A “superannuation trustee service” has now been added to the list of financial services under Chapter 7 of the Corporations Act. A person provides a superannuation trustee service if the person “operates a registrable superannuation entity as trustee of the entity”.
While most other financial services are defined in terms of the attributes of the service that is being provided, a superannuation trustee service is defined purely in terms of the role of the provider.
Under the
Superannuation Industry Supervision (SIS) Act, a person that operates a registrable superannuation entity as trustee of the entity is required to hold a Registrable Superannuation Entity (RSE) licence from the Australian Prudential Regulation Authority (APRA). In effect, if you hold an RSE licence then you are providing a superannuation trustee service and also require an Australian financial services licence (AFSL) from the Australian Securities and Investments Commission (ASIC).
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FY 2020 Preliminary Annual Results Savannah Energy PLC ( Savannah or the Company ), the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce its unaudited preliminary results for the year ended 31 December 2020. A copy of the Annual Report and Accounts will be finalised and posted to Shareholders shortly and a separate notification made in this regard. Andrew Knott, CEO of Savannah Energy, said: 2020 represented our first full year of ownership since the completion of the acquisition of our Nigerian assets and our financial results show just how transformational the acquisition has been for Savannah. Against a challenging backdrop, we recorded a robust financial and operating performance. We beat all of our original financial guidance metrics. Total Revenues[1] and cash collections rose for the fifth consecutive y