APRA Prepares for Approval Powers Related to Superannuation Licensees
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.
Related Links
- Media Release
- Consultation Letter (DOCX)
- Draft Application Form (PDF)
- Draft Instruction Guide (PDF)
- Treasury Laws Amendment Act 2019
Comment Due Date: July 05, 2019
Keywords: Asia Pacific, Australia, Insurance, Pensions, Superannuation, Instruction Guide, Application Form, APRA
Previous Article
FSB Chair Outlines Progress on Reform of Interest Rate BenchmarksRelated Articles
|
News
US Agencies Consult on Capital Treatment of Land Development LoansUS Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.
July 12, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Second Update for July 2019Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.
July 12, 2019
WebPage
Regulatory News
|
|
News
ESMA Updates Manual for European Single Electronic Format in EUESMA updated the reporting manual for European Single Electronic Format (ESEF).
July 12, 2019
WebPage
Regulatory News
|
|
News
FED Updates Supplemental Instructions for Reporting Form FR Y-9CFED updated the supplemental instructions for FR Y-9C reporting.
July 12, 2019
WebPage
Regulatory News
|
|
News
EBA Publishes Report on Monitoring Implementation of LCR in EUEBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.
July 12, 2019
WebPage
Regulatory News
|
|
News
EIOPA Consults on Reporting and Disclosures Under Solvency II ReviewEIOPA launched a consultation package on supervisory reporting and public disclosure in the context of its work linked with the 2020 Solvency II review.
July 12, 2019
WebPage
Regulatory News
|
|
News
APRA Applies Additional Capital Requirements to Three Australian BanksAPRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.
July 11, 2019
WebPage
Regulatory News
|
|
News
IMF Report on 2019 Article IV Consultation on Euro Area PoliciesIMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.
July 11, 2019
WebPage
Regulatory News
|
|
News
FSB to Survey Practices on Cyber Incident Response and RecoveryFSB launched a survey on the industry practices on cyber incident response and recovery.
July 11, 2019
WebPage
Regulatory News
|
|
News
ECB Appoints New Members of Supervisory BoardThe Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.
July 11, 2019
WebPage
Regulatory News
|
