Banking, Insurance and Life Insurance (prudential standards) determination No. 4 of 2011 - Prudential Standard CPS 520 - Fit and Proper
Responsible persons of foreign authoriseResponsible persons of foreign authorised deposit-taking institutions
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Responsible persons of foreign authorised deposit-taking institutions
- A responsible person of a foreign ADI is any person who is:
(a) a senior manager of the Australian operations of the foreign ADI who is, except in the case of the senior officer outside Australia referred to in paragraph 19(d) of this Prudential Standard, ordinarily resident in Australia;
(b) an appointed auditor of the foreign ADI; or
(c) a person who performs activities for a subsidiary of the foreign ADI that the foreign ADI controls as part of its Australian operations, where:
(i) those activities could materially affect the whole, or a substantial part, of the business of the Australian operations of the foreign ADI or its financial standing, either directly or indirectly; and
(ii) the person is ordinarily resident in Australia.
- References to a subsidiary in subparagraph 1(c) do not apply to a subsidiary that holds an RSE licence under the Superannuation Industry (Supervision) Act 1993.[28]