Meaning of supervising entity
4E Meaning of supervising entity
A supervising entity is an entity that under subsection (2) or (4) is the supervising entity for a trustee.
An entity is the supervising entity for a trustee if a regulation declares the entity to be the supervising entity for the trustee.
However, a regulation may declare an entity to be a supervising entity only if the chief executive is satisfied—
the entity has the qualifications, experience or standing necessary to perform the functions of a supervising entity under this Act; and
anyone the entity employs to perform the functions has the qualifications, experience or standing necessary to perform the functions.
If a regulation does not declare an entity other than the chief executive to be the supervising entity for a trustee, the chief executive is the supervising entity for the trustee.
A reference to a supervising entity made in relation to a trustee is a reference to the trustee’s supervising entity.
A reference to a supervising entity made in relation to an auditor performing duties as an auditor under this Act is a reference to the supervising entity of the trustee in relation to whom the duties are performed.
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