Superannuation Industry (Supervision) modification declaration No. 2 of 2007

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Superannuation Industry (Supervision)

modification declaration No. 2 of 2007

View image in the official sourceSuperannuation Industry (Supervision) Act 1993

I, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry

(Supervision) Act 1993 (the Act), DECLARE that 7.04 of the Regulations has effect in

relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

This declaration comes into force upon registration of this instrument on the Federal Register

of Legislative Instruments.

Dated 31 July 2007

[Signed]

Thomas Karp

Executive General Manager

Supervisory Support Division

Interpretation Document ID: 147630

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20

of the Legislative Instruments Act 2003.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

Note 1

This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003

(the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2

Under paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the Act, the

decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for

reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision,

you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review

of the reconsidered decision.

Note 3

The address where the request for reconsideration referred to in this instrument may be given to

APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

Schedule - the class of persons to whom this declaration

applies

All RSE Licensees

Schedule - the manner in which the specified modifiable

provisions are modified

Regulation 7.04 of the Regulations is modified by replacing subparagraph (4)(a)(i) with:

for an amount received in a manner that is inconsistent with subregulation (2):

(A) the member's tax file number is quoted (for superannuation purposes)

within 30 days of this amount being received by the trustee of the fund; or

(B) the member’s only interest in the fund is a risk insurance interest and, by 31 December 2007:

I. the member's tax file number is quoted (for superannuation purposes); or

II the trustee of the fund returns the amount received to the entity or person that paid the amount; or