for the purposes of subsection (6) may specify information that is a standard text or standard texts.

Subsection (8) does not limit the scope of regulations that may be made for the purposes of subsection (6).