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 Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    News

    HKMA Publishes Guideline on Sustainable Finance Grant Scheme

    HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.

    May 09, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6959