Superannuation Industry (Supervision) Act 1993

This section applies if regulations made for the purposes of this subsection:

specify one or more kinds of circumstances; and

specify provisions of this Part in relation to each of those kinds of circumstances.

In circumstances of a kind specified in the regulations, for the purposes of provisions of this Part specified in the regulations in relation to that kind of circumstances:

treat 2 or more Part 6A products (the single Part 6A products) as being one Part 6A product (the combined Part 6A product); and

treat anything that happened in relation to a single Part 6A product as having happened in relation to the combined Part 6A product; and

treat a person who holds a single Part 6A product as holding the combined Part 6A product.

Subsection (4) applies if a Part 6A product (the replaced product) ceased to exist because it was incorporated into one or more single Part 6A products (whether or not the entity that offered the replaced product before it ceased to exist is the entity offering the single Part 6A product or any of the single Part 6A products).

For the purposes of paragraph (2)(b), treat anything that happened in relation to the replaced product as having happened in relation to the single Part 6A product.

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

specify different provisions of this Part in relation to different kinds of circumstances; and

in specifying provisions of this Part, specify all the provisions of this Part (apart from this section).

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.

Subsections (5) and (6) do not limit the scope of regulations made for the purposes of subsection (1).