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.
- 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 ArticleBoE Governor on Integrating Climate Risks into Financial Decisions
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.