To be able to register a registrable superannuation entity (RSE), APRA must be satisfied that nothing in the governing rules of the entity conflicts with the requirements of Part 6 of the Act. In this regard, the trustee must submit all governing rules that together demonstrate to APRA that they contain and are consistent with these requirements. The definition of 'governing rules' in section 10 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) was not affected by the SSAA. The definition of '"governing rules" is defined as follows:

Where agreements with participating employers would be included in the governing rules, APRA would only require a copy of the standard participation agreement, and marked-up extracts of where any particular agreement differs from the standard.

APRA will review the governing rules against Part 6 of the SIS Act. To assist APRA in that review process, governing rules should be presented in a way that is comprehensible and which demonstrates that the Trustee understands what documents constitute its governing rules. Where APRA is required to perform 'forensic' work in order to ascertain what documents constitute the governing rules or piece together several amending deeds, this time-consuming exercise could cause delays in that review process.

No. However, without a compliance clause, APRA would in all likelihood have to review and consider every provision of the governing rules. As mentioned in 8.1 above, for registration purposes, APRA must be satisfied that the governing rules do not conflict with Part 6 of the SIS Act. A legally effective compliance clause may save inconsistent provisions within governing rules, which are not rectified by the deeming provisions of sections 52 or 53 or the invalidating or voiding provisions of sections 56 to 60A inclusive of the SIS Act. The effectiveness of a compliance clause can only be assessed on an individual basis. An effective compliance clause should as a minimum have sufficient breath of operation; expressly override inconsistent provisions within the governing rules and operate automatically without trustee determination or intervention.

No. However the fact that a set of rules is consolidated will assist APRA in its review process and demonstrate that the Trustee is aware of what terms comprise the fund's governing rules. A reference to a consolidated set of rules does not necessarily mean a set of rules which is executed afresh as a new deed of consolidation. A deed can be consolidated through a working copy which, if certified by or on behalf of the Trustee, will be acceptable to APRA.