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Schedule 3—Superstream gateway network governance funding

Schedule 3 Superstream gateway network governance funding

   

Australian Prudential Regulation Authority Act 1998

1  Subparagraph 50(1)(a)(iii)

Repeal the subparagraph, substitute:

                            (iii)  governing and maintaining the superannuation transactions network;

2  Subparagraph 50(1)(b)(iii)

Repeal the subparagraph, substitute:

                            (iii)  governing and maintaining the superannuation transactions network.

3  Subsection 50(6)

Insert:

superannuation transactions network means the network used to send and receive:

                     (a)  payments and information of a kind referred to in subsection 34K(6) of the Superannuation Industry (Supervision) Act 1993 in compliance with the superannuation data and payment regulations and standards (within the meaning of that Act); and

                     (b)  payments and information of a kind referred to in subsection 45B(6) of the Retirement Savings Accounts Act 1997 in compliance with the data and payment regulations and standards relating to RSAs (within the meaning of that Act).

4  Subsection 50(6) (definition of SuperStream measures )

Repeal the definition.

5  Application of amendments

The amendments made by this Schedule apply in relation to financial years starting on and after 1 July 2018.