APRA begins consultation on Financial Sector (Shareholdings) Rules 2019
The Australian Prudential Regulation Authority (APRA) has begun a consultation on draft rules that give clarity to owners of new entrant financial sector companies on whether they are likely to be approved under the Financial Sector (Shareholdings) Act 1998 (FSSA).
An eight-week consultation period on the proposed Rules has now commenced, with APRA accepting submissions until 27 May 2019.
Copies of the draft Rules and explanatory material are available at: https://www.apra.gov.au/financial-sector-shareholdings-rules-2019.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.