29NCancelling registration

29N Cancelling registration

(1) APRA must cancel the registration of a registrable superannuation entity if a document that: (a) is a reporting document within the meaning of the Financial Sector (Collection of Data) Act 2001; and (b) relates to the entity; and (c) was given to APRA under that Act; states that the entity has been wound up. (1A) APRA may cancel the registration of a superannuation entity that has become a self managed superannuation fund. (2) APRA may cancel the registration of a registrable superannuation entity if APRA is satisfied, on reasonable grounds, that: (a) the entity has no beneficiaries and no assets; and (b) there are no outstanding claims against the entity for benefits or other payments; and (c) other circumstances (if any) prescribed by regulations made for the purposes of this paragraph exist. (3) If APRA cancels the registration of a registrable superannuation entity under subsection (2), APRA must take all reasonable steps to ensure that the RSE licensee of the entity is given a notice: (a) stating that APRA has cancelled the registration of the entity; and (b) setting out the reasons for the cancellation; as soon as practicable after cancelling the registration of the entity.