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6. Licence and Registration Numbers

 
 
FAQ6.1: When does the obligation arise to display RSE licence or registration numbers on documents under sections 29DC or 29MB of the SIS Act?
The obligation arises, once the RSE licence is issued or registration is granted, unless APRA approves non-compliance under either subsection 29DC(2) or 29MB(2) of the SIS Act.
 
FAQ6.2: On what type of documents do the RSE Licence number and RSE Registration number need to be displayed?
APRA expects that licence and registration numbers should be displayed on documents such as the Product Disclosure Statements (PDS) and application forms, member statements, other member communications, communications with APRA, advertising material and websites.
 
FAQ6.3: What is the process for seeking approval for non-compliance from the requirements of section 29DC and section 29MB of the SIS Act?
Applicants who wish to obtain relief from the requirement to include licence and/or registration numbers on a particular document or class of documents under sections 29DC or 29MB of the SIS Act, are required to apply in writing to the General Manager - Superannuation Licensing, APRA. Applicants must clearly identify the documents or class of documents for which relief is sought. APRA will consider all applications on their merits. It is recommended that applicants apply for approval for non-compliance (if they think it necessary) at the time of lodgement of the Licence or Registration application.
 
FAQ6.4: For what period will the approval for non-compliance be made?
APRA will only approve the non-compliance for 12 months from the date of issue of the RSE Licence or registration.
 
In light of the current proposals in respect of RSE licence and registration numbers outlined in the Government's Streamlining Prudential Regulation: Response to 'Rethinking Regulation' - Proposals Paper, where an RSE licensee writes to APRA and requests an extension to the original relief, further relief will be provided until 31 December 2007.
 
FAQ6.5: What will the format be for Licence and Registration numbers?
Both numbers will comprise 8 digits; the first is alpha with 7 numbers:
 
Number Type​ ​Format
RSE Licence Number LNNNNNNX
RSE Registration Number RNNNNNNX
 
Where:
Letter​ ​= ​Description
L = 'L' for Licence
R = 'R' for Registration
NNNNNN = Unique (automatically generated) number in range 100000-999999
X = Check number
 
FAQ6.6: What is the difference between an AFS licence and an RSE licence?
Broadly, an AFS licence relates to the provision of financial services, including advice, whereas an RSE licence permits a Trustee to operate an APRA regulated superannuation entity. APRA will endeavour to minimise the duplication for applicants that have already been granted an AFS licence. However, ASIC did exempt APRA regulated institutions in respect of capital, adequacy of resources and risk management proofs, so the opportunities for APRA to rely on AFSL licence applications are limited.
 
FAQ6.7: Is there a materiality test for the breaches of licence conditions that are notifiable to APRA?
Yes, a significance test was introduced into the SIS legislation with effect 1 January 2008. ‘Significance’ and is defined in s. 29JA (1A) of the SIS Act having regard to one or more of the following factors:
  1. the number or frequency of similar previous breaches;
  2. the impact the breach has or will have on the RSE licensee’s ability to fulfil its obligations as trustee of the superannuation entity;
  3. the extent to which the breach indicates that the RSE licensee’s arrangements to ensure compliance with the RSE licensee law might be inadequate;
  4. the actual or potential financial loss arising or that will arise from the breach to the beneficiaries of the entity or to the RSE licensee;
  5. any other matters prescribed by regulations made for the purposes of this paragraph.