APRA Prepares for Approval Powers Related to Superannuation Licensees

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