AUSTRALIA -The Australian Prudential Regulation Authority (APRA) has brought the 30 June 2006 Registrable Superannuation Entity (RSE) license application deadline forward by four and half months.
Failing to register by the new 17 February deadline will give APRA the power to appoint external trustees while members will be hit by losses to their tax benefits.
According to APRA the new cut-off date for applications is to provide sufficient time to complete the licensing process and to register all funds by 30 June 2006, in line with the Superannuation Industry (Supervision) Act 1993.
To date only 317 applications have been received of which more than 40% were submitted after December 2005. It is calculated there are some 1,100 Australian funds in total.
APRA deputy chairman, Ross Jones, noted that all “major” superannuation entities regulated by the body who indicated they would apply for an RSE license have either lodged an application or already received a license.
In addition some 405 trustees that indicated their intention to exit the industry had already done so and a further 450 are expected to do so by the end of the transition period.
APRA has stated it can make arrangements if necessary for an acting trustee to be appointed in cases where trustees have not applied for a license by 17 February or transferred their funds to a licensed trustee by June.
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