Matters that must be considered in deterMatters that must be considered in determining whether a person is fit and proper (subsection 14A(2) of the Act)

Matters that must be considered in determining whether a person is fit and proper (subsection 14A(2) of the Act)

7. The following matters are prescribed, under subsection 14A(2) of the Act, as matters that must be considered in determining whether a person is a fit and proper person for the purposes of paragraphs 14A(1)(a) and 18(1)(d) of the Act:

   (a) the honesty, integrity and reputation of the person;

   (b) the competence and capability of the person, having regard to the degree of control or influence that the person has over the financial sector company;

   (c) the financial soundness of the person;

   (d) whether the person has any conflict of interest in regards to the proposed shareholding that is likely to give rise to a material risk;

   (e) whether there are reasonable grounds for suspecting the person has committed, or is at risk of committing, a financial crime, including money laundering or terrorism financing;

   (f) whether: (i) the financial sector company’s ability and willingness to comply with its prudential requirements; and (ii) APRA’s ability to effectively supervise the financial sector company,

are likely to be negatively impacted if approval is granted to the person under paragraph 14(1)(b) of the Act;

(g) if the person is a company, whether each of its directors and chief executive officer, or equivalent persons, would be a fit and proper person to hold a stake of more than 20% in the financial sector company; and

(h) the potential for the person to be influenced by another person that is not a fit and proper person to hold a stake of more than 20% in the financial sector company.