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    APRA Prepares for Approval Powers Related to Superannuation Licensees

    June 24, 2019

    APRA released for consultation a draft form and an accompanying instruction guide for applications to acquire a controlling stake in a registrable superannuation entity licensee. The comment period on the consultation expires on July 05, 2019. Parties seeking to acquire greater than 15% stake in a registrable superannuation entity licensee must apply for APRA approval from July 05, 2019.

    The new process stems from the passage, in April, of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 and brings APRA’s change of ownership powers in superannuation in line with the banking and insurance sectors. The Change of Control application form (Form RSELCC) seeks information about the applicant, including their motivation in seeking to acquire stake in a registrable superannuation entity licensee. The form consists of three sections, covering General Information (Part A), Supporting Documentation (Part B), and Attestations (Part C). The applicants should apply at least 90 days prior to the proposed date of change of ownership or control. The new powers will enable APRA to consider the suitability of persons seeking to take a controlling stake in a registrable superannuation entity licensee to ensure that the applicant, in acquiring the stake, will not impede the registrable superannuation entity licensee in meeting its fiduciary obligations under the Superannuation Industry (Supervision) (SIS) Act 1993. 

     

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    Comment Due Date: July 05, 2019

    Keywords: Asia Pacific, Australia, Insurance, Pensions, Superannuation, Instruction Guide, Application Form, APRA

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