Featured Product

    APRA Approves IOOF Bid to Purchase ANZ Superannuation Licensees

    December 09, 2019

    APRA approved applications by IOOF Holdings Ltd and Australian Wealth Management Limited (a wholly owned subsidiary of IOOF Holdings Ltd) to hold a controlling stake in OnePath Custodians Pty Limited and Oasis Fund Management Limited. OnePath and Oasis are currently owned by Australia and New Zealand Banking Group Limited (ANZ). This decision recognizes the progress of IOOF in strengthening governance structures and management of conflicts within its existing registrable superannuation entity licensees.

    These structural changes provide IOOF’s registrable superannuation entity licensees, now including OnePath and Oasis, with the necessary framework to operate independently within the IOOF group. The changes also enhance ability of the registrable superannuation entity licensees to comply with their fiduciary obligations. This decision recognizes the progress of IOOF in strengthening governance structures and management of conflicts, in response to additional license conditions imposed by APRA in December 2018. APRA notes that IOOF:

    • Appointed a majority of independent directors to its registrable superannuation entity licensee boards 
    • Moved to legally separate its dual regulated entities (on track to be completed by December 31, 2019)
    • Implemented a dedicated business function to support IOOF’s APRA-regulated entities.

    In accordance with section 29HD of the Superannuation Industry (Supervision) Act 1993 (SIS Act), APRA concluded that it has no reason to believe that, because of IOOF’s controlling stake in OnePath or Oasis, the registrable superannuation entity licensees may be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in the SIS Act. APRA was granted the power to approve or refuse an application to own or control a registrable superannuation entity licensee under section 29HD of the Superannuation Industry (Supervision) Act 1993 (SIS Act) in April this year.

     

    Related LinkPress Release

    Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation, ANZ, Oasis Fund Management, OnePath Custodians, IOOF Holdings, Operational Risk, APRA

    Related Articles
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    News

    ECB Allows Temporary Relief in Leverage Ratio Amid COVID-19 Pandemic

    ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.

    September 21, 2020 WebPage Regulatory News
    News

    ESAs Launch Survey on Templates for Product Disclosures Under SFDR

    ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).

    September 21, 2020 WebPage Regulatory News
    News

    ECB Proposes Integrated Reporting Framework to Reduce Burden for Banks

    ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.

    September 21, 2020 WebPage Regulatory News
    News

    EC Deems UK Framework for CCPs Temporarily Equivalent to EMIR Rules

    EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).

    September 21, 2020 WebPage Regulatory News
    News

    EBA to Phase Out Guidelines on Loan Repayment Moratoria

    EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.

    September 21, 2020 WebPage Regulatory News
    News

    EBA Provides Opinion on Definition of Credit Institution in CRR

    EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).

    September 18, 2020 WebPage Regulatory News
    News

    ECB Finalizes Methodology to Assess CCR and A-CVA Risk of Banks

    ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.

    September 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5820