Superannuation Industry (Supervision) Act 1993 (SIS)
The Superannuation Industry (Supervision) Act sets all the rules that a complying superannuation fund must obey (adherence to these rules is called compliance). The rules cover general areas relating to the trustee, investments, management, fund accounts and administration, enquiries and complaints.
- regulates the operation of superannuation funds; and
- sets penalties for trustees when the rules of operation are not met.
In June 2004 the SIS Act and Regulations were amended to require all superannuation trustees to apply to become a Registrable Superannuation Entity Licensee (RSE Licensee) in addition each of the superannuation funds the trustee operates is also required to be registered. The transition period is intended to end 30 June 2006. The new licensing regime requires trustees of superannuation funds to demonstrate to APRA that they have adequate resources (human, technology and financial), risk management systems and appropriate skills and expertise to manage the superannuation fund. The licensing regime has lifted the bar for superannuation trustees with a significant number of small to medium size superannuation funds exiting the industry due to the increasing risk and compliance demands.
Famous quotes containing the words act and/or industry:
“Always strive to find out what to do by thinking, without asking anybody. If you continually do this, you will soon act like a grown-up woman. For want of doing this, a very great number of grown-up people act like children.”
—George Bernard Shaw (18561950)
“He had much industry at setting out,
Much boisterous courage, before loneliness
Had driven him crazed;
For meditations upon unknown thought
Make human intercourse grow less and less....”
—William Butler Yeats (18651939)