APRA finalises class exemption for approval to own or control an RSE licensee
The Australian Prudential Regulation Authority (APRA) has finalised a class exemption from the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993
The exemption removes the requirement for management employees and company secretaries with a direct controlling interest of less than 2 per cent in an RSE licensee to apply to APRA before acquiring a controlling stake. The change is intended to reduce regulatory burden while maintaining appropriate APRA scrutiny.
Following consultation, APRA has made minor refinements to improve clarity and operation, without expanding the scope.
The response paper, draft instrument and non-confidential submissions are available on APRA's website at: Proposed class exemption: Approval to own or control an RSE licensee
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 $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.