Business Services Industry
APRA enforces first trustee undertaking.
Australasian Business Intelligence, February, 2002
February, 2002 (Superfunds
ABIX via COMTEX) -- Three trustees of Media Labs Superannuation Fund (MLSF) have provided the Australian Prudential Regulation Authority (APRA) with an undertaking. The enforceable undertaking provides that the trustees sell their specialised recording equipment, recover the unpaid rent and advise members in a meeting of the closure of MLSF. The trustees also undertake not to act as responsible officers of any APRA-regulated organisation for three years from the day the fund is wound-up. APRA executive GM Les Phelps says this is the first time that APRA has accepted an enforceable undertaking under the amended superannuation legislation in 2002.
AUSTRALIAN PRUDENTIAL REGULATION
AUTHORITY:
MEDIA LABS...
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