{"id":"F2023L01078","name":"Superannuation Industry (Supervision) Act exemption No. 1 of 2023","slug":"superannuation-industry-supervision-act-exemption-no-1-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104728,"registerId":"commonwealth-F2023L01078-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Superannuation Industry (Supervision) Ac","sectionType":"part","heading":"Superannuation Industry (Supervision) Act exemption","content":"# ![Commonwealth Coat of Arms](image.001.png)\n\n# Superannuation Industry (Supervision) Act exemption\n\n# No 1 of 2023\n\n# Superannuation Industry (Supervision) Act 1993\n\nI, Clare Gibney, delegate of APRA, exempt the class of persons specified in the Schedule from compliance with the modifiable provisions specified in the Schedule.\n\nDated: 4 August 2023\n\nClare Gibney, Executive Director, Policy & Advice Division\n\n  \n\n### Schedule\n\n### 1\\. Name of legislative instrument\n\n# This is Superannuation Industry (Supervision) Act exemption No. 1 of 2023.\n\n### 2\\. Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au/).\n\n### 3\\. Authority\n\nThis instrument is made under subsection 328(1) of the Act.\n\n### 4\\. Definitions\n\nIn this instrument:\n\n###### Act means the Superannuation Industry (Supervision) Act 1993.\n\nAPRA means the Australian Prudential Regulation Authority.\n\nassociate has the meaning given by clause 4 of Schedule 1 of the FSS Act.\n\nconstituent document has the meaning given by clause 2 of Schedule 1 of the FSS Act.\n\ncontrolling stake has the meaning given in subsection 10(1) of the Act.\n\ndirect control interest has the meaning given by clause 11 of Schedule 1 of the FSS Act.\n\nfinancial benefit means a benefit arising directly from the acquisition or holding of a share, but does not include a payment made to the person in respect of performance of their duties as a director of the RSE licensee.\n\nFSS Act means the Financial Sector (Shareholdings) Act 1998 (Cth).\n\nmodifiable provision has the meaning given under section 327 of the Act.\n\nRSE licensee has the meaning given by subsection 10(1) of the Act.\n\nstake has the meaning given by clause 10 of Schedule 1 of the FSS Act.\n\n5\\. Application\n\nThis instrument applies to the following class of persons:\n\n    (a) a person nominated for appointment as a director of an RSE licensee in accordance with the RSE licensee’s constituent document and subsequently appointed as a director of the RSE licensee; and\n    (b) a director of an RSE licensee; and\n    (c) a former director of the RSE licensee.\n\n### 6\\. Modifiable provisions\n\nThe persons identified in section 5 of this instrument are exempt from compliance with sections 29HA and 29JCB of the Act.\n\n### 7\\. Conditions of exemption\n\nThe exemption from compliance with the modifiable provisions identified in section 6 of this instrument is subject to the following conditions specified under subsection 330(2) of the Act:\n\n(a) the person holds a direct control interest in the RSE licensee at a particular time of 15% or less; and\n\n(b) the person holds a stake in the RSE licensee at a particular time of more than 15% only as a result of the aggregation of:\n\n(i) the direct control interest in the RSE licensee that the person holds at that time; and\n\n(ii) the direct control interests in the RSE licensee held at that time by associates of the person; and\n\n(c) the associates of the person referred to in paragraph (b)(ii) are associates only by operation of clause 4(1)(e) of Schedule 1 of the FSS Act and are a director of the RSE licensee; and\n\n(d) the person acquires the controlling stake in the RSE licensee on or after the date of commencement of this instrument; and\n\n(e) the person is not entitled to any financial benefit directly arising from the person’s shareholding in the RSE licensee; and\n\n(f) the person must as soon as practicable after ceasing to be a director of the RSE licensee transfer or forfeit the person’s shareholding in the RSE licensee subject to the terms of the RSE licensee’s constituent document.","sortOrder":0},{"sectionNumber":"No 1 of 2023","sectionType":"part","heading":"No 1 of 2023","content":"# ![Commonwealth Coat of Arms](image.001.png)\n\n# Superannuation Industry (Supervision) Act exemption\n\n# No 1 of 2023\n\n# Superannuation Industry (Supervision) Act 1993\n\nI, Clare Gibney, delegate of APRA, exempt the class of persons specified in the Schedule from compliance with the modifiable provisions specified in the Schedule.\n\nDated: 4 August 2023\n\nClare Gibney, Executive Director, Policy & Advice Division\n\n  \n\n### Schedule\n\n### 1\\. Name of legislative instrument\n\n# This is Superannuation Industry (Supervision) Act exemption No. 1 of 2023.\n\n### 2\\. Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au/).\n\n### 3\\. Authority\n\nThis instrument is made under subsection 328(1) of the Act.\n\n### 4\\. Definitions\n\nIn this instrument:\n\n###### Act means the Superannuation Industry (Supervision) Act 1993.\n\nAPRA means the Australian Prudential Regulation Authority.\n\nassociate has the meaning given by clause 4 of Schedule 1 of the FSS Act.\n\nconstituent document has the meaning given by clause 2 of Schedule 1 of the FSS Act.\n\ncontrolling stake has the meaning given in subsection 10(1) of the Act.\n\ndirect control interest has the meaning given by clause 11 of Schedule 1 of the FSS Act.\n\nfinancial benefit means a benefit arising directly from the acquisition or holding of a share, but does not include a payment made to the person in respect of performance of their duties as a director of the RSE licensee.\n\nFSS Act means the Financial Sector (Shareholdings) Act 1998 (Cth).\n\nmodifiable provision has the meaning given under section 327 of the Act.\n\nRSE licensee has the meaning given by subsection 10(1) of the Act.\n\nstake has the meaning given by clause 10 of Schedule 1 of the FSS Act.\n\n5\\. Application\n\nThis instrument applies to the following class of persons:\n\n    (a) a person nominated for appointment as a director of an RSE licensee in accordance with the RSE licensee’s constituent document and subsequently appointed as a director of the RSE licensee; and\n    (b) a director of an RSE licensee; and\n    (c) a former director of the RSE licensee.\n\n### 6\\. Modifiable provisions\n\nThe persons identified in section 5 of this instrument are exempt from compliance with sections 29HA and 29JCB of the Act.\n\n### 7\\. Conditions of exemption\n\nThe exemption from compliance with the modifiable provisions identified in section 6 of this instrument is subject to the following conditions specified under subsection 330(2) of the Act:\n\n(a) the person holds a direct control interest in the RSE licensee at a particular time of 15% or less; and\n\n(b) the person holds a stake in the RSE licensee at a particular time of more than 15% only as a result of the aggregation of:\n\n(i) the direct control interest in the RSE licensee that the person holds at that time; and\n\n(ii) the direct control interests in the RSE licensee held at that time by associates of the person; and\n\n(c) the associates of the person referred to in paragraph (b)(ii) are associates only by operation of clause 4(1)(e) of Schedule 1 of the FSS Act and are a director of the RSE licensee; and\n\n(d) the person acquires the controlling stake in the RSE licensee on or after the date of commencement of this instrument; and\n\n(e) the person is not entitled to any financial benefit directly arising from the person’s shareholding in the RSE licensee; and\n\n(f) the person must as soon as practicable after ceasing to be a director of the RSE licensee transfer or forfeit the person’s shareholding in the RSE licensee subject to the terms of the RSE licensee’s constituent document.","sortOrder":1},{"sectionNumber":"Schedule","sectionType":"division","heading":"Schedule","content":"# ![Commonwealth Coat of Arms](image.001.png)\n\n# Superannuation Industry (Supervision) Act exemption\n\n# No 1 of 2023\n\n# Superannuation Industry (Supervision) Act 1993\n\nI, Clare Gibney, delegate of APRA, exempt the class of persons specified in the Schedule from compliance with the modifiable provisions specified in the Schedule.\n\nDated: 4 August 2023\n\nClare Gibney, Executive Director, Policy & Advice Division\n\n  \n\n### Schedule\n\n### 1\\. Name of legislative instrument\n\n# This is Superannuation Industry (Supervision) Act exemption No. 1 of 2023.\n\n### 2\\. Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au/).\n\n### 3\\. Authority\n\nThis instrument is made under subsection 328(1) of the Act.\n\n### 4\\. Definitions\n\nIn this instrument:\n\n###### Act means the Superannuation Industry (Supervision) Act 1993.\n\nAPRA means the Australian Prudential Regulation Authority.\n\nassociate has the meaning given by clause 4 of Schedule 1 of the FSS Act.\n\nconstituent document has the meaning given by clause 2 of Schedule 1 of the FSS Act.\n\ncontrolling stake has the meaning given in subsection 10(1) of the Act.\n\ndirect control interest has the meaning given by clause 11 of Schedule 1 of the FSS Act.\n\nfinancial benefit means a benefit arising directly from the acquisition or holding of a share, but does not include a payment made to the person in respect of performance of their duties as a director of the RSE licensee.\n\nFSS Act means the Financial Sector (Shareholdings) Act 1998 (Cth).\n\nmodifiable provision has the meaning given under section 327 of the Act.\n\nRSE licensee has the meaning given by subsection 10(1) of the Act.\n\nstake has the meaning given by clause 10 of Schedule 1 of the FSS Act.\n\n5\\. Application\n\nThis instrument applies to the following class of persons:\n\n    (a) a person nominated for appointment as a director of an RSE licensee in accordance with the RSE licensee’s constituent document and subsequently appointed as a director of the RSE licensee; and\n    (b) a director of an RSE licensee; and\n    (c) a former director of the RSE licensee.\n\n### 6\\. Modifiable provisions\n\nThe persons identified in section 5 of this instrument are exempt from compliance with sections 29HA and 29JCB of the Act.\n\n### 7\\. Conditions of exemption\n\nThe exemption from compliance with the modifiable provisions identified in section 6 of this instrument is subject to the following conditions specified under subsection 330(2) of the Act:\n\n(a) the person holds a direct control interest in the RSE licensee at a particular time of 15% or less; and\n\n(b) the person holds a stake in the RSE licensee at a particular time of more than 15% only as a result of the aggregation of:\n\n(i) the direct control interest in the RSE licensee that the person holds at that time; and\n\n(ii) the direct control interests in the RSE licensee held at that time by associates of the person; and\n\n(c) the associates of the person referred to in paragraph (b)(ii) are associates only by operation of clause 4(1)(e) of Schedule 1 of the FSS Act and are a director of the RSE licensee; and\n\n(d) the person acquires the controlling stake in the RSE licensee on or after the date of commencement of this instrument; and\n\n(e) the person is not entitled to any financial benefit directly arising from the person’s shareholding in the RSE licensee; and\n\n(f) the person must as soon as practicable after ceasing to be a director of the RSE licensee transfer or forfeit the person’s shareholding in the RSE licensee subject to the terms of the RSE licensee’s constituent document.","sortOrder":3},{"sectionNumber":"1. Name of legislative instrument","sectionType":"division","heading":"1. Name of legislative instrument","content":"# ![Commonwealth Coat of Arms](image.001.png)\n\n# Superannuation Industry (Supervision) Act exemption\n\n# No 1 of 2023\n\n# Superannuation Industry (Supervision) Act 1993\n\nI, Clare Gibney, delegate of APRA, exempt the class of persons specified in the Schedule from compliance with the modifiable provisions specified in the Schedule.\n\nDated: 4 August 2023\n\nClare Gibney, Executive Director, Policy & Advice Division\n\n  \n\n### Schedule\n\n### 1\\. Name of legislative instrument\n\n# This is Superannuation Industry (Supervision) Act exemption No. 1 of 2023.\n\n### 2\\. Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au/).\n\n### 3\\. Authority\n\nThis instrument is made under subsection 328(1) of the Act.\n\n### 4\\. Definitions\n\nIn this instrument:\n\n###### Act means the Superannuation Industry (Supervision) Act 1993.\n\nAPRA means the Australian Prudential Regulation Authority.\n\nassociate has the meaning given by clause 4 of Schedule 1 of the FSS Act.\n\nconstituent document has the meaning given by clause 2 of Schedule 1 of the FSS Act.\n\ncontrolling stake has the meaning given in subsection 10(1) of the Act.\n\ndirect control interest has the meaning given by clause 11 of Schedule 1 of the FSS Act.\n\nfinancial benefit means a benefit arising directly from the acquisition or holding of a share, but does not include a payment made to the person in respect of performance of their duties as a director of the RSE licensee.\n\nFSS Act means the Financial Sector (Shareholdings) Act 1998 (Cth).\n\nmodifiable provision has the meaning given under section 327 of the Act.\n\nRSE licensee has the meaning given by subsection 10(1) of the Act.\n\nstake has the meaning given by clause 10 of Schedule 1 of the FSS Act.\n\n5\\. Application\n\nThis instrument applies to the following class of persons:\n\n    (a) a person nominated for appointment as a director of an RSE licensee in accordance with the RSE licensee’s constituent document and subsequently appointed as a director of the RSE licensee; and\n    (b) a director of an RSE licensee; and\n    (c) a former director of the RSE licensee.\n\n### 6\\. Modifiable provisions\n\nThe persons identified in section 5 of this instrument are exempt from compliance with sections 29HA and 29JCB of the Act.\n\n### 7\\. Conditions of exemption\n\nThe exemption from compliance with the modifiable provisions identified in section 6 of this instrument is subject to the following conditions specified under subsection 330(2) of the Act:\n\n(a) the person holds a direct control interest in the RSE licensee at a particular time of 15% or less; and\n\n(b) the person holds a stake in the RSE licensee at a particular time of more than 15% only as a result of the aggregation of:\n\n(i) the direct control interest in the RSE licensee that the person holds at that time; and\n\n(ii) the direct control interests in the RSE licensee held at that time by associates of the person; and\n\n(c) the associates of the person referred to in paragraph (b)(ii) are associates only by operation of clause 4(1)(e) of Schedule 1 of the FSS Act and are a director of the RSE licensee; and\n\n(d) the person acquires the controlling stake in the RSE licensee on or after the date of commencement of this instrument; and\n\n(e) the person is not entitled to any financial benefit directly arising from the person’s shareholding in the RSE licensee; and\n\n(f) the person must as soon as practicable after ceasing to be a director of the RSE licensee transfer or forfeit the person’s shareholding in the RSE licensee subject to the terms of the RSE licensee’s constituent document.","sortOrder":4},{"sectionNumber":"This is Superannuation Industry (Supervi","sectionType":"part","heading":"This is Superannuation Industry (Supervision) Act exemption No. 1 of 2023.","content":"# ![Commonwealth Coat of Arms](image.001.png)\n\n# Superannuation Industry (Supervision) Act exemption\n\n# No 1 of 2023\n\n# Superannuation Industry (Supervision) Act 1993\n\nI, Clare Gibney, delegate of APRA, exempt the class of persons specified in the Schedule from compliance with the modifiable provisions specified in the Schedule.\n\nDated: 4 August 2023\n\nClare Gibney, Executive Director, Policy & Advice Division\n\n  \n\n### Schedule\n\n### 1\\. Name of legislative instrument\n\n# This is Superannuation Industry (Supervision) Act exemption No. 1 of 2023.\n\n### 2\\. Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au/).\n\n### 3\\. Authority\n\nThis instrument is made under subsection 328(1) of the Act.\n\n### 4\\. Definitions\n\nIn this instrument:\n\n###### Act means the Superannuation Industry (Supervision) Act 1993.\n\nAPRA means the Australian Prudential Regulation Authority.\n\nassociate has the meaning given by clause 4 of Schedule 1 of the FSS Act.\n\nconstituent document has the meaning given by clause 2 of Schedule 1 of the FSS Act.\n\ncontrolling stake has the meaning given in subsection 10(1) of the Act.\n\ndirect control interest has the meaning given by clause 11 of Schedule 1 of the FSS Act.\n\nfinancial benefit means a benefit arising directly from the acquisition or holding of a share, but does not include a payment made to the person in respect of performance of their duties as a director of the RSE licensee.\n\nFSS Act means the Financial Sector (Shareholdings) Act 1998 (Cth).\n\nmodifiable provision has the meaning given under section 327 of the Act.\n\nRSE licensee has the meaning given by subsection 10(1) of the Act.\n\nstake has the meaning given by clause 10 of Schedule 1 of the FSS Act.\n\n5\\. Application\n\nThis instrument applies to the following class of persons:\n\n    (a) a person nominated for appointment as a director of an RSE licensee in accordance with the RSE licensee’s constituent document and subsequently appointed as a director of the RSE licensee; and\n    (b) a director of an RSE licensee; and\n    (c) a former director of the RSE licensee.\n\n### 6\\. Modifiable provisions\n\nThe persons identified in section 5 of this instrument are exempt from compliance with sections 29HA and 29JCB of the Act.\n\n### 7\\. Conditions of exemption\n\nThe exemption from compliance with the modifiable provisions identified in section 6 of this instrument is subject to the following conditions specified under subsection 330(2) of the Act:\n\n(a) the person holds a direct control interest in the RSE licensee at a particular time of 15% or less; and\n\n(b) the person holds a stake in the RSE licensee at a particular time of more than 15% only as a result of the aggregation of:\n\n(i) the direct control interest in the RSE licensee that the person holds at that time; and\n\n(ii) the direct control interests in the RSE licensee held at that time by associates of the person; and\n\n(c) the associates of the person referred to in paragraph (b)(ii) are associates only by operation of clause 4(1)(e) of Schedule 1 of the FSS Act and are a director of the RSE licensee; and\n\n(d) the person acquires the controlling stake in the RSE licensee on or after the date of commencement of this instrument; and\n\n(e) the person is not entitled to any financial benefit directly arising from the person’s shareholding in the RSE licensee; and\n\n(f) the person must as soon as practicable after ceasing to be a director of the RSE licensee transfer or forfeit the person’s shareholding in the RSE licensee subject to the terms of the RSE licensee’s constituent document.","sortOrder":5},{"sectionNumber":"2. Commencement","sectionType":"division","heading":"2. Commencement","content":"### 2\\. Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au/).","sortOrder":6},{"sectionNumber":"3. Authority","sectionType":"division","heading":"3. Authority","content":"### 3\\. Authority\n\nThis instrument is made under subsection 328(1) of the Act.","sortOrder":7},{"sectionNumber":"4. Definitions","sectionType":"division","heading":"4. Definitions","content":"### 4\\. Definitions\n\nIn this instrument:","sortOrder":8},{"sectionNumber":"Act means the Superannuation Industry (S","sectionType":"section","heading":"Act means the Superannuation Industry (Supervision) Act 1993.","content":"###### Act means the Superannuation Industry (Supervision) Act 1993.\n\nAPRA means the Australian Prudential Regulation Authority.\n\nassociate has the meaning given by clause 4 of Schedule 1 of the FSS Act.\n\nconstituent document has the meaning given by clause 2 of Schedule 1 of the FSS Act.\n\ncontrolling stake has the meaning given in subsection 10(1) of the Act.\n\ndirect control interest has the meaning given by clause 11 of Schedule 1 of the FSS Act.\n\nfinancial benefit means a benefit arising directly from the acquisition or holding of a share, but does not include a payment made to the person in respect of performance of their duties as a director of the RSE licensee.\n\nFSS Act means the Financial Sector (Shareholdings) Act 1998 (Cth).\n\nmodifiable provision has the meaning given under section 327 of the Act.\n\nRSE licensee has the meaning given by subsection 10(1) of the Act.\n\nstake has the meaning given by clause 10 of Schedule 1 of the FSS Act.\n\n5\\. Application\n\nThis instrument applies to the following class of persons:\n\n    (a) a person nominated for appointment as a director of an RSE licensee in accordance with the RSE licensee’s constituent document and subsequently appointed as a director of the RSE licensee; and\n    (b) a director of an RSE licensee; and\n    (c) a former director of the RSE licensee.","sortOrder":9},{"sectionNumber":"6. Modifiable provisions","sectionType":"division","heading":"6. Modifiable provisions","content":"### 6\\. Modifiable provisions\n\nThe persons identified in section 5 of this instrument are exempt from compliance with sections 29HA and 29JCB of the Act.","sortOrder":10},{"sectionNumber":"7. Conditions of exemption","sectionType":"division","heading":"7. Conditions of exemption","content":"### 7\\. Conditions of exemption\n\nThe exemption from compliance with the modifiable provisions identified in section 6 of this instrument is subject to the following conditions specified under subsection 330(2) of the Act:\n\n(a) the person holds a direct control interest in the RSE licensee at a particular time of 15% or less; and\n\n(b) the person holds a stake in the RSE licensee at a particular time of more than 15% only as a result of the aggregation of:\n\n(i) the direct control interest in the RSE licensee that the person holds at that time; and\n\n(ii) the direct control interests in the RSE licensee held at that time by associates of the person; and\n\n(c) the associates of the person referred to in paragraph (b)(ii) are associates only by operation of clause 4(1)(e) of Schedule 1 of the FSS Act and are a director of the RSE licensee; and\n\n(d) the person acquires the controlling stake in the RSE licensee on or after the date of commencement of this instrument; and\n\n(e) the person is not entitled to any financial benefit directly arising from the person’s shareholding in the RSE licensee; and\n\n(f) the person must as soon as practicable after ceasing to be a director of the RSE licensee transfer or forfeit the person’s shareholding in the RSE licensee subject to the terms of the RSE licensee’s constituent document.","sortOrder":11}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a standard exemption instrument made under the specific exemption power in section 328 of the SIS Act. It applies only to the specific class of persons (directors and former directors of RSE licensees) and the specific modifiable provisions (sections 29HA and 29JCB) as authorised by the parent Act. The scope remains tightly constrained to the original regulatory purpose of permitting limited director shareholdings under strict conditions."},"complexity_factors":["9 defined terms in section 4, with 6 of those terms referencing external legislation (the SIS Act and FSS Act)","Nested conditional logic in section 7 with 6 separate conditions that must all be satisfied simultaneously","Cross-references to two separate Acts: Superannuation Industry (Supervision) Act 1993 and Financial Sector (Shareholdings) Act 1998","Specific reference to clause 4(1)(e) of Schedule 1 of the FSS Act — a deeply nested provision requiring external lookup","Technical financial concepts requiring understanding: 'direct control interest', 'stake', 'controlling stake', 'associates', 'aggregation'","Temporal condition in section 7(d) requiring tracking of acquisition date relative to instrument commencement"],"plain_english_summary":"This APRA exemption permits directors (including nominated, current and former) of RSE licensees to directly hold up to 15% of shares in the superannuation entity, subject to strict conditions. Stakes above 15% are only allowed via specified director associates; shareholdings must be acquired after the exemption started, yield no financial benefit (no dividends or capital gains) though director fees remain payable, and must be disposed of on leaving. It balances limited director ownership with conflict‑of‑interest safeguards to protect members."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The instrument changes the default statutory position by creating an exemption from ss.29HA and 29JCB for a specified class of persons, thereby narrowing the operative reach of those provisions for that class while imposing alternative conditional requirements and monitoring obligations (see ss5–7; authority s328(1))."},"complexity_factors":["Multiple statute cross-references: this instrument exempts compliance with SIS Act ss.29HA and 29JCB and is made under s.328(1) — requires reading across instruments (Schedule, ss3,6; authority s328(1)).","Dependence on external definitions from the Financial Sector (Shareholdings) Act 1998 (FSS Act) Schedule 1 (clauses 2,4,10,11) for terms like 'associate', 'stake' and 'direct control interest' — increases interpretive work (s4).","Aggregation and associate tests in s7(b)–(c) mean factual inquiries into which holdings aggregate and whether associates qualify only by clause 4(1)(e) of the FSS Act — requires legal and fact-finding analysis.","Timing conditions (must acquire controlling stake on/after commencement — s7(d)) and disposal/forfeiture obligation after ceasing as director (s7(f)) create operational and monitoring burdens for individuals and the RSE licensee.","The instrument narrows financial incentives by excluding 'financial benefit' (as defined in s4) from permissible entitlements, which affects how shareholding arrangements are structured (s4, s7(e)).","Class definition scope (nominated, current and former directors — s5) produces edge cases (e.g. nominee appointment timing, short tenures) that require careful application.","Delegated administrative discretion: exemption granted by an APRA delegate under s328(1) means administrative oversight and potential case-by-case application or compliance checks."],"plain_english_summary":"This instrument exempts people nominated for, current or former directors of an RSE licensee from complying with ss.29HA and 29JCB of the Superannuation Industry (Supervision) Act, subject to shareholding conditions (direct control interest ≤15%; any stake >15% only by aggregation with certain director-associates; no direct financial benefit; acquired on/after commencement; transfer/forfeit on leaving). APRA’s delegate authorises the exemption, so directors and RSE licensees must monitor timing, aggregation and disposal obligations (ss5–7; s328(1))."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-industry-supervision-act-exemption-no-1-of-2023","history":"/api/acts/superannuation-industry-supervision-act-exemption-no-1-of-2023/history","analysis":"/api/acts/superannuation-industry-supervision-act-exemption-no-1-of-2023/analysis","conflicts":"/api/acts/superannuation-industry-supervision-act-exemption-no-1-of-2023/conflicts","importantCases":"/api/acts/superannuation-industry-supervision-act-exemption-no-1-of-2023/important-cases","documents":"/api/acts/superannuation-industry-supervision-act-exemption-no-1-of-2023/documents"}}