{"id":"F2014L00393","name":"Superannuation Industry (Supervision) modification declaration No. 1 of 2014","slug":"superannuation-industry-supervision-modification-declaration-no-1-of-2014","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128508,"registerId":"commonwealth-F2014L00393-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Schedule - the class of persons to whom ","sectionType":"part","heading":"Schedule - the class of persons to whom this declaration applies","content":"# Schedule \\- the class of persons to whom this declaration applies\n\nAll RSE licensees of registrable superannuation entities that are regulated superannuation funds.","sortOrder":0},{"sectionNumber":"Schedule - the manner in which the speci","sectionType":"part","heading":"Schedule - the manner in which the specified modifiable provisions are modified","content":"# Schedule \\- the manner in which the specified modifiable provisions are modified\n\nRegulation 4.07E of the Regulations is modified by inserting after subregulation (8):\n\n“(8A) Subregulations (2) and (4) do not apply, in relation to defined benefit members of the fund, if:\n\n(a) on or after 1 July 2013, defined benefit members transferred to the fund from another fund (the original fund); and\n\n(b) the fund is a successor fund of the original fund in relation to the transferring defined benefit members; and\n\n(c) immediately before the transfer, the original fund self-insured in relation to the transferring defined benefit members and the risk; and\n\n(d) the original fund complied with paragraphs (8)(a) and (b) where the transferring defined benefit members were members of the original fund on 1 July 2013.\n\n(8B) Subregulation (8A) applies subject to any condition imposed by APRA under subsection 29EA(1) of the Act on the licence of the RSE licensee of the fund.”","sortOrder":1}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a targeted modification declaration under the SIS Act's modification powers. It addresses a specific transitional issue (successor fund transfers of defined benefit members) without expanding beyond the original regulatory framework's intent. The scope remains tightly constrained to the insurance obligations in regulation 4.07E."},"complexity_factors":["Requires understanding of defined benefit superannuation structures versus accumulation funds","References external regulations (4.07E) without reproducing their text, forcing readers to cross-reference","Uses technical terms like 'RSE licensee', 'successor fund', 'self-insured', and 'defined benefit members' without on-the-spot definitions","Contains conditional logic with four cumulative requirements (paragraphs a-d) that must all be satisfied","Incorporates a backstop provision (8B) allowing APRA to override the exemption through licence conditions","Nested temporal conditions ('on or after 1 July 2013', 'immediately before the transfer')"],"plain_english_summary":"This declaration grants successor superannuation funds a temporary exemption from certain insurance rules when they take on defined‑benefit members transferred from self‑insured funds (transfers on or after 1 July 2013). It applies to RSE licensees running regulated funds that inherit these members and preserves existing self‑insurance arrangements to avoid disruption and extra costs.\n\nAPRA retains the power to impose conditions on the exemption."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The declaration narrows the operational scope of Regulation 4.07E by creating an exception (new subregulation (8A)) that exempts certain defined benefit members who transferred on or after 1 July 2013 from the operation of subregs (2) and (4). It also adds a qualification (subreg (8B)) making the exception subject to conditions APRA may impose under s29EA(1)."},"complexity_factors":["Cross-references to multiple subregulations of Regulation 4.07E (subregs (2), (4), (8) and new (8A)/(8B)), requiring reading across provisions.","Temporal trigger: applies only to members who transferred on or after 1 July 2013 (timing sensitivity).","Conditionality: requires the original fund to have been self‑insured in relation to the transferring defined benefit members and the risk.","Compliance dependency: original fund must have complied with paragraphs (8)(a) and (b) where members were on 1 July 2013, creating fact-specific inquiries.","Scope limitation: applies only where the receiving fund is a 'successor fund'—legal definition and succession facts will matter.","Regulatory discretion: application subject to any APRA condition imposed under subsection 29EA(1) of the Act, introducing administrative discretion and licence-based variability.","Interplay with broader SIS/regulatory regime: effectiveness depends on interaction with other SIS provisions and regulatory practice not reproduced here."],"plain_english_summary":"This instrument inserts an exception into Regulation 4.07E so that subregulations (2) and (4) do not apply to defined benefit members who transferred on or after 1 July 2013 from an original fund to its successor fund, provided the original fund self‑insured and met certain paragraph (8) conditions. It applies to RSE licensees of regulated superannuation funds: successor funds can avoid those specific regulatory requirements for these transferred members, but APRA may impose licence conditions under section 29EA(1)."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-industry-supervision-modification-declaration-no-1-of-2014","history":"/api/acts/superannuation-industry-supervision-modification-declaration-no-1-of-2014/history","analysis":"/api/acts/superannuation-industry-supervision-modification-declaration-no-1-of-2014/analysis","conflicts":"/api/acts/superannuation-industry-supervision-modification-declaration-no-1-of-2014/conflicts","importantCases":"/api/acts/superannuation-industry-supervision-modification-declaration-no-1-of-2014/important-cases","documents":"/api/acts/superannuation-industry-supervision-modification-declaration-no-1-of-2014/documents"}}