On 26 May 2010, Superannuation Industry (Supervision) Amendment Bill 2010 was introduced into the House of Representatives. The following is an extract from the Explanatory Memorandum.
SCHEDULE 1 of the Bill amends the Superannuation Industry (Supervision) Act 1993 (the Act) with the purpose of reducing the risks for superannuation funds investing in limited recourse borrowing arrangements allowed by s 67 of the Act. Schedule 1 also amends the Act to resolve uncertainty with the application of the borrowing exemption in light of concerns raised in consultations on the Bill. The Bill will formally commence on the date of Royal Assent.