Superannuation (prudential standard) determination No. 2 of 2022
Previous exercise of discretionPrevious exercise of discretion
Start here
Get a plain-English read of Previous exercise of discretion
Turn the raw legal text into a practical explanation grounded in Superannuation (prudential standard) determination No. 2 of 2022.
Previous exercise of discretion
6. An RSE licensee must contact APRA if it seeks to place reliance, for the purposes of complying with this Prudential Standard, on a previous exercise of discretion by APRA under a previous version of this Prudential Standard.
The role of the Board
-
An RSE licensee is ultimately responsible for the sound and prudent management of the investments of each RSE within the RSE licensee’s business operations.[2]
-
The Board of an RSE licensee (the Board[3]) must, for the RSE licensee’s business operations, at a minimum:
(a) approve investment objectives for each investment option offered in each RSE;
(b) approve an investment strategy, in respect of each RSE, that is consistent with the RSE licensee’s duties to beneficiaries, including those in section 52(6) and (13) (if applicable) of the SIS Act and the requirements in this Prudential Standard:
(i) for the whole of that RSE; and
(ii) in respect of each investment option offered in that RSE;
(c) monitor and assess regularly whether the investment objectives are being met; and
(d) take appropriate and timely action regarding information contained in reports to the Board on investment matters.