Acting trustee licences
3A.03A Acting trustee licences
For subsection 29B(4) of the Act, acting trustee licences are a class of RSE licences.
Subject to any condition imposed on an acting trustee licence under subsection 29EA(3) of the Act, the licence allows:
a trustee that holds an acting trustee licence; or
a trustee who is a member of a group of individual trustees that holds an acting trustee licence;
to be a trustee of a registrable superannuation entity or entities to which the trustee is appointed to act as trustee under section 134 of the Act by APRA.
For subsection 29E(7) of the Act, for the period of the licence, a trustee must not, without APRA approval, carry on a business other than that of performing the functions and duties of a trustee of a registrable superannuation entity or entities to which the appointment relates (the trustee business).
APRA may approve the trustee carrying on a business other than the trustee business if APRA is satisfied that the carrying on of the other business would not prejudice the proper and efficient performance of the trustee’s functions and duties.
This Act’s bill:Explanatory statement
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