29EConditions imposed on all licences and on groups of licences

29E Conditions imposed on all licences and on groups of licences

Conditions imposed on all RSE licences (1) The following conditions are imposed on all RSE licences: (a) the RSE licensee and, if the RSE licensee is a group of individual trustees, each of the members of the group, must comply with the RSE licensee law and Chapter 2M of the Corporations Act 2001; (b) the duties of a trustee in respect of each registrable superannuation entity of which it is an RSE licensee must be properly performed by: (i) if the RSE licensee is a body corporate—the body corporate; or (ii) if the RSE licensee is a group of individual trustees—each of the members of the group; (ba) the RSE licensee must: (i) have an ABN; or (ii) have made an application for an ABN that has not been refused under the A New Tax System (Australian Business Number) Act 1999; (d) the RSE licensee must ensure that each registrable superannuation entity of which it is the RSE licensee is: (i) registered under Part 2B; or (ii) the subject of an application for registration under Part 2B that has not been finally determined or otherwise disposed of; (ea) the RSE licensee must ensure that each registrable superannuation entity of which it is an RSE licensee has an ABN; (f) the RSE licensee must notify APRA of any change in the composition or control of the RSE licensee (see subsection (2)) within 14 days after the change takes place; (g) the RSE licensee must comply with any other conditions prescribed by regulations made for the purposes of this paragraph.

Note 1: Breach of a licence condition may lead to consequences such as a direction from APRA to comply with the condition (see Division 1 of Part 16A) or cancellation of the licence (see section 29G).

Note 2: An RSE licensee must notify APRA if the RSE licensee breaches a licence condition: see section 29JA.

Note 3: Additional conditions may be imposed on various types of RSE licences (see subsections (3) to (7)) or a particular RSE licence (see section 29EA).

Change in the composition of the RSE licensee (2) For the purposes of paragraph (1)(f), a change in the composition or control of the RSE licensee is: (a) if the RSE licensee is a body corporate: (i) a person becoming, or ceasing to be, a director of the RSE licensee; or (ii) a person’s stake in the RSE licensee changing; or (b) if the RSE licensee is a group of individual trustees—an individual becoming, or ceasing to be, a member of the group. (3) An additional condition is imposed on each RSE licence that enables a trustee that holds a licence of that class to be a trustee of a public offer entity. The condition is that the RSE licensee that holds the licence must continue to be a constitutional corporation. Licences held by RSE licensees that are not constitutional corporations (4) The following additional condition is imposed on each RSE licence that is not held by a constitutional corporation: (a) if the RSE licensee that holds the licence is a body corporate—that the body; or (b) if the RSE licensee is a group of individual trustees—that the members of the group; only act as a trustee of superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old‑age pensions. Licences held by groups of individual trustees (5) The following additional conditions are imposed on each RSE licence held by a group of individual trustees: (a) the members of the group must make all reasonable efforts to ensure that the group always has at least 2 members; (b) any continuous period for which the group has less than 2 members must be 90 days or less.