{"id":"F2006B01171","name":"Superannuation Industry (Supervision) Act 1993 - Modification Declaration No. 24 (21/06/2002)","slug":"superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":40872,"registerId":"commonwealth-F2006B01171-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation Industry (Supervision) Act 1993 - Modification Declaration No. 24 (21/06/2002)","content":"![](image.001.png)\n\nSuperannuation Industry (Supervision) Act 1993\n\nMODIFICATION DECLARATION No 24\n\nI, Keith David Chapman, a delegate of the Australian Prudential Regulation Authority, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the “Act”), DECLARE that section 93A of the Act is to have effect in relation to public offer superannuation funds and their trustees as if it were modified by omitting subsection 93A(1) and substituting:\n\n“93A(1) For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i), the trustee of a public offer superannuation fund who is an employer-sponsor of the fund or an associate of an employer-sponsor of the fund will be an independent trustee of the fund if:\n\n(a) the trustee together with any employer-sponsors of the fund who are associates of the trustee are not employer-sponsors of more than the allowable percentage of the members of the fund; and\n\n(b) the value of the accrued benefits of those members of the fund who have as an employer-sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and\n\n(c) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10.”\n\nThis declaration shall commence on 1 July 2002\n\nDated 21 June 2002\n\n\\[signed\\]\n\n…………………………\n\nKeith Chapman\n\nA/g Executive General Manager\n\nDiversified Institutions Division","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2626},"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"This declaration exercises the existing modification power under section 332 of the SIS Act to adjust the technical criteria for trustee independence. It remains within the original scope of the Act's purpose of regulating superannuation fund governance and prudential standards."},"complexity_factors":["Modifies existing legislation (section 93A) requiring cross-reference to original text to understand full context","References multiple external sections (92, 93, and the definition in section 10)","Uses defined statutory terms: 'allowable percentage', 'employer-sponsor', 'associate', 'accrued benefits'","Three-part cumulative test with conditional logic (must satisfy all paragraphs)","Technical superannuation governance context requiring understanding of trustee independence requirements"],"plain_english_summary":"This declaration tightens when an employer-linked trustee of a public offer super fund can be treated as “independent.” It replaces the prior rule with a new test requiring limited employer representation among members, caps on the share of fund assets tied to those employees, and compliance with statutory governance/conflict standards. \n\nIt affects employer-appointed trustees and protects members by curbing employer influence over fund decisions."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002","history":"/api/acts/superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002/history","analysis":"/api/acts/superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002/analysis","conflicts":"/api/acts/superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002/conflicts","importantCases":"/api/acts/superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002/important-cases","documents":"/api/acts/superannuation-industry-supervision-act-1993-modification-declaration-no-24-21-06-2002/documents"}}