Commonwealth Numbered Regulations Commonwealth Numbered Regulations
[1] Subregulation 3A.03 (2), note
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a registrable superannuation entity that is a constitutional corporation
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a trustee that is a constitutional corporation
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3A.03A Acting trustee licences
(1) For subsection 29B (4) of the Act, acting trustee licences are a class of RSE licences.
(2) Subject to any condition imposed on an acting trustee licence under subsection 29EA (3) of the Act, the licence allows:
(a) a trustee that holds an acting trustee licence; or
(b) a trustee who is a member of a group of individual trustees that holds an acting trustee licence;
to be a trustee of a registrable superannuation entity or entities to which the trustee is appointed to act as trustee under section 134 of the Act by APRA.
(3) For subsection 29E (7) of the Act, for the period of the licence, a trustee must not, without APRA approval, carry on a business other than that of performing the functions and duties of a trustee of a registrable superannuation entity or entities to which the appointment relates (the trustee business ).
(4) APRA may approve the trustee carrying on a business other than the trustee business if APRA is satisfied that the carrying on of the other business would not prejudice the proper and efficient performance of the trustee’s functions and duties.
[3] Subregulations 3A.04 (3) and (4)
substitute
(3) For subregulation (2), at any time before 1 May 2007, an applicant or trustee must calculate its total assets by excluding:
(a) all receivables receivable from either:
(i) a related party as defined by AASB 1017 and Part E2.2 of Chapter 2E of the Corporations Act; or
(ii) a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act; and
(b) any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(c) any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(d) any assets ( illiquid assets ) that are not capable of being converted into cash in the short term.
(4) For subregulation (2), an applicant or trustee must calculate its total liabilities at any time before 1 May 2007 by including all payables payable to:
(a) a related party as defined by AASB 1017 and Part 2E.2 of Chapter 2E of the Corporations Act; or
(b) a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act.
(5) For subregulation (2), an applicant or trustee must:
(a) calculate its total assets on and after 1 May 2007 by excluding:
(i) all receivables receivable from a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act; and
(ii) any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(iii) any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(iv) any assets ( illiquid assets ) that are not capable of being converted into cash in the short term; and
(b) include in its total liabilities on and after 1 May 2007 all payables payable to a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act.
(6) In this regulation:
"AASB" 1017 means AASB 1017, Related Party Disclosures , published by the Australian Accounting Standards Board, as in force on 1 July 2004.
"AASB" 124 means AASB 124, Related Party Disclosures , published by the Australian Accounting Standards Board.
[4] Regulation 3A.05, definition of statement of financial position
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statement of financial position , for a registrable superannuation entity, means a statement of financial position prepared in respect of an entity, as a reporting document for the purpose of reporting standards referred to in section 13 of the Financial Sector (Collection of Data) Act 2001 .