APRA releases final class exemption to own or control an RSE licensee
The Australian Prudential Regulation Authority (APRA) has released its final instrument to exempt a certain class of registrable superannuation entity (RSE) licensee directors from the change of control and ownership provisions of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
The letter to RSE licensees published today follows the consultation published in April 2023 on the draft instrument. The exemption applies from 15 August 2023 and removes the requirement to obtain approval to own or control an RSE licensee for certain RSE licensee directors holding shares in the RSE licensee, where they are not entitled to a personal financial benefit from the shareholding.
The response letter, final instrument and non-confidential submissions are available on the APRA website at: Proposed class exemption 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 trillion in assets for Australian depositors, policyholders and superannuation fund members.